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CNS Pharmaceuticals, Inc. 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 general and administrative expenses to $1,384,000 from $1,123,000 in the same quarter the previous year. This increase is attributed to higher legal and professional expenses.
Research and development expenses increased to $4,245,000 from $3,411,000 in the same quarter of the previous year, primarily due to license expenses related to new agreements.
The company reported a net loss of $5,606,000 for the quarter, compared to $4,523,000 in the previous year, with the increase attributed to higher operating expenses.
Cash used in operating activities was approximately $11,642,000 for the nine months ended September 30, 2024, mainly due to payments for clinical trial preparation and professional fees.
Cash provided by financing activities was approximately $18,067,000 for the nine months ended September 30, 2024, related to the sale of common stock and exercise of warrants.
CNS Pharmaceuticals had cash and cash equivalents of $6,973,124 as of September 30, 2024. The company anticipates that its current cash position will fund operations through the first quarter of 2025.
The filing also details various financial agreements, including public offerings and private placements of common stock and warrants, with gross proceeds of approximately $3.0 million from a recent offering.
The company continues to focus on the development of its lead drug candidate, Berubicin, for the treatment of Glioblastoma and other CNS malignancies.
CNS Pharmaceuticals is addressing material weaknesses in its internal controls over financial reporting and is taking steps to improve the timeliness and completeness of data reported by its CRO.
The company received a temporary exception from Nasdaq (NDAQ-0.10%) to regain compliance with the Minimum Bid Price Requirement until March 11, 2025, following a notification of non-compliance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CNS Pharmaceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.