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Bio-Path Holdings, 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 $5.5 million from $9.3 million in the same period the previous year. This decrease is attributed to reduced manufacturing expenses related to drug product releases.
General and administrative expenses increased to $3.9 million from $3.5 million, primarily due to higher legal fees and salaries.
The company reported a net loss of $7.1 million for the nine months ended September 30, 2024, compared to $12.7 million in the previous year.
Net cash used in operating activities was $7.7 million, while net cash provided by financing activities was $7.2 million, primarily due to various equity offerings.
Bio-Path had a cash balance of $0.6 million as of September 30, 2024. The company acknowledges its need for additional capital to fund future operations.
The filing details several financing activities, including a registered direct offering and private placements, raising approximately $4.0 million in gross proceeds.
Bio-Path continues to focus on its DNAbilize® platform, with multiple drug candidates in development targeting various cancer indications.
The company faces significant risks and uncertainties, including the need for additional capital and the outcome of its clinical trials, as detailed in the risk factors section of the report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bio-Path Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.