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Gaxos.ai Inc. (GXAI-4.32%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, with revenues reported at $2,704, primarily from the sale of health coaching packages. No revenue was reported in the same quarter of the previous year.
Operating expenses for the quarter were $908,573, up from $873,616 in the same period last year. The increase is attributed to higher general and administrative expenses.
Research and development expenses decreased slightly to $252,657 from $258,405 in the previous year, due to reduced development costs for Gaxos Games.
The company reported a net loss of $864,410 for the quarter, compared to $857,059 in the previous year. Comprehensive loss for the quarter was $854,526, up from $815,218.
Gaxos.ai had a cash balance of $5,227,894 and short-term investments of $1,416,056 as of September 30, 2024. The company used $2,512,166 in cash for operating activities during the nine months ended September 30, 2024.
Net cash provided by investing activities was $842,604, primarily from the sale of short-term investments. Financing activities provided $5,872,746, mainly from a private placement and warrant exercises.
The company anticipates continued operating losses in the foreseeable future due to corporate overhead and research and development costs.
The filing also highlights the launch of Gaxos Health, an AI-powered health optimization product, in the third quarter of 2024.
Gaxos.ai plans to launch an AI solution for game developers in the fourth quarter of 2024, aimed at enhancing creativity and integration in gaming.
The company does not report any material legal proceedings and has not identified any significant changes in risk factors since its last annual report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gaxos.ai Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.