Genelux Corporation (GNLX) Quarterly 10-Q Report
The report was filed on November 14, 2024
Genelux Corporation (GNLX) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
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The filing includes financial statements for the quarter, showing a net loss of $6,467,000, compared to a net loss of $5,345,000 in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
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Research and development expenses for the quarter increased to $4,051,000 from $2,819,000 in the previous year, primarily due to increased clinical trial costs.
General and administrative expenses were $2,890,000 for the quarter, up from $2,488,000 in the previous year, with the increase attributed to higher stock compensation expenses.
Interest income for the quarter was $474,000, compared to $4,000 in the previous year, due to investments in money market funds and short-term investments.
Cash used in operating activities was $16,926,000 for the nine months ended September 30, 2024, compared to $13,365,000 in the previous year.
Cash used in investing activities was $14,805,000 for the nine months ended September 30, 2024, primarily due to net purchases of short and long-term investments.
Cash provided by financing activities was $28,415,000 for the nine months ended September 30, 2024, primarily from the issuance of common stock.
Genelux had cash and cash equivalents of $6,102,000 as of September 30, 2024, compared to $9,418,000 as of December 31, 2023.
The company expects its cash and cash equivalents, and short and long-term investments, totaling $35,060,000 at September 30, 2024, to last into the first quarter of 2026.
The filing also details various financial agreements and transactions, including a public offering of common stock and accompanying warrants, raising $27,678,000 in net proceeds.
Genelux is focused on developing a pipeline of next-generation oncolytic viral immunotherapies for patients with aggressive and difficult-to-treat solid tumor types.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Genelux Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email [email protected].