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Kiromic BioPharma, Inc. 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 increased to $4,228,000 from $2,677,000 in the same quarter the previous year. The increase is attributed to higher employee-related costs and outsourced research and development expenses.
General and administrative expenses decreased to $2,375,000 from $2,875,000, primarily due to reduced professional fees.
Net loss for the quarter was $7,435,000, up from $4,194,000 in the previous year. The increase is largely due to higher research and development expenses.
Cash used in operating activities was $15,810,000 for the nine months ended September 30, 2024, compared to $15,816,000 in the previous year.
Cash provided by financing activities was $16,000,000, primarily from the issuance of senior secured convertible promissory notes.
As of September 30, 2024, cash and cash equivalents were $3,056,000, including $132,000 of restricted cash.
Kiromic BioPharma continues to face substantial doubt about its ability to continue as a going concern without additional financing.
The company is actively seeking short-term financing to fund operations beyond December 2024.
Kiromic BioPharma is developing its Deltacel, Isocel, and Procel product candidates, with Deltacel currently in a Phase 1 clinical trial.
The company received Fast-Track Designation from the FDA for Deltacel in August 2024, which may expedite the development and review process.
Kiromic BioPharma is considering further cost reduction actions to preserve cash, including delaying research and development expenditures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kiromic BioPharma Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.