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Anavex Life Sciences Corp. (AVXL-3.28%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $10.4 million from $8.7 million in the same quarter the previous year. This increase is primarily attributed to personnel costs, manufacturing activities related to ANAVEX®2-73, and expenditures on the ANAVEX®3-71-SZ-001 clinical trial.
General and administrative expenses increased to $3.1 million from $2.7 million, primarily due to higher legal and professional fees.
The company reported a net loss of $12.1 million for the quarter, compared to $8.6 million in the previous year. The increase in net loss is mainly due to higher research and development expenditures and a decrease in other income.
Cash used in operating activities was $12.1 million, compared to $7.3 million in the previous year. The increase is due to higher net cash expenses and changes in working capital.
Anavex had a working capital of $110.9 million as of December 31, 2024. The company plans to use its capital resources to advance its clinical trials for ANAVEX®2-73 and ANAVEX®3-71.
The filing also details a $150 million purchase agreement with Lincoln Park Capital Fund, LLC, under which Anavex can sell shares of common stock over a three-year period.
Anavex is a clinical stage biopharmaceutical company focused on developing therapeutics for central nervous system diseases, including Alzheimer's disease, Parkinson's disease, and Rett syndrome.
The company is involved in multiple clinical trials, including a Phase 2b/3 trial for Alzheimer's disease and trials for Rett syndrome and Parkinson's disease dementia.
Anavex has a portfolio of compounds targeting sigma-1 receptors and is exploring their potential in various neurodegenerative and neurodevelopmental diseases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Anavex Life Sciences Corp. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.