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Oncotelic Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no service revenue compared to $70,000 in the same quarter the previous year. Operating expenses totaled $3,280,757, with a significant goodwill impairment of $3,200,000.
Research and development expenses were $480, a decrease from $21,221 in the same quarter of the previous year, reflecting a shift of costs to the joint venture with Dragon Overseas Capital Limited and GMP Biotechnology Limited.
General and administrative expenses increased to $80,277 from $34,301, primarily due to higher legal and professional expenses.
The company reported a net loss of $3,371,651 for the quarter, compared to a net income of $41,061 in the previous year. The loss is attributed to the goodwill impairment and increased operating expenses.
Interest expense for the quarter was $205,616, slightly higher than $185,424 in the previous year, related to convertible notes and financing activities.
Oncotelic's cash and restricted cash at the end of the period was $169,018, with a negative working capital of $16,118,000.
The company continues to face substantial doubt about its ability to continue as a going concern, given its history of net losses and limited capital resources.
Oncotelic is developing OT-101 through a joint venture for various cancers and COVID-19, and is also exploring the development of AI technologies and other product candidates.
The filing details several financing activities, including convertible notes and private placements, as well as ongoing legal proceedings and potential liabilities.
Management has identified material weaknesses in internal controls over financial reporting and is implementing measures to address these deficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oncotelic Therapeutics Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.