10-K Filing

BIO GREEN MED SOLUTION, INC. CIK: 1130166 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001558370-23-003163`
Period End Date	20221231
Filing Date	20230308
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	cycc-20221231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 39 Cash Flow Statement 41 Stockholders Equity 23 Comprehensive Income 8

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Redeemable common stock, par value (in dollars per share)	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Redeemable common stock, shares issued	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Redeemable common stock, shares issued	`TemporaryEquitySharesIssued`	3.12M	shares	Point-in-time
Redeemable common stock, shares outstanding	`TemporaryEquitySharesOutstanding`	3.12M	shares	Point-in-time
Redeemable common stock, shares outstanding	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.07M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.38M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$40.94M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$32.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$30.00K	USD	Point-in-time
Right-of-use lease asset	`OperatingLeaseRightOfUseAsset`	$142.00K	USD	Point-in-time
Non-current deposits	`DepositsAssetsNoncurrent`	$1.55M	USD	Point-in-time
Non-current deposits	`DepositsAssetsNoncurrent`	$2.92M	USD	Point-in-time
Total assets	`Assets`	$27.50M	USD	Point-in-time
Total assets	`Assets`	$42.59M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.99M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.56M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.54M	shares	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$3.18M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$4.83M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.54M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.99M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.29M	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityNoncurrent`	$106.00K	USD	Point-in-time
Lease liability	`OperatingLeaseLiabilityNoncurrent`	$30.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.50M	USD	Point-in-time
Redeemable common stock, $0.001 par value, 0 and 3,117,100 shares issued and outstanding at December 31, 2021 and December 31, 2022 (Note 10).	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$4.49M	USD	Point-in-time
Redeemable common stock, $0.001 par value, 0 and 3,117,100 shares issued and outstanding at December 31, 2021 and December 31, 2022 (Note 10).	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2022 and December 31, 2021; 12,539,189 and 9,993,135 shares issued and outstanding at December 31, 2022 and December 31, 2021	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2022 and December 31, 2021; 12,539,189 and 9,993,135 shares issued and outstanding at December 31, 2022 and December 31, 2021	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$422.97M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$422.96M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-748.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-406.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-384.96M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$33.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$37.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$42.59M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$27.50M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	-	USD	Annual
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	-	USD	8 Qtrs
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	-	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$15.48M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$20.27M	USD	Annual
General and administrative	`SellingGeneralAndAdministrativeExpense`	$7.46M	USD	Annual
General and administrative	`SellingGeneralAndAdministrativeExpense`	$7.38M	USD	Annual
Total operating expenses	`CostsAndExpenses`	$27.66M	USD	Annual
Total operating expenses	`CostsAndExpenses`	$22.94M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-27.66M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-22.94M	USD	Annual
Foreign exchange gains (losses)	`ForeignCurrencyTransactionGainLossBeforeTax`	$44.00K	USD	Annual
Foreign exchange gains (losses)	`ForeignCurrencyTransactionGainLossBeforeTax`	$233.00K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$210.00K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$16.00K	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$1.30M	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$144.00K	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$1.74M	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$204.00K	USD	Annual
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-25.91M	USD	Annual
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-22.73M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-4.72M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.85M	USD	Annual
Net loss	`NetIncomeLoss`	$-21.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-18.89M	USD	Annual
Dividend on convertible exchangeable preferred shares	`PreferredStockDividendsIncomeStatementImpact`	$201.00K	USD	Annual
Dividend on convertible exchangeable preferred shares	`PreferredStockDividendsIncomeStatementImpact`	$201.00K	USD	Annual
Beneficial conversion feature of Series B preferred stock	`PreferredStockConversionsInducements`	-	USD	Annual
Beneficial conversion feature of Series B preferred stock	`PreferredStockConversionsInducements`	-	USD	Annual
Net loss applicable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-21.40M	USD	Annual
Net loss applicable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-19.09M	USD	Annual
Net loss per share - basic	`EarningsPerShareBasic`	$-2.14	USD	Annual
Net loss per share - basic	`EarningsPerShareBasic`	$-1.90	USD	Annual
Net loss per share - diluted	`EarningsPerShareDiluted`	$-2.14	USD	Annual
Net loss per share - diluted	`EarningsPerShareDiluted`	$-1.90	USD	Annual
Weighted average common shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.26M	shares	Annual
Weighted average common shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.93M	shares	Annual
Weighted average common shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.93M	shares	Annual
Weighted average common shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.26M	shares	Annual

