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Nexien BioPharma Inc (NXEN). has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing no revenue and a net loss of $39,472, compared to a net loss of $24,518 in the same quarter the previous year. The increase in net loss is primarily due to higher professional fees and interest expenses.
Professional fees increased to $16,020 from $5,625 in the previous year, attributed to legal fees for securities-related matters and auditor fees.
Interest expense for the quarter was $11,131, up from $7,521 in the previous year, including imputed interest for non-interest bearing advances from an officer.
The company reported total operating expenses of $24,027 for the quarter, compared to $13,436 in the previous year.
Nexien BioPharma continues to face financial challenges with a working capital deficit of $422,691 as of December 31, 2024, and cash reserves of $1,306.
The company has ceased research and development activities due to insufficient working capital and is exploring merger or restructuring opportunities.
Nexien BioPharma's management acknowledges the need for significant additional capital to continue operations and pursue drug development activities.
The filing also details the issuance of 300,000 shares of common stock to a lender as consideration for a convertible loan, valued at $6,600.
Nexien BioPharma's ability to continue as a going concern is uncertain, with the company requiring substantial additional funding to maintain operations and pursue 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 February 14, 2025. To report an error, please email earnings@qz.com.