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Annovis Bio, 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 decrease in research and development expenses to $2.7 million from $13.8 million in the same quarter the previous year. This decrease is attributed to the wind-down of activities for the Phase 3 study in early PD patients and Phase 2/3 in AD patients.
General and administrative expenses increased to $1.7 million from $1.0 million, primarily due to warrant commission payments and increased professional fees.
The company reported a net loss of $12.6 million for the quarter, compared to $14.7 million in the previous year. The loss was impacted by a change in fair value of warrants, resulting in a $7.9 million expense.
Cash used in operating activities was $13.6 million for the nine months ended September 30, 2024, compared to $30.6 million in the same period of 2023, reflecting decreased clinical trial expenditures.
Annovis Bio had cash and cash equivalents of $12.6 million as of September 30, 2024. The company acknowledges the need to raise additional capital to fund operations and future clinical trials.
The filing details the company's ongoing development of its lead product candidate, Buntanetap, for Alzheimer's and Parkinson's diseases. Recent clinical trials showed improvements in cognition and motor function.
Annovis Bio entered into an ELOC Purchase Agreement on April 25, 2024, allowing the company to sell up to 2,051,428 shares of common stock. As of September 30, 2024, the company has sold approximately 1.2 million shares under this agreement.
The company plans to initiate a 6-month Phase 3 study for Alzheimer's disease in early 2025, pending successful fundraising efforts.
Annovis Bio continues to focus on advancing its clinical trials and securing additional funding to support its operations and research initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Annovis Bio Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.