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Cyclo Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $8,832,944 for the three months and $19,157,261 for the nine months ended September 30, 2024. This compares to net losses of $4,771,353 and $14,414,893 for the same periods in 2023, respectively.
Total revenues for the three months ended September 30, 2024, were $233,772, a decrease from $495,477 in the same quarter of 2023. For the nine months ended September 30, 2024, total revenues were $559,326, down from $765,006 in the prior year.
The company reported a gross profit of $216,974 for the three months ended September 30, 2024, compared to $456,710 for the same period in 2023. For the nine months ended September 30, 2024, gross profit was $517,324, down from $696,134 in the previous year.
Research and development expenses increased to $5,492,844 for the three months ended September 30, 2024, from $3,469,067 in the same quarter of 2023. For the nine months ended September 30, 2024, these expenses were $11,830,127, up from $10,037,433 in 2023.
Professional fees rose to $1,412,432 for the three months ended September 30, 2024, from $597,095 in the prior year. For the nine months ended September 30, 2024, professional fees were $2,430,263, compared to $1,494,332 in 2023.
Cash and cash equivalents were $928,010 as of September 30, 2024, down from $9,246,592 at December 31, 2023. The company had negative working capital of $15,463,491 at September 30, 2024.
The company has borrowed $15,000,000 from Rafael Holdings (RFL+1.45%) through November 12, 2024, and intends to continue borrowing until the consummation of a merger or termination of the merger agreement.
On October 4, 2024, Cyclo Therapeutics received a delisting notice from Nasdaq (NDAQ+0.38%) for failing to meet certain listing requirements, including maintaining a minimum bid price and stockholders' equity.
Cyclo Therapeutics is engaged in clinical trials for its lead drug candidate, Trappsol® Cyclo™, for the treatment of Niemann-Pick Type C disease and Alzheimer's disease.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyclo Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.