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Nutriband Inc. (NTRB+0.95%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing revenue of $645,796, an increase from $427,841 in the same quarter the previous year. The revenue was derived from contract manufacturing services, with no revenue from contract research and development services.
The cost of revenue for the quarter was $454,767, up from $268,920 in the same quarter of the previous year.
Nutriband reported a net loss of $1,362,637 for the quarter, compared to a loss of $1,759,940 in the previous year. The loss per share was $0.12, down from $0.22 in the previous year.
The company recorded interest income of $68,235, an increase from $3,765 in the previous year, attributed to the investment of excess cash from equity financing.
Research and development expenses for the quarter were $880,768, primarily related to the development of the Aversa Fentanyl product.
Nutriband's cash and cash equivalents increased to $5,698,187 as of October 31, 2024, from $492,942 as of January 31, 2024, primarily due to proceeds from equity financing.
The company has a working capital of $4,934,816 as of October 31, 2024. Management believes that sufficient funds will be generated from operations to fund its activities for one year.
Nutriband continues to focus on the development of its abuse deterrent fentanyl transdermal system, requiring further FDA approval and substantial additional capital for research and development.
The filing also details various financial agreements, including a $5,000,000 credit line facility to support the company's research and development efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nutriband Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.