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Panbela 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 a net loss of $7.2 million, compared to $7.8 million in the same quarter the previous year. The decrease in loss is attributed to reduced general and administrative expenses.
Research and development expenses for the quarter were $6.1 million, down from $6.7 million in the previous year, primarily due to decreased activity by the ASPIRE CRO and reduced preclinical research.
General and administrative expenses remained relatively flat at $1.1 million compared to the same period last year.
Other income for the quarter was $0.8 million, primarily from the gain on sale of intellectual property.
The company reported a working capital deficit of $15.0 million as of September 30, 2024, compared to $9.3 million at the end of 2023.
Cash used in operating activities was $12.5 million for the nine months ended September 30, 2024, compared to $22.2 million in the same period the previous year.
Net cash provided by financing activities was $9.3 million for the nine months ended September 30, 2024, primarily from the sale of common stock and warrants.
Panbela entered into a Note Purchase Agreement with Nant Capital, LLC on October 22, 2024, issuing a Senior Convertible Promissory Tranche A Note for $2.85 million, with plans to issue a Tranche B Note for $9.15 million.
The company continues to face significant liquidity challenges and is seeking additional financing to support its operations and development plans.
Panbela's common stock was delisted from Nasdaq in March 2024 and is now quoted on the OTCQB market. The company is seeking to relist on Nasdaq.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Panbela Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.