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Peak Bio, 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 revenue from government grants, compared to $278,831 in the same quarter the previous year.
Research and development expenses decreased to $112,212 from $552,988 in the same quarter the previous year, primarily due to a reduction in personnel costs and third-party project expenses.
General and administrative expenses decreased to $1,380,072 from $1,756,801, attributed to a reduction in personnel costs.
Peak Bio reported a net income of $1,713,936 for the quarter, compared