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Bionomics Limited (BNOX0.00%) 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 $1,900,903 from $3,088,229 in the same quarter the previous year. This decrease is attributed to reduced expenditures on clinical trials and preparation for regulatory meetings.
General and administrative expenses also decreased to $1,666,824 from $2,379,378, primarily due to lower insurance costs and administrative expenses following the company's delisting from the ASX.
The company reported a net loss of $804,787 for the quarter, compared to $5,472,568 in the previous year. The improvement is largely due to a fair value adjustment of $2,874,694 related to warrant liabilities.
Cash used in operating activities was $4,433,063, consistent with the previous year's $4,429,800. Cash and cash equivalents at the end of the period were $8,082,410.
Bionomics continues to focus on developing its lead product candidate, BNC210, for the treatment of PTSD and SAD, with ongoing clinical trials and strategic partnerships.
The company acknowledges substantial doubt about its ability to continue as a going concern within twelve months due to recurring losses and the need for additional capital.
Bionomics plans to address its financial condition through potential public offerings, private placements, debt financings, or strategic collaborations.
The filing also details recent corporate developments, including a Scheme Implementation Agreement with Neuphoria Therapeutics Inc. to re-domicile to Delaware, subject to regulatory and shareholder approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bionomics Limited quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.