In This Story
Allarity Therapeutics, 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 $11,590,000, compared to a net loss of $4,447,000 in the same quarter the previous year. The increase in net loss is primarily due to an impairment charge of $9,703,000 related to intangible assets.
Operating expenses for the quarter were $12,313,000, up from $4,426,000 in the previous year, driven by the impairment of intangible assets and general and administrative expenses.
Research and development expenses decreased to $1,021,000 from $1,948,000, reflecting reductions in manufacturing and supplies costs.
The company reported interest income of $261,000 and interest expense of $50,000 for the quarter. Foreign exchange gains amounted to $121,000.
Allarity's cash and cash equivalents as of September 30, 2024, were $18,463,000, compared to $166,000 at the end of 2023.
The company completed a 1-for-20 reverse stock split on April 9, 2024, and a 1-for-30 reverse stock split on September 11, 2024, to comply with Nasdaq (NDAQ-1.24%) listing requirements.
Allarity issued 35,000 shares of Series A Convertible Redeemable Preferred Stock for net proceeds of approximately $2.9 million in August 2024, and subsequently redeemed all the shares in September 2024.
The filing details a Wells Notice received from the SEC regarding disclosures related to the NDA for Dovitinib, with the company maintaining that its actions were appropriate.
Allarity is facing a class action lawsuit alleging false and misleading statements related to the Dovitinib NDA, which the company plans to vigorously defend against.
The company continues to focus on its lead drug candidate, stenoparib, and is evaluating its financial position to support ongoing operations and potential future funding needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allarity Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.