Letter to Shareholders
- Over 200 new patent claims issued since 2020.
- Over 700 new patent claims filed and pending.
- Over 300 additional patent claims exclusively licensed.
- Issued patent for bioelectric klotho modulation for anti-aging and muscle regeneration.
- Patents pending for sirtuins, sestrins, NANOG anti-aging protein expressions.
- 12 issued patents for bioelectric cancer treatment.
- Multiple issued patents for bioelectric blood pressure control.
- Multiple issued patents for muscle regeneration.
- Multiple issued patents for nerve regeneration.
- Multiple issued patents for inflammation treatment.
- Multiple issued patents for skin regeneration.
- Multiple issued patents for hair regeneration.
- Multiple issued patents for sexual health and erectile dysfunction treatment.
- Multiple issued patents for total organ regeneration including heart, liver, kidney, lungs, pancreas, brain.
- Multiple issued patents and patents pending for heart valve regeneration.
- Issued patent for bioelectric accelerated teeth straightening.
- Multiple issued patents and patents pending for bone regeneration and osteointegration.
- Multiple issued patents for bladder regeneration.
- Multiple issued and pending patents for treating brain disorders.
- Patents pending for bioelectric control of BDNF, serotonin and klotho up regulation and TNFa down regulation for brain treatment.
- Multiple patents issued and pending for brain memory and cognition improvement.
- Multiple patents issued and pending for brain depression treatment.
- Multiple patents issued and pending for brain addiction treatment.
- Multiple patents issued and pending for aorta regeneration.
- Multiple patents issued and pending for kidney regeneration.
- Multiple patents issued and pending for liver regeneration.
- Multiple patents issued and pending for lung regeneration.
- Multiple patents issued and pending for diabetes reversal and pancreas regeneration.
- Patent pending for bioelectric and biologics treatment and prevention of viral infections including COVID-19.
- Multiple patents issued and pending for treating knee osteoarthritis and other joints recovery.
- Multiple patents issued and pending for bioelectric and biologics based vision recovery.
- Multiple patents pending for hearting recovery.
- Multiple patents issued and pending for treating essential tremor and Parkinson’s.
- FDA 510K for improving blood circulation.
- 2 FDA 510Ks for building and regenerating muscle.
- FDA 510K for treating pain and inflammation.
- FDA 510K for preventing blood clots following surgery.
- FDA 510K for bioelectric body suit for enhancing benefits of exercises especially more rapid muscle building.
- FDA 510K for treating arthritis including osteoarthritis.
- IRB approvals for 8 clinical studies with more coming soon.
- $3.7 million cash invested by Cal-X Stars shareholders has grown to over $55 million in estimated value.
- Over $19 million in cash capital has been raised by our current portfolio of startups with more than double that also in sweat equity.
- Valuations methodology has been confirmed by more than 5 independent 409a valuation determinations by Morgan Stanley and CARTA.
- 5 products are being launched on the USA market this quarter with an 8% royalty coming to all innovation asset stakeholders on each sale including Cal-X Stars Business Accelerator, Inc. that holds a 9% non-dilutive ownership stake in each. These 5 products are SkinStim, HairCell, ErectiStim, BodStim and OrthoStim.
- We finished last year about 20% under budget with $1,040,000 loss. The lions share of this funding went into accelerating and supporting portfolio R&D pre-clinical and clinical studies.
- $115,000 of our 2022 capital came from the David Brown Fund of Washington. All other cash capital came from convertible debt note funding provided by Leonhardt Ventures LLC.
- About a dozen of our portfolio.stakeholders have already exited about $3 million of portfolio holdings via the FAST ACT 407 (a) 7 regulations for individual private stock sales (under this regulation sellers have to find buyers privately on their own without help from the company).
- 89% of ErectiStim TM by MyoStim ED patients have achieved excellent results. Over 100 patients enrolled so far and more enrolling now.
- PressureStim clinical studies interim results are reporting an average of 10-20mm HG reduction in blood pressure.
- 67% of Stem Cell Bra patients achieved breast volume enhancement with only 4 weeks of treatment 1 hour every other day. 1/3rd of treated patients experienced a full cup size increase in breast volume in just 4 weeks.
