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PharmaCyte Biotech, Inc. (PMCB)·Q4 2022 Earnings Summary

Executive Summary

  • PharmaCyte’s Q4 FY2022 reporting came via a preliminary unaudited press release covering the fiscal year ended April 30, 2022: cash and equivalents were $85.4M, operating expenses ~$4.4M, and net loss ~$4.2M (≈$0.27 loss per share) .
  • The company remained pre‑revenue and focused on addressing the FDA clinical hold; management said “almost two dozen studies” were completed and the two‑phase pig study was the “last major study required by the FDA” .
  • A $10M share repurchase authorization was announced June 2, 2022, positioning capital returns alongside clinical progress; the program continues under a Rule 10b5‑1 plan adopted in October 2022 .
  • No Q4 standalone EPS/revenue breakdown and no earnings call transcript were furnished; investor focus centers on FDA progress timelines and buyback execution as near‑term catalysts .

What Went Well and What Went Wrong

What Went Well

  • “Almost two dozen studies” toward lifting the FDA clinical hold were completed, with the pig study characterized as the “last major study required” .
  • Product stability and biocompatibility milestones: 24‑month stability at −80°C completed; positive results on capsule material (non‑hemolytic/non‑mutagenic) in April 2022 .
  • Capital allocation: $10M share repurchase authorization to support shareholder value creation while clinical spending is disciplined .

What Went Wrong

  • Continued net losses without revenue; Q2 FY2022 net loss was $(0.98)M and Q3 FY2022 net loss was $(0.81)M, reflecting pre‑revenue status and rising Opex .
  • Disclosure controls were reported as not effective in prior quarters (material weaknesses in ICFR), elevating governance risk ahead of pivotal regulatory submissions .
  • No standalone Q4 metrics or earnings call transcript were provided, limiting transparency on quarterly trajectory and estimate comparisons .

Financial Results

Note: PharmaCyte did not disclose standalone Q4 EPS/revenue; the company furnished fiscal‑year preliminary results. Q2 and Q3 figures are from 10‑Qs. Cash at Q4 (Apr 30, 2022) is from the subsequent 10‑Q balance sheet.

MetricQ2 FY2022 (3M ended Oct 31, 2021)Q3 FY2022 (3M ended Jan 31, 2022)Q4 FY2022 (Apr 30, 2022)
Revenue ($USD)$0 $0 N/A (not disclosed)
Net Loss ($USD)$(979,746) $(811,290) N/A (not disclosed)
EPS (Basic/Diluted, $)$(0.06) $(0.04) N/A (not disclosed)
Total Operating Expenses ($USD)$1,004,843 $856,119 N/A (not disclosed)
Cash and Equivalents ($USD)$86,938,612 $86,639,757 $85,400,656 (Apr 30, 2022)

Fiscal‑year summary context for Q4 period:

  • FY2022 Operating Expenses ≈ $4.4M
  • FY2022 Net Loss ≈ $4.2M; EPS ≈ $(0.27)
  • FY2022 Cash and Equivalents $85.4M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Share Repurchase AuthorizationTwo years (from May 31, 2022)None disclosed priorUp to $10M authorization; program initiated June 2, 2022 Initiated
Share Repurchase Plan (Rule 10b5‑1)Announced Oct 13, 2022 (administration detail)N/A10b5‑1 plan adopted; repurchases via independent broker Implemented execution framework
Clinical Program (Pig Study)Near termMultiple preclinical items pendingPig study in two phases (pilot completed; next to begin) characterized as last major FDA‑required study Timeline clarified; execution focus

No quantitative revenue/margin/OpEx guidance was provided in Q4 FY2022 materials .

Earnings Call Themes & Trends

No Q4 FY2022 earnings call transcript was available [ListDocuments returned none]. Themes tracked across prior quarters’ 10‑Qs and current press release:

TopicPrevious Mentions (Q2 FY2022)Previous Mentions (Q3 FY2022)Current Period (Q4 FY2022)Trend
FDA Clinical Hold & Preclinical WorkDetailed list of required FDA items; multiple biocompatibility and stability studies underway Further progress on studies; stability, biocompatibility, device compatibility; pig study designed “Almost two dozen studies” completed; pig study framed as last major study Steady progress; approaching key study completion
Product Stability & Biocompatibility3–18 month stability completed; capsule non‑mutagenic, non‑hemolytic 24‑month stability imminent; added device compatibility and robustness testing 24‑month product stability completed; continued positive capsule material results Milestones achieved
Capital & LiquidityCash $86.9M; equity financing completed Cash $86.64M; liquidity robust Cash $85.4M at FY end; buyback authorization Strong cash; capital return program initiated

Management Commentary

  • “During fiscal year 2022, our team focused on fulfilling the long list of requests from the FDA… we have completed almost two dozen studies with only a few remaining. Shortly, we expect to begin our two‑phase pig study. This is the last major study required by the FDA.” – CEO Kenneth L. Waggoner .
  • “Our progress through a challenging year demonstrates the value of our experienced… team… We are frustrated by the value of our stock… trading below cash value… That said, we remain intent on continuing to drive our clinical progress… and create long‑term shareholder value.” – CEO commentary .

Q&A Highlights

No Q4 FY2022 earnings call transcript was furnished; therefore, no Q&A highlights are available [ListDocuments returned none for earnings‑call‑transcript].

Estimates Context

  • Wall Street consensus for Q4 FY2022 EPS and revenue was unavailable from S&P Global at the time of this analysis due to data access limitations. As a result, no beat/miss versus consensus can be assessed.

Key Takeaways for Investors

  • Liquidity supports runway: $85.4M cash at FY end provides ample capacity to complete FDA‑required work and sustain operations without near‑term financing risk .
  • Clinical milestone focus: pig study commencement is a pivotal near‑term event; timely execution and data quality are key to lifting the FDA clinical hold .
  • Capital return adds support: $10M buyback authorization (formalized under 10b5‑1 plan) may cushion downside while clinical catalysts develop .
  • Transparency gap: lack of Q4 standalone metrics and no call limits near‑term visibility; monitor subsequent filings for progress updates and any governance remediation given prior ICFR weaknesses .
  • Trading implications: stock likely remains event‑driven; pig study updates and FDA feedback are primary catalysts, with buyback execution a secondary support .
  • Medium‑term thesis: value rests on (1) resolving FDA clinical hold, (2) validating Cell‑in‑a‑Box® in humans, and (3) aligning capital allocation with clinical timelines, all underpinned by strong cash reserves .

Additional Notes

  • Prior two quarters’ trend: pre‑revenue status persisted; net losses narrowed from $(0.98)M in Q2 to $(0.81)M in Q3, while operating expenses decreased sequentially, consistent with disciplined spend amid clinical work .
  • Corporate actions shortly after Q4 period include formalization of buyback execution (10b5‑1) and governance updates, which further support ongoing capital return while regulatory review proceeds .