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Atossa Therapeutics, 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 net loss of $7.2 million for the three months ended September 30, 2024, and a net loss of $19.2 million for the nine months ended September 30, 2024.
Operating expenses for the quarter were $6.4 million, a decrease from $7.5 million in the same quarter the previous year. This decrease was primarily due to reduced research and development expenses.
Research and development expenses for the quarter were $3.4 million, down from $4.5 million in the previous year, mainly due to decreased spending on clinical and non-clinical trials.
General and administrative expenses for the quarter were $3.0 million, slightly lower than $3.0 million in the previous year. The decrease was attributed to reduced compensation expenses.
Interest income for the quarter was $1.0 million, a decrease from $1.3 million in the previous year, due to a decrease in funds invested.
The company reported an impairment charge of $1.7 million on its investment in equity securities for the nine months ended September 30, 2024.
Cash used in operating activities for the nine months ended September 30, 2024, was $14.0 million, compared to $15.4 million in the previous year.
As of September 30, 2024, Atossa had $74.8 million in cash and cash equivalents, with working capital of $71.3 million.
The company continues to focus on developing its lead drug candidate, (Z)-endoxifen, for the treatment and prevention of breast cancer.
Atossa is conducting multiple clinical trials for (Z)-endoxifen, including studies for mammographic breast density and ductal carcinoma in situ.
The company anticipates ongoing operating losses as it continues to develop its pharmaceutical programs and is exploring additional funding options.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atossa Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.