In This Story
Carmell Corporation (CTCX+0.46%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing gross revenue of $58,915 from the launch of five cosmetic skincare products. Net revenue was $20,519 after discounts and allowances of $38,396.
Cost of goods sold was $4,840, resulting in a gross profit of $15,679 for the quarter.
Selling and marketing expenses were $120,062, driven by marketing efforts for the new skincare products.
Research and development expenses decreased to $331,806 from $1,590,899 in the same quarter the previous year, due to a strategic realignment focusing on near-term commercial potential products.
General and administrative expenses increased to $965,622 from $507,948, primarily due to higher insurance costs and personnel expenses.
Restructuring charges of $726,280 were recorded in the previous year, related to the post-acquisition integration of AxoBio.
Other expenses, net, were $1,458,692, primarily due to an unfavorable change in the fair value of the Forward Purchase Agreement.
The company reported a net loss from continuing operations before taxes of $2,878,481, down from $9,058,645 in the previous year.
Carmell's cash balance as of September 30, 2024, was $1,137,325, with an accumulated deficit of $67,957,379 and liabilities of $6,506,411.
The company is exploring additional capital raising and the development of haircare products to improve liquidity.
The filing also details the ongoing litigation with Puritan Partners LLC regarding Convertible Notes and Warrants, which Carmell intends to defend vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Carmell Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.