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-21.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-18.89M	USD	Annual
Depreciation	`Depreciation`	$43.00K	USD	Annual
Depreciation	`Depreciation`	$32.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.16M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.51M	USD	Annual
Changes in lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$40.00K	USD	Annual
Changes in lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$172.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.93M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.78M	USD	Annual
Accounts payable, accrued and other current liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$2.58M	USD	Annual
Accounts payable, accrued and other current liabilities	`IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities`	$2.91M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.54M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-20.83M	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.00K	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.00K	USD	Annual
Proceeds, net of issuance costs, from issuing common stock and warrants	`ProceedsFromIssuanceOfCommonStockAndWarrantExercisesNetOfIssuanceCosts`	$17.37M	USD	Annual
Proceeds, net of issuance costs, from issuing common stock and warrants	`ProceedsFromIssuanceOfCommonStockAndWarrantExercisesNetOfIssuanceCosts`	$3.20M	USD	Annual
Proceeds from the exercise of stock options and warrants, net of issuance costs	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$4.57M	USD	Annual
Payment of preferred stock dividend	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$201.00K	USD	Annual
Payment of preferred stock dividend	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$201.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$21.74M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.00M	USD	Annual
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-378.00K	USD	Annual
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-17.00K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.21M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.15M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.34M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.34M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.56M	USD	Point-in-time
Interest	`ProceedsFromInterestReceived`	$17.00K	USD	Annual
Interest	`ProceedsFromInterestReceived`	$211.00K	USD	Annual
Research & Development Tax Credits	`ProceedsFromIncomeTaxRefunds`	$1.36M	USD	Annual
Research & Development Tax Credits	`ProceedsFromIncomeTaxRefunds`	$3.31M	USD	Annual
Accrual of preferred stock dividends	`AccrualOfPreferredStockDividends`	$50.00K	USD	Annual
Accrual of preferred stock dividends	`AccrualOfPreferredStockDividends`	$50.00K	USD	Annual

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$33.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$37.26M	USD	Point-in-time
Issue of common stock and associated warrants on underwritten offering, net of expenses	`StockIssuedDuringPeriodValueNewIssues`	$13.50M	USD	Annual
Issue of common stock on At Market Issuance sales agreement, net of expenses	`StockIssuedDuringPeriodValueAtMarketIssuanceSalesAgreement`	$3.87M	USD	Annual
Issue of common stock on At Market Issuance sales agreement, net of expenses	`StockIssuedDuringPeriodValueAtMarketIssuanceSalesAgreement`	$3.20M	USD	Annual
Reclassification of redeemable common stock	`IncreaseInCarryingAmountOfRedeemableCommonStock`	$4.49M	USD	Annual
Warrant & stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$4.57M	USD	Annual
Warrant & stock option exercises (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	0.00	shares	Annual
Warrant & stock option exercises (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	6,600.00	shares	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.16M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.51M	USD	Annual
Preferred stock dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$201.00K	USD	Annual
Preferred stock dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$201.00K	USD	Annual
Unrealized foreign exchange on intercompany loans	`OtherComprehensiveIncomeUnrealizedForeignExchangeOnIntercompanyLoansNetOfTax`	$-2.12M	USD	Annual
Unrealized foreign exchange on intercompany loans	`OtherComprehensiveIncomeUnrealizedForeignExchangeOnIntercompanyLoansNetOfTax`	$-21.17M	USD	Annual
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.12M	USD	Annual
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$20.60M	USD	Annual
Loss for the period	`NetIncomeLoss`	$-21.20M	USD	Annual
Loss for the period	`NetIncomeLoss`	$-18.89M	USD	Annual
Balance	`StockholdersEquity`	$33.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$37.26M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-21.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-18.89M	USD	Annual
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.12M	USD	Annual
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$20.60M	USD	Annual
Unrealized foreign exchange gain (loss) on intercompany loans	`OtherComprehensiveIncomeUnrealizedForeignExchangeOnIntercompanyLoansNetOfTax`	$-2.12M	USD	Annual
Unrealized foreign exchange gain (loss) on intercompany loans	`OtherComprehensiveIncomeUnrealizedForeignExchangeOnIntercompanyLoansNetOfTax`	$-21.17M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-18.89M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-21.77M	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.