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Cytodyn Inc (CYDY-1.36%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports that the company had total assets of $24.9 million as of November 30, 2024, compared to $11.1 million on May 31, 2024. The increase in assets is primarily attributed to a rise in cash and cash equivalents.
Cytodyn Inc. reported a net loss of $4.8 million for the three months ended November 30, 2024, compared to a net income of $14.5 million for the six months ended November 30, 2024. The prior period's net income was influenced by a one-time legal settlement.
The company's total operating expenses for the three months ended November 30, 2024, were $3.7 million, a slight increase from $3.4 million in the same period last year. The increase was driven by higher clinical expenses.
Cytodyn's cash and cash equivalents increased to $21.3 million as of November 30, 2024, from $3.1 million as of May 31, 2024. This rise was largely due to proceeds from a legal settlement and financing activities.
The company continues to focus on the development of its product candidate, leronlimab, for various therapeutic indications, including oncology and inflammation.
Cytodyn Inc. reported an accumulated deficit of approximately $877.1 million as of November 30, 2024, raising substantial doubt about its ability to continue as a going concern without additional capital.
The company is involved in various legal proceedings, including securities class action lawsuits and investigations by the SEC and DOJ related to its product candidate, leronlimab.
Cytodyn plans to finance its operations through the sale of equity and debt securities, and is seeking additional funding to continue its research and development activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cytodyn Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.