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IR-Med Inc (IRME0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $494,000 from $1,570,000 in the same period the previous year. The decrease is attributed to reduced use of third-party contractors and proceeds from a grant from the Israeli Innovation Authority.
Marketing expenses for the quarter were $29,000, down from $297,000 in the same quarter of the previous year, primarily due to a reduction in professional services.
General and administrative expenses decreased to $367,000 from $431,000, mainly due to a reduction in non-cash expenses related to stock-based compensation and a decrease in payroll expenses.
The company reported a net loss of $598,000 for the quarter, compared to $1,179,000 in the previous year, with the decrease attributed to reduced operating expenses.
Cash used in operating activities was $1,125,000, while cash provided by financing activities was $750,000.
As of September 30, 2024, IR-Med had $392,000 in cash resources and $531,000 in liabilities, including $376,000 in current liabilities.
The company acknowledges the need for additional capital to continue its operations and to fund its development and commercialization efforts.
IR-Med's PressureSafe device received FDA listing certification on April 9, 2024, and the company plans to launch the device commercially in the first half of 2025.
The company is also developing a device for the early detection of diabetic foot ulcers, supported by a grant from the Israeli Innovation Authority.
IR-Med appointed Mr. Ran Ziskind as Chief Executive Officer effective September 1, 2024, and announced a usability study for the PressureSafe device at Methodist Healthcare in San Antonio, Texas.
The company terminated its Distribution and License Agreement with PI Prevention Care LLC due to a material breach by the distributor.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IR-Med Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.