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Conduit Pharmaceuticals Inc. (CDTTW+2.96%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $3.1 million, primarily due to a license agreement with AstraZeneca (AZN+1.91%). This is a significant increase from the previous year's comparable period, which reported no such expenses.
General and administrative expenses rose to $2.7 million from $0.4 million in the same quarter the previous year, attributed to higher salaries, stock compensation, and professional fees.
The company reported an operating loss of $5.8 million for the quarter, compared to a loss of $0.4 million in the previous year.
Other expenses amounted to $0.3 million, primarily due to a contingent liability and changes in the fair value of options.
Interest expense increased to $0.3 million from $47,000 in the previous year, driven by interest on convertible notes and deferred commission payable.
The company reported a net loss of $6.5 million for the quarter, compared to a net income of $2.6 million in the previous year.
Cash used in operating activities was $5.9 million for the nine months ended September 30, 2024, compared to $2.9 million in the previous year.
Conduit had cash and cash equivalents of $71,000 as of September 30, 2024, down from $4.2 million at the beginning of the year.
The company acknowledges its need for additional funding to support its current business plan and continues to explore public or private equity or debt financings.
The filing also details various financial agreements, including a license agreement with AstraZeneca and a promissory note with Nirland Limited.
Conduit identified a material weakness in its internal controls over financial reporting and is working to address this issue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Conduit Pharmaceuticals Inc. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.