In This Story
Greenwich LifeSciences, 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 $2,668,713 for the three months ended September 30, 2024, compared to a net loss of $2,391,789 for the same period in 2023.
Research and development expenses increased to $2,292,040 from $2,158,167 in the same quarter the previous year, primarily due to increased clinical expenses.
General and administrative expenses increased to $437,011 from $344,758, primarily due to an increase in finance expenses.
As of September 30, 2024, Greenwich LifeSciences reported cash of $5,822,367, down from $6,989,424 as of December 31, 2023.
The company continues to develop its breast cancer immunotherapy, GLSI-100, and is expanding its Phase III clinical trial, Flamingo-01, into Europe.
Greenwich LifeSciences has not generated any revenue and expects to incur significant expenses as it continues to develop its pipeline and conduct clinical trials.
Net cash used in operating activities was $5,414,337 for the nine months ended September 30, 2024, compared to $4,324,407 in the same period in 2023.
Between January 1, 2024, and September 30, 2024, the company raised $1,747,282 through an ATM agreement and $2,499,998 through a private placement offering.
The company acknowledges a material weakness in its internal control over financial reporting due to inadequate segregation of duties and insufficient written policies and procedures.
Greenwich LifeSciences plans to raise additional capital through equity and/or debt securities to meet its long-term operating requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greenwich LifeSciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.