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LadRx Corp (LADX0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $824,540 for the three-month period and $1,920,793 for the nine-month period ended September 30, 2024.
The company reported no licensing revenue for the nine-month periods ended September 30, 2024, and 2023. However, it recognized $1 million as other income in the nine-month period ended September 30, 2024, related to milestone payments.
General and administrative expenses were $823,250 for the three-month period and $2,325,636 for the nine-month period ended September 30, 2024, compared to $825,688 and $2,926,892 for the same periods in 2023.
Research and development expenses for the nine-month period ended September 30, 2024, were $628,543, compared to $14,625 for the same period in 2023.
The company has a stockholders' deficit of $1,754,464 as of September 30, 2024, and cash and cash equivalents of $57,256.
LadRx expects to receive a $1 million milestone payment upon the first commercial sale of arimoclomol in the fourth quarter of 2024.
The company continues to face substantial doubt about its ability to continue as a going concern and is dependent on obtaining necessary financing.
LadRx's LADR™ technology platform focuses on developing novel anti-cancer drug candidates, with ongoing efforts to advance its LADR-7 candidate.
The company entered into a Royalty Purchase Agreement with XOMA (XOMA+0.82%) in June 2023, which includes potential post-closing payments based on regulatory and commercial milestones.
LadRx has no committed source of financing and may not be able to raise funds as needed, which could impact its ability to continue operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LadRx Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.