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Nexien 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 total assets of $4,953 and total liabilities of $396,704, resulting in a stockholders' deficit of $391,751.
The company reported no revenue for the quarter. Operating expenses totaled $15,710, with professional fees accounting for $12,680 and general and administrative expenses at $3,030.
Nexien incurred a net loss of $32,004 for the quarter, compared to a net loss of $74,918 in the same quarter of the previous year. Interest expense for the quarter was $10,250, including imputed interest on non-interest bearing advances from an officer.
The company had cash and cash equivalents of $4,953 as of September 30, 2024, compared to $4,183 as of June 30, 2024. Cash used in operating activities was $9,230, while cash provided by financing activities was $10,000.
Nexien's working capital deficit was $391,751 as of September 30, 2024. The company acknowledges its need for additional capital to fund its operations and continue as a going concern.
The filing details various financial arrangements, including convertible notes payable to Quick Capital and related parties, and highlights the company's dependence on additional financing to sustain operations.
Nexien has ceased research and development activities due to limited financial resources and is exploring merger or other business combination opportunities.
The company does not anticipate generating revenues from its drug development activities in the near future, given the long-term nature of pharmaceutical development and regulatory approval processes.
Nexien's management continues to seek additional capital and strategic opportunities to address its financial challenges and support its business plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nexien BioPharma Inc quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.