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Aditxt Inc. (ADTX-7.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a net loss of $29,472,886 for the nine months ended September 30, 2024, compared to a net loss of $21,412,626 for the same period in 2023.
Revenue for the nine months ended September 30, 2024, was $130,810, a decrease from $563,879 in the prior year, attributed to reduced AditxtScoreTM orders.
Operating expenses for the nine months ended September 30, 2024, totaled $21,787,006, up from $18,204,451 in the prior year. This increase was primarily due to higher research and development expenses.
The company reported cash and cash equivalents of $328,596 as of September 30, 2024, with a working capital deficit of $22,280,585.
Aditxt Inc. continues to seek additional capital to fund its operations, acknowledging substantial doubt about its ability to continue as a going concern.
The company has entered into various financing agreements, including a Purchase Agreement with an equity line investor for up to $150 million, and a securities purchase agreement for a private placement.
Aditxt Inc. is subject to a Nasdaq (NDAQ+0.51%) panel monitor due to historical non-compliance with listing requirements, and has received a notification regarding non-compliance with the minimum bid price requirement.
The company's subsidiaries, Adimune, Inc. and Pearsanta, Inc., focus on immune modulation therapeutic programs and personalized medicine, respectively.
Aditxt Inc. is pursuing strategic transactions, including a merger with Evofem Biosciences, Inc. (EVFM-1.02%) and an arrangement with Appili Therapeutics, Inc., but acknowledges risks related to these transactions.
The filing also outlines various risks and uncertainties, including the need for additional capital, potential delisting from Nasdaq, and the impact of substantial indebtedness.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aditxt Inc. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.