In This Story
Lipella Pharmaceuticals Inc (LIPO+1.12%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing grant revenues of $80,380, compared to $104,051 for the same quarter the previous year. The decrease is attributed to lower subcontractor costs on grant work.
Research and development expenses increased to $1,046,693 from $833,260 in the same quarter of the previous year, primarily due to increased clinical study trial costs.
General and administrative expenses decreased to $493,102 from $627,518, mainly due to reduced board compensation and legal fees.
The company reported a net loss of $1,444,637 for the quarter, compared to $1,323,570 in the previous year, with the increase attributed to higher research and development expenses.
Cash used in operating activities was $2,960,334 for the nine months ended September 30, 2024, while cash provided by financing activities was $1,020,332, primarily from the issuance of common stock.
Lipella had cash and cash equivalents of $1,353,734 as of September 30, 2024. The company anticipates operating losses to continue due to ongoing research and development activities.
The filing also details the company's efforts to regain compliance with Nasdaq listing requirements after receiving notifications of non-compliance with minimum bid price and stockholders' equity requirements.
Lipella executed a 1-for-8 reverse stock split on November 7, 2024, to address the Nasdaq minimum bid price requirement.
The company continues to focus on developing new drugs by reformulating existing generic drugs, with ongoing clinical trials for LP-10 and LP-310.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lipella Pharmaceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.