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GlucoTrack Inc. (GCTK-7.98%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $2.1 million, an increase from $1.7 million in the same quarter the previous year. This increase is attributed to ramping up product development activities.
Marketing expenses for the quarter were $0.1 million, compared to $0 in the previous year, primarily due to business development personnel and professional marketing services.
General and administrative expenses increased to $1.1 million from $0.5 million, attributed to accrued professional fees.
Finance expenses, net were $1.9 million, compared to finance income of $0.001 million in the previous year, primarily due to revaluation expenses from settlement of financial liabilities and discount amortization and interest expenses.
The company reported a net loss of $5.1 million for the quarter, up from $2.2 million in the previous year, mainly due to increased operating expenses.
Cash used in operating activities was $9.0 million for the nine-month period ended September 30, 2024, primarily due to a net loss of $12.5 million.
Net cash provided by financing activities was $5.0 million, primarily reflecting proceeds from private placement transactions.
The company continues to focus on developing its Implantable Continuous Glucose Monitor (CGM) for persons with Type 1 diabetes and insulin-dependent Type 2 diabetes.
GlucoTrack has entered into various financial agreements, including private placements and convertible promissory notes, to support its development efforts.
The company acknowledges its dependence on external sources for financing its operations and highlights the uncertainty regarding its ability to continue as a going concern.
GlucoTrack is working towards ISO13485 certification and preparing for clinical trials, with a first in human study expected to initiate in Q4 2024, pending regulatory approval.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GlucoTrack Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.