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Moleculin Biotech, Inc. 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 $10,592,000 compared to $5,609,000 in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $4,932,000 from $3,280,000, mainly due to costs associated with clinical trials and sponsored research.
General and administrative expenses decreased to $2,172,000 from $2,635,000, primarily due to a reduction in regulatory and legal fees.
The company reported a change in fair value of warrant liability, resulting in a loss of $1,728,000, compared to a gain of $1,000 in the previous year.
Cash used in operating activities was $18,779,000 for the nine months ended September 30, 2024, compared to $18,694,000 in the previous year.
Cash and cash equivalents were $9,405,000 as of September 30, 2024, with a net decrease of $14,145,000 from the beginning of the period.
Moleculin does not anticipate sufficient cash to fund operations into the first quarter of 2025 and will require additional funding.
The filing outlines ongoing clinical developments, including the Phase 3 MIRACLE trial for Annamycin, targeting acute myeloid leukemia.
The company received gross proceeds of $5.5 million from a public offering in August 2024, with potential additional proceeds from warrant exercises.
Moleculin continues to focus on advancing its drug candidates through clinical development, while seeking strategic partnerships for commercialization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Moleculin Biotech Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.