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Burzynski Research Institute Inc. (BZYR-30.00%) has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements showing total assets of $713 as of November 30, 2024, compared to $2,310 as of February 29, 2024. Current liabilities were reported at $22,039, down from $27,433.
The company reported a net loss of $352,239 for the three months ended November 30, 2024, compared to a net loss of $433,015 for the same period in the previous year. For the nine months ended November 30, 2024, the net loss was $1,093,409, an increase from $972,524 in the previous year.
Research and development expenses for the three months ended November 30, 2024, were $301,183, up from $218,069 in the previous year. General and administrative expenses decreased to $51,056 from $214,946.
The company remains dependent on funding from Dr. Burzynski for its operations. The Research Funding Agreement with Dr. Burzynski was amended and restated on May 22, 2023, limiting its scope to the United States and Canada.
The company holds a new license agreement with Dr. Burzynski, granting exclusive rights to exploit Antineoplastons in the United States and Canada. The company cannot exploit these rights until FDA approval is obtained.
The filing notes that the company's investigational new drug application is under full clinical hold, preventing new patient enrollment in clinical trials until the hold is lifted.
The filing also details the company's liquidity and capital resources, noting that operations have been funded by Dr. Burzynski's medical practice. The company estimates spending approximately $300,000 during the remaining quarter of the fiscal year ending February 28, 2025.
The company reported no significant changes in internal controls over financial reporting during the fiscal quarter ended November 30, 2024.
The filing states that the company is not currently a party to any material pending legal proceedings and is not aware of any such proceedings being contemplated by governmental authorities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Burzynski Research Institute Inc. quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.