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Accustem Sciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $328,174 for the three months and $1,133,001 for the nine months ended September 30, 2024. This compares to net losses of $598,525 and $1,804,622 for the same periods in 2023.
Research and development expenses increased to $31,409 for the quarter, up from $19,951 in the same quarter of the previous year. The increase is attributed to higher patent-related expenses and consulting fees.
General and administrative expenses decreased to $296,765 for the quarter, down from $578,574 in the previous year. The decrease is due to reduced payroll costs, legal fees, and insurance expenses.
The company reported cash and cash equivalents of $37,080 as of September 30, 2024, compared to $71,010 at the end of the same period in 2023.
Accustem Sciences continues to focus on the development and commercialization of its proprietary genomic test, StemPrintER, for early-stage breast cancer patients.
The company acknowledges the need for additional financing to support its operations and research and development activities.
Accustem is actively pursuing additional equity financing and has been in discussions with institutional investors regarding potential offerings.
The company identified a material weakness in its internal controls over financial reporting due to inadequate accounting resources and oversight procedures.
Management plans to address this weakness by recruiting appropriately skilled accounting resources.
Accustem does not anticipate generating significant revenue from product sales for several years and expects to incur substantial additional expenditures in the near term.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Accustem Sciences quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.