- Approximately 40 to 60 percent of BladderCell and B-Alive patients are experiencing improvement of their bladder function with short duration non-invasive stimulation.
- KidneyCell patients are experiencing 19 meters improvement in six minute walk on average with increased strength.
- HairCell patients are experiencing 16.7% improvement in hair density with just 2 treatment sessions a week for 8 weeks.
- BodStim TM and other klotho stimulation patients are experience up to 150% in circulating klohto. More data forthcoming soon.
- Studies have identified low klotho as a primary cause of knee osteoarthritis and OrthoStim is seeking to prove its technology can partially reverse knee osteoarthritis with klotho stimulation.
- SkinStim treated patients in South Africa, Utah and California have achieved measurable improvements in reducing skin inflammation, higher collagen level, higher elasticity and visible reduction of facial and neck wrinkles.
- Second Heart Assist, Inc. applied last week to being a cardio-renal syndrome heart failure study in Canada at 2 sites. The previously completed a successful short duration pilot study in Paraguay.
Portfolio Group
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2022 Milestones
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2023 Plan
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Heart & Cardiovascular
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Second Heart completed transition to new cGMP manufacturer and filed EFS application. Got 21 new patent claims with USPTO. Filed hundreds of new patent claims for multi-generational pipeline including Regenerator TM first therapeutic pump.
BioLeonhardt launched new round of large animal studies and further developed pump and implantable stimulator. Licensed patent for klotho expressing MSCs.
Valvublator built new simplified design test prototypes.
PressureStim launched OUS clinical study with IRB approval. PressureStim won clinical research grant.
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Second Heart will complete 5 more large animals at GLP lab. Will completed up to 15 CRS heart failure cases in Canada. Will completed 10 EFS cases in USA.
BioLeonhardt will complete 5 large animals and first in human OUS study.
Valvublator will complete 3 large animals and first in human OUS pilot study.
PressureStim will complete clinical studies and will file for CE mark and FDA 510K clearance.
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Brain Neuroscience
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SpineStim completed U.S. pilot study.
DepressiStim completed pre-clinical studies and filed patent claims for BNDF, serotonin up regulation and TNFa down regulation. Filed with IRB to begin clinical studies. Landed research grant at UCI Engineering gaining 4 Masters Engineering students of 6 months.
Patent for bioelectric klotho issued helping all brain portfolio startups.
2nd generation BrainBand TM design initiated.
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SpineStim launch long duration dosing study with BodStim suit.
DepressiStim complete OUS pilot study and launch USA pivotal study. File 510K application. Complete longer dosing and longer signals
Launch MemoryStim OUS pilot study.
Launch TremorStim OUS pilot study.
Complete development and testing of 2nd generation BrainBand TM design working with UCI Engineering students.
Launch Second Brain pilot clinical study.
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Cosmetic & Personal Care
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Completed U.S. SkinStim pilot study.
Completed U.S. HairCell pilot study.
Filed 510K application with the FDA for OrthodontiCell
Launched KlothoYears blood test commercially.
Filed new patents for BMP9 bone integration based on pre-clinical data.
Completed 2nd Stem Cell Bra clinical study.
Filed FDA 510K pre-sub for ErectiStim TM.
ArchStim prototypes developed and additional patent claims filed.
BreatheStim engineering design completed. Prototype build quote received.
ImplantStim mouthpiece further developed and patent application prepared.
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SkinStim, HairCell, ErectiStim launching commercially on USA market via Lionheart Health, Inc. non-dilutive to their shareholders. 8% royalty on full price sales. 5% royalty on discounted sales.
OrthodontiCell will complete U.S. pivotal clinical trial.
Stem Cell Bra will launch pivotal clinical study.
ArchStim will launch pilot clinical study.
BreatheStim will complete development of 2nd generation devices and will launch 2nd pilot clinical study.
ImplantStim will launch pivotal clinical study.
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Major Organ Regeneration
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Completed 3rd BladderCell study OUS.
BladderCell and B-Alive developed 2nd generation wearable design.
