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OS Therapies Incorporated (OSTX-2.88%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating a net loss of $2,875,232 compared to $1,974,990 in the same quarter the previous year. The loss is attributed to increased research and development expenses and general administrative costs.
Research and development expenses for the quarter were $1,210,216, primarily due to clinical trial activities for the OST-HER2 product candidate, compared to $454,505 in the same quarter of the previous year.
General and administrative expenses increased to $1,227,177 from $167,703, primarily due to marketing costs and accounting fees.
Interest expense for the quarter was $437,839, down from $1,352,783 in the previous year, due to the conversion of convertible notes into common stock during the company's initial public offering.
Cash used in operating activities was $4,907,718 for the nine months ended September 30, 2024, compared to $2,135,807 in the same period the previous year.
Cash provided by financing activities was $6,726,840, primarily from the initial public offering and the conversion of convertible notes.
OS Therapies had cash of $1,858,104 as of September 30, 2024, up from $38,982 at the beginning of the year.
The filing also details various financial agreements, including convertible debt transactions and a licensing agreement with Advaxis, Inc. (ADXS0.00%) for the development of OST-HER2.
OS Therapies continues to focus on the development and commercialization of treatments for Osteosarcoma and other related diseases, with OST-HER2 being the lead product candidate in clinical trials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OS Therapies Incorporated quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.