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Palisade Bio Inc (PALI-3.50%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $2,137,000, which remained relatively flat compared to $2,104,000 in the same quarter the previous year.
General and administrative expenses decreased to $1,456,000 from $1,674,000, attributed to lower professional fees and insurance costs.
The company reported a net loss of $3,487,000 for the quarter, compared to $3,596,000 in the previous year, with the slight improvement due to reduced operating expenses.
Cash used in operating activities was $9,812,000 for the nine months ended September 30, 2024, reflecting a net loss adjusted for changes in operating assets and liabilities.
Palisade Bio had cash and cash equivalents of $8,040,000 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern for a period of one year following the date of the filing.
The filing details the company's research collaboration and license agreement with Giiant Pharma Inc., focusing on the development of PALI-2108, a treatment for inflammatory bowel disease.
Palisade Bio has commenced a Phase 1 clinical trial of PALI-2108 in Canada, following a No Objection Letter from Health Canada on October 9, 2024.
The company completed a private placement in May 2024, raising net cash proceeds of approximately $3.5 million to fund operations and the development of PALI-2108.
Palisade Bio plans to file an Investigational New Drug Application with the FDA in 2025 to commence clinical trials of PALI-2108 in the United States.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Palisade Bio Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.