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Alzamend Neuro Inc. (ALZN-0.96%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $447,111 from $1,908,757 in the same quarter the previous year. The decrease is attributed to reduced clinical trial activities.
General and administrative expenses decreased to $590,304 from $751,173 in the same quarter of the previous year, primarily due to lower professional fees.
The company reported a net loss of $1,039,434 for the quarter, compared to $2,662,418 in the previous year, reflecting a reduction in operating expenses.
Cash used in operating activities was $5,879,481 for the nine months ended January 31, 2025, compared to $6,843,286 in the same period the previous year.
Alzamend had cash of $3,358,135 as of January 31, 2025. The company acknowledges its need for additional capital to fund ongoing operations and clinical development activities.
The filing details various financial agreements, including the issuance of Series A and Series B Convertible Preferred Stock and an At-the-Market Offering to raise capital.
Alzamend continues to focus on developing its two product candidates, AL001 and ALZN002, for the treatment of Alzheimer's disease and other neuropsychiatric disorders.
The company identified material weaknesses in its internal controls over financial reporting due to insufficient resources in its accounting function and inadequate user access controls.
Alzamend plans to remediate these weaknesses by enhancing internal controls and adding accounting personnel.
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 March 10, 2025. To report an error, please email earnings@qz.com.