Completed 2nd KidneyCell study OUS. Laid foundation for grant supported study.
Began enrollment in 3rd EyeCell study. EyeCell one button software designed.
PancreaCell completed pre-clinical studies and filed new patent application for diabetes reversal with FABp4 inhibition and klohto up regulation.
OrthoStim reached out to numerous potential commercialization partners. Linked up with team in Brazil that has completed already similar clinical studies.
BodStim TM by BIoLeonhardt Whole Body launched commercially via Lionheart Health, Inc.
ReganLung filed patent for lung recovery in COVID-19 and other viral infection patients.
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BladderCell and B-Alive will complete clinical study with wearable 2nd generation design and will file for FDA 510K.
KidneyCell will complete longer duration dosing study with BodStim TM.
EyeCell will complete 3rd clinical study and will file FDA 510K application.
PancreaCell will launch OUS clinical study for diabetes reversal.
OrthoStim will commercially launch worldwide and will gather post market data on efficacy.
BodStim TM will develop sales and will continue to gather post market data. BodStim TM will develop new simpler to use software and will implement app download capability for re-occurring revenue stream forward.
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Cancer
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12th issued patent for bioelectric cancer treatment.
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Launching clinical studies OUS.
Will complete additional pre-clinical studies.
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Totals |
Budget
|
Actual
|
Approved
|
Actual
|
Comparison %
|
||||
2019
|
2020
|
2021
|
2021
|
2022
|
Full Year 2022
|
Budget to Actual
|
|||
$ 1,200,000.00 | $ 900,000.00 | $ 1,400,000.00 | $ 1,143,411.00 | $ 1,900,000.00 | $ 1,039,725.00 |
27.3% under
|
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R&D |
Budget
|
Actual
|
Approved
|
Actual
|
|||||
2019
|
2020
|
2021
|
2021
|
2022
|
2022
|
||||
$ 500,000.00 | $ 240,000.00 | $ 737,000.00 | $ 619,221.00 | $ 1,000,000.00 | $ 655,279.05 |
48% under
|
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Facilities – Labs, Offices All Locations but Utah |
Budget
|
Actual
|
Approved
|
Actual
|
|||||
2019
|
2020
|
2021
|
2021
|
2022
|
2022
|
||||
$ 48,000.00 | $ 29,000.00 | $ 48,000.00 | $ 51,133.00 | $ 68,000.00 | $ 44,968.41 |
49% under
|
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Administration | |||||||||
(Includes Travel, Legal Accounting, Regulatory, Quality, Insurance, Marketing, Shipping, Payroll, Tax Preparation, Patents) | |||||||||
Budget
|
Actual
|
Approved
|
Actual
|
||||||
2019
|
2020
|
2021
|
2021
|
2022
|
|||||
$ 355,000.00 | $ 317,000.00 | $ 375,000.00 | $ 334,497.00 | $ 400,000.00 | $ 244,977.93 |
37% under
|
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Accrued Interest Loans |
Budget
|
Actual
|
Approved
|
Actual
|
|||||
2019
|
2020
|
2021
|
2021
|
2022
|
2022
|
||||
$ 237,000.00 | $ 276,000.00 | $ 240,000.00 | $ 184,299.00 | $ 290,000.00 | $ 184,621.00 |
43% under
|
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Department Detail | |||||||||
R&D |
Budget
|
Actual
|
Approved
|
Actual
|
|||||
2019
|
2020
|
2021
|
2021
|
2022
|
2022
|
||||
Net Wages | $ 192,000.00 | $ 152,000.00 | $ 282,000.00 | $ 282,475.00 | $ 398,000.00 |
$348,940.31
|
14% under
|
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Health Insurance | $ 12,000.00 | $ 11,000.00 | $ 20,000.00 | $ 41,694.00 | $ 52,000.00 | $ 47,840.00 |
9% under
|
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Contract Labor | $ 170,000.00 | $ 35,000.00 | $ 50,000.00 | $ 166,159.00 | $ 200,000.00 | $ 55,531.59 | 360% under | ||
Research Materials | $ 125,000.00 | $ 32,000.00 | $ 150,000.00 | $ 81,224.00 | $ 120,000.00 |
$72.421.01
|
66% under
|
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Administration |
Budget
|
Actual
|
Approved
|
Actual
|
|||||
2019
|
2020
|
2021
|
2021
|
2022
|
2022
|
||||
Dues and Subscriptions | $ 6,000.00 | $ 10,000.00 | $ 15,000.00 | $ 11,683.00 | $ 12,000.00 | $ 10,341.94 |
16% under
|
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Travel | $ 55,000.00 | $ 17,000.00 | $ 60,000.00 | $ 12,363.00 | $ 60,000.00 | $ 10,814.65 |
553% under
|
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Accounting | $ 108,000.00 | $ 27,000.00 | $ 40,000.00 | $ 44,527.00 | $ 75,000.00 | $ 48,960.79 |
53% under
|
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Insurance | $ 17,000.00 | $ 20,000.00 | $ 17,000.00 | $ 23,630.00 | $ 25,000.00 | $ 6,549.35 |
381% under
|
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Legal Corporate | $ 50,000.00 | $ 50,000.00 | $ 50,000.00 | $ 54,152.00 | $ 50,000.00 | $ 13,578.34 |
368% under
|
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Legal Patents | $ 85,000.00 | $ 130,000.00 | $ 150,000.00 | $ 90,716.00 | $ 100,000.00 | $ 79,389.48 |
26% under
|
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Marketing/Conferences | $ 35,000.00 | $ 19,000.00 | $ 100,000.00 | $ 50,531.00 | $ 100,000.00 | $ 33,366.00 |
299% under
|
||
Payroll Fees | $ 1,100.00 | $ 1,200.00 | $ 1,200.00 | $ 4,117.00 | $ 5,000.00 | $ 10,919.28 |
55% over
|
||
Auto-Taxis-Uber | $ 2,600.00 | $ 1,900.00 | $ 1,900.00 | $ 12,677.00 | $ 6,700.00 | $ 378.00 |
1772% under
|
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Postage & Shipping | $ 30,000.00 | $ 22,000.00 | $ 30,000.00 | $ 14,245.00 | $ 15,000.00 | $ 657.75 |
2280% under
|
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Utah Lab – Leonhardt’s Launchpads Utah, Inc. |
Budget
|
Actual
|
Approved
|
Actual
|
|||||
2019
|
2020
|
2021
|
2021
|
2022
|
2022
|
||||
$ 93,000.00 | $ 140,000.00 | $ 180,000.00 | $ 175,000.00 | $ 3,000.00 | $ – | 3000% under |
Heart and Cardiovascular Group | |||||
Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
Second Heart Assist, Inc. | $8 | $88 million | $2,772,000.00 | 11,000,000 | www.secondheartinc.com |
BioLeonhardt LTP | $3 | $60 million | $5,400,000.00 | 20,000,000 | www.bioleonhardt.com |
AortaCell LTP | $1.67 | $5 million | $450,000.00 | 2,300,000 | https://leonhardtventures.com/aortacell https://vimeo.com/176895719 |
BioPace LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.bio-pace.com |
Valvublator, Inc. | $1 | $3 million | $270,000.00 | 3,000,000 | www.valvublator.com |
VibroCell LTP | $2.60 | $6 million | $540,000.00 | 2,300,000 | https://leonhardtventures.com/vibrocell/ |
Vascustim LTP | $4.34 | $10 million | $900,000.00 | 30,000,000 | www.vascustim.com |
PressureStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.pressurestim.com |
PulseGraft, Inc. | $1 | $8 million | $720,000.00 | 8,000,000 | www.pulsegraft.com |
Brain Group | |||||
Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
CerebraCell LTP | $4.35 | $10 million | $900,000.00 | 3,000,000 | www.cerebracell.com |
MemoryStim LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.memory-stim.com |
Second Brain LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.secondbrainstim.com |
TremorStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.tremorstim.com |
SpineStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.spine-stim.com (NEW) |
DepressiStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.depressistim.com (NEW) |
AddictiStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.addictistim.com (NEW) |
Cosmetic, Personal Care and Reproductive Health Group | |||||
Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
TestiStim LTP | $2 | $20 million | $1,800,000.00 | 10,000,000 | www.testistim.com |
Stem Cell Bra LTP | $5 | $50 million | $4,500,000.00 | 10,000,000 | www.stemcellbra.com |
OrthodontiCell, Inc | $8 | $40 million | $6,120,000.00 | 5,000,000 | www.orthodonticell.com |
DentaCell Accelerator LTP | $4 | $9.2 million | $828,000.00 | 2,300,000 | www.dentalcellaccelerator.com |
ImplantStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.implantstim.com |
ArchStim LTP | $1 | $8 million | $720,000.00 | 8,000,000 | www.archstim.com |
BreatheStim LTP | $1 | $8 million | $720,000.00 | 8,000,000 | www.breathestim.com |
SinusStim LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.sinustim.com (NEW) |
HairCell LTP | $5 | $50 million | $4,500,000.00 | 10,000,000 | www.haircellstim.com |
SkinStim LTP | $5 | $15 million | $1,350,000.00 | 3,000.00 | www.skin-stim.com |
MyoStim ED | $15 | $52.5 million | $4,725,000.00 | 3,500,000 | www.erectistim.com |
KlothoBios LTP | $0.40 | $4 million | $360,000.00 | 10,00,000 | www.klothoyears.com |
Lionheart Health, Inc. | $1 | $15 million post money | $0 | 15,000,000 | www.lionhearthealthstim.com |
Major Organ Regeneration Group | |||||
Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
EyeCell LTP | $15 | $34.5 million | $3,105,000.00 | 2,300,000 | www.eye-cell.com |
InStim LTP | $3 | $15 million | $1,350,000.00 | 5,000.00 | www.instimcell.com |
PancreaCell LTP | $1 | $3 million | $270,000.00 | 3,000,000 | https://vimeo.com/170533425 |
RegenaLung LTP | $2 | $6 million | $540,000.00 | 3,000,000 | https://leonhardtventures.com/regenalung/ |
OrthoStim and Orthostim Accelerator LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.ortho-stim.com and www.orthostimaccelerator.com |
LiverCell LTP | $1.30 | $3 million | $270,000.00 | 2,300,000 | www.livercellstim.com |
KidneyCell LTP | $1 | $2.3 million | $207,000.00 | 2,300,000 | www.kidney-cell.com |
EarCell LTP | $1 | $2.3 million | $207,000.00 | 2,300,000 | www.ear-cell.com |
BioLeonhardt Whole Body – BodStim LTP | $1 | $30 million | $2,700,000.00 | 30,000,000 | https://vimeo.com/179280204 |
BladderCell LTP | $5 | $15 million | $1,350,000.00 | 3,000,000 | www.bladdercell.com and www.b-alivestim.com |
Cancer Group | |||||
Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
CancerCell LTP | $3 | $9 million | $810,000.00 | 3,000,000 | www.cancercellinc.com |
This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include, among other things, references to regulatory discussions in Japan, additional sites participating in the Company’s clinical trials, the efficacy and safety of our products and therapies, preliminary conclusions about new data, the achievement of any of the anticipated upcoming milestones, statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations. Such risks and uncertainties include, among others, the inherent uncertainties associated with developing new products or technologies, regulatory approvals, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue Leonhardt Venture’s and its portfolio business and product development plans, the ability to enter into licensing and partnering arrangements, and overall market conditions. We may find it difficult to enroll patients in our clinical trials due to many factors, some of which are outside of our control. Slower than targeted enrollment could delay completion of our clinical trials and delay or prevent development of our therapeutic candidates. These forward-looking statements are made as of the date of this press release, and Leonhardt Ventures LLC, Cal-X Stars Business Accelerator, Inc., Leonhardt’s Launchpads, Lionheart Health, Inc. and our portfolio of startups assumes no obligation to update the forward-looking statements.
Leonhardt Ventures LLC
1 Kent Court
Mission Viejo, CA 92694
www.leonhardtventures.com