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Alzamend Neuro Inc. (ALZN-0.87%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports that Alzamend Neuro Inc., a clinical-stage biopharmaceutical company, is focused on developing treatments for Alzheimer's disease, bipolar disorder, major depressive disorder, and post-traumatic stress disorder. The company's pipeline includes two product candidates, AL001 and ALZN002, both of which are in the clinical stage.
The company's financial statements indicate that for the three months ended October 31, 2024, Alzamend reported a net loss of $1.4 million, compared to a net loss of $2.9 million for the same period in 2023. The decrease in net loss is attributed to reduced research and development expenses.
Research and development expenses for the three months ended October 31, 2024, were $311,088, down from $1,996,783 in the prior year. This reduction is primarily due to lower professional fees and clinical trial fees.
General and administrative expenses increased to $1,046,980 from $904,939 in the previous year, with the increase attributed to marketing fees incurred during the quarter.
Alzamend's cash and cash equivalents as of October 31, 2024, were $4.1 million, with a working capital of $3.5 million. The company continues to rely on financing activities to support its operations.
During the six months ended October 31, 2024, the company raised $8.3 million through the issuance of Series A Convertible Preferred Stock and common stock sales under an At-the-Market Offering.
The filing highlights the company's ongoing efforts to advance its clinical trials for AL001 and ALZN002, with a focus on securing additional funding to support these initiatives.
Alzamend acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional capital to fund operations and clinical development activities.
The company is actively pursuing partnerships and collaborations to enhance its research and development efforts, with a goal of bringing its product candidates to market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alzamend Neuro Inc. quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.