Estrella Immunopharma Inc (ESLA) Quarterly 10-Q Report

The report was filed on November 14, 2024

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Estrella Immunopharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing a net loss of $3,376,737, compared to a net loss of $1,870,497 in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.

Research and development expenses for the quarter were $2,826,000, up from $483,466 in the previous year. This increase was primarily due to service fees incurred with Eureka Therapeutics, Inc. for clinical trial services.

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General and administrative expenses decreased to $550,737 from $1,387,031 in the previous year, reflecting lower professional fees and stock-based compensation expenses.

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Estrella reported cash and cash equivalents of $1,797,503 as of September 30, 2024, down from $4,165,428 as of June 30, 2024. This decrease was primarily due to cash used in operating activities.

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Net cash used in operating activities was $2,217,460 for the quarter, primarily driven by the net loss and an increase in prepaid expenses related to clinical trial services.

The company completed a business combination with TradeUP Acquisition Corp. on September 29, 2023, raising net proceeds of approximately $20.1 million.

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Estrella's future operations depend on its ability to raise additional capital, achieve regulatory approval for its product candidates, and generate revenue.

The company has entered into agreements with Eureka Therapeutics for the development of its product candidates, including a License Agreement and a Services Agreement.

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Estrella's management has identified a material weakness in its internal controls over financial reporting due to a lack of qualified accounting personnel, and plans to remediate this by hiring additional staff and engaging external consultants.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Estrella Immunopharma Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.