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Onconetix Inc. (ONCO+0.47%) has submitted its Form 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $406,859, primarily from development services, with a cost of revenue at $301,445, resulting in a gross profit of $105,414.
Selling, general, and administrative expenses for the quarter were reported at $2,641,916, a decrease from the previous year, attributed to reduced commercialization activities.
Research and development expenses were $109,365, reflecting a decrease as the company halted its vaccine programs.
The company recorded an impairment of goodwill of $15,453,000 and an impairment of ENTADFI assets amounting to $3,530,716 for the nine months ended September 30, 2024.
Interest expenses for the quarter included $153,302 related to a related party and $231,656 in other interest expenses.
The company reported a net loss of $3,827,405 for the quarter, compared to a net loss of $5,346,908 in the previous year.
Cash used in operating activities for the nine months ended September 30, 2024, was $9,578,169, with cash provided by financing activities amounting to $5,440,310.
Onconetix had a working capital deficit of approximately $16.3 million as of September 30, 2024. The company highlights the need for significant additional capital to fund operations and satisfy existing liabilities.
The filing details the company's financial agreements, including a forbearance agreement with Veru, Inc., and a subscription agreement with Altos Ventures.
Onconetix continues to focus on the commercialization of Proclarix, while exploring strategic alternatives for its ENTADFI assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Onconetix Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.