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CervoMed Inc. (CRVO-0.65%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in grant revenue to $1,939,751 from $1,526,482 in the same quarter the previous year. This increase is attributed to the larger number of trial sites active during the current period.
Research and development expenses rose to $5,125,097 from $1,791,487, primarily due to increased outsourced CRO site expenses related to the RewinD-LB Trial.
General and administrative expenses decreased slightly to $2,210,927 from $2,410,124, mainly due to fewer one-time professional fee costs related to the previous year's merger.
The company reported a net loss of $4,753,541 for the quarter, compared to a net income of $2,150,362 in the previous year, with the decline attributed to the absence of fair value adjustments on Convertible Notes that were present in the prior year.
Interest income increased significantly to $646,172 from $47,667, driven by interest earned on increased cash equivalents and marketable securities balances.
The filing indicates CervoMed's ongoing focus on developing its lead drug candidate, neflamapimod, which is currently being evaluated in the Phase 2b RewinD-LB Trial for Early-Stage Dementia with Lewy Bodies.
The company completed a private placement in April 2024, raising approximately $50 million in gross proceeds to fund its operations and development activities.
CervoMed's cash and cash equivalents, along with marketable securities, totaled approximately $46.7 million as of September 30, 2024.
The company anticipates that its existing financial resources, along with remaining grant funds, will be sufficient to fund operations for at least the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CervoMed Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.