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Cell Source, 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 net loss of $1,417,141, compared to a net loss of $1,338,138 in the same quarter the previous year. The increase in net loss is attributed to changes in research and development expenses and interest expenses.
Research and development expenses decreased to $360,857 from $514,505 in the same quarter of the previous year, primarily due to no new patient enrollments by MD Anderson during the quarter.
General and administrative expenses were reported at $470,768, a slight decrease from $480,875 in the previous year, due to reductions in legal and consulting expenses.
Interest expense increased to $356,786 from $262,091, reflecting a rise in the balance of interest-bearing notes.
The company recognized a gain of $98,550 from the change in fair value of derivative liabilities and a gain of $17,893 from the extinguishment of a note payable.
As of September 30, 2024, Cell Source reported a working capital deficiency of $18,940,556 and an accumulated deficit of $45,848,723.
The company continues to raise capital through equity and debt financings and is in negotiations to raise additional funds to support its operations.
Subsequent to the quarter's end, Cell Source raised $375,000 through the issuance of Series B Convertible Preferred Stock and common stock.
The filing outlines the company's ongoing efforts in developing cell therapy treatments and its financial strategy to address its liquidity challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cell Source Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.