BioCorRx Inc (BICX) Quarterly 10-Q Report

The report was filed on November 14, 2024

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BioCorRx Inc (BICX+4.26%). 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 revenues to $0 from $10,145 in the same quarter the previous year. The decrease is attributed to a reduced number of patients treated at licensed clinics.

Total operating expenses for the quarter increased to $1,659,721 from $972,013 in the same quarter of the previous year. This increase is primarily due to higher stock-based compensation, accounting and legal fees, and research and development expenses.

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The company reported a net loss of $1,513,010 for the quarter, compared to $867,348 in the previous year, with the increase attributed to higher operating expenses and interest expenses.

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Grant income for the quarter was $572,777, up from $300,985 in the previous year, due to increased funding from the National Institute on Drug Abuse.

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Interest expense for the quarter increased to $148,999 from $36,883 in the previous year, primarily due to the issuance of new promissory notes and increased interest rates due to defaults.

BioCorRx received a grant of $11,029,977 from the National Institutes of Health for ongoing research of BICX104, a sustained release naltrexone implant for methamphetamine use disorder.

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The company had a working capital deficit of $7,871,228 as of September 30, 2024, and continues to seek additional capital to fund operations.

BioCorRx does not have any off balance sheet arrangements that are material to its financial condition.

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The filing identifies material weaknesses in internal controls over financial reporting due to insufficient GAAP experience and a lack of staff for optimal segregation of duties.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BioCorRx Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.