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CNBX Pharmaceuticals Inc (CNBX0.00%). has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing details the company's focus on the development of cannabinoid-based products for cancer treatment, including its lead product candidates Cannabics SR and RCC-33.
CNBX reported total revenues of $130,074 for the year ended August 31, 2024, a decrease from $410,165 in the previous year, attributed to laboratory services.
Operating expenses for the year were $713,214, down from $1,341,545 in the prior year, primarily due to reductions in general and administrative expenses and research and development costs.
The company recorded a net loss of $695,198 for the year, compared to a net loss of $3,710,234 in the previous year.
CNBX's cash and cash equivalents totaled $26,416 as of August 31, 2024, compared to $129,696 as of August 31, 2023.
The company continues to face significant challenges, including the need for additional financing to support its operations and development activities.
CNBX's management has expressed substantial doubt about the company's ability to continue as a going concern due to its ongoing financial losses and need for additional capital.
The filing also outlines CNBX's strategic focus on advancing its drug candidates through the FDA regulatory pathway and establishing partnerships for commercialization.
CNBX's directors and executive officers include Eyal Barad as CEO and Gabriel Yariv as Chair of the Board, both of whom have significant experience in the biotechnology and medical industries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CNBX Pharmaceuticals Inc annual 10-K report dated November 29, 2024. To report an error, please email earnings@qz.com.