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Guided Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating a net loss of $691,417 attributable to common stockholders, compared to $718,777 in the same quarter of the previous year.
Revenue from sales of LuViva devices and disposables was not material for the quarter. Deferred revenue stood at $747,780, expected to be recognized upon product shipment.
Research and development expenses increased to $111,298 from $69,140, driven by higher sponsored research costs related to U.S. clinical trials.
Sales and marketing expenses rose slightly to $75,850 from $69,359, primarily due to increased rent and travel expenses.
General and administrative expenses decreased to $374,190 from $480,550, mainly due to lower consulting fees and property taxes.
Interest expense increased to $107,500 from $71,481, reflecting higher debt levels.
A gain of $16,145 was recorded from the extinguishment of debt, consistent with the previous year.
Preferred stock dividends remained consistent at $38,194 compared to $40,073 in the previous year.
The company continues to face challenges related to its financial condition, including a negative working capital of approximately $5.0 million and an accumulated deficit of $153.0 million as of September 30, 2024.
Guided Therapeutics anticipates requiring additional capital to fund operations and the FDA approval process, with plans to curtail operations if sufficient capital cannot be raised.
The company is pursuing FDA approval for its LuViva device in the U.S. and has ongoing clinical trials, with completion expected by early 2025.
Internationally, the company is focused on regulatory approval in China, with an application filed with the NMPA on October 16, 2024.
The filing also details various financial agreements, including promissory notes and convertible debt arrangements, some of which are in default.
Guided Therapeutics identified material weaknesses in its internal controls over financial reporting, specifically a lack of resources to account for complex transactions.
The company continues to explore strategic partnerships and external financing to support its operations and product commercialization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Guided Therapeutics Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.