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Jupiter Neurosciences Inc. (JUNS-21.30%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial results, indicating no revenue from product sales for the quarter. The company reported a net loss of $591,021 for the three months ended September 30, 2024, compared to a net loss of $1,774,189 for the same period in 2023.
Research and development expenses were $91,911 for the three months ended September 30, 2024, down from $239,458 for the same period in 2023, attributed to a reduction in employee salaries.
General and administrative expenses decreased to $401,636 for the three months ended September 30, 2024, from $1,202,669 for the same period in 2023, also due to reduced employee salaries.
Interest expense increased to $107,382 for the three months ended September 30, 2024, from $80,610 in the same period of 2023, primarily due to an increase in interest rates on notes.
The company reported a gain of $9,885 from the change in fair value of derivative liabilities for the three months ended September 30, 2024, compared to a loss of $34,086 in the same period of 2023.
For the nine months ended September 30, 2024, Jupiter Neurosciences reported a net loss of $911,998, down from $4,354,044 for the same period in 2023.
Research and development expenses for the nine months ended September 30, 2024, were $291,655, compared to $710,063 for the same period in 2023.
General and administrative expenses for the nine months ended September 30, 2024, were $1,341,271, compared to $2,625,066 for the same period in 2023.
The company had cash and cash equivalents of $253 as of September 30, 2024, and an accumulated deficit of $24,494,502.
Jupiter Neurosciences continues to focus on developing its product candidate JOTROL for various indications, including Parkinson's Disease and Mild Cognitive Impairment/early Alzheimer's disease.
The company plans to apply for additional federal grants to fund its research and development activities, acknowledging the uncertainty of obtaining such funding.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jupiter Neurosciences Inc. quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.