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Artelo Biosciences Inc. (ARTL+2.56%) 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 $1,132,000, compared to a net loss of $2,449,000 in the same quarter the previous year. The decrease in net loss is attributed to a reduction in operating expenses.
Operating expenses for the quarter were $1,195,000, down from $2,614,000 in the same quarter of the previous year. This reduction was primarily due to a decrease in research and development expenses, which benefited from UK tax credits.
General and administrative expenses for the quarter were $870,000, compared to $1,029,000 in the previous year, reflecting a decrease in stock-based compensation costs.
The company reported other income of $63,000 for the quarter, compared to $165,000 in the previous year, primarily from changes in the fair value of trading marketable securities.
Cash and cash equivalents at the end of the period were $4,357,000, an increase from $2,815,000 at the end of December 2023, primarily due to proceeds from the disposition of marketable securities.
Artelo Biosciences continues to focus on developing its product pipeline, including ART27.13 for cancer-related anorexia and ART26.12 for chemotherapy-induced peripheral neuropathy.
The company acknowledges its reliance on additional funding to continue operations beyond the fourth quarter of 2025, with plans to raise capital through equity or debt offerings.
Artelo does not anticipate generating revenue from product sales in the near future, as its product candidates are still in the clinical trial phase.
The filing also highlights potential risks, including the need for additional financing, regulatory changes, and competition from other companies developing cannabinoid-based therapies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Artelo Biosciences Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.