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Dogwood Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue and a net loss of $2,280,684 for the three months ended September 30, 2024, compared to a net loss of $1,235,074 in the same period the previous year.
Operating expenses for the quarter were $2,301,172, up from $1,274,289 in the previous year, driven by increased general and administrative expenses related to the acquisition of Pharmagesic.
Research and development expenses for the quarter increased to $535,162 from $374,200 in the previous year, primarily due to expenses associated with a grant for a study in Long-COVID.
Dogwood completed a reverse stock split on October 9, 2024, reducing the number of shares of common stock from 27,950,888 to 1,118,035.
The company acquired Pharmagesic (Holdings) Inc. on October 7, 2024, issuing shares of common stock and Series A Non-Voting Convertible Preferred Stock as part of the transaction.
Dogwood received $16.5 million in loan proceeds on October 7, 2024, with an additional $3 million expected in February 2025, to fund operations until the end of 2025.
The company is focused on developing Halneuron®, a sodium channel blocker for pain relief, and IMC-1 and IMC-2, antiviral therapies for fibromyalgia and Long-COVID.
Dogwood's stock regained compliance with Nasdaq's minimum bid price requirement on October 29, 2024, after a reverse stock split.
The company plans to explore various funding options to support its ongoing clinical trials and operations beyond 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dogwood Therapeutics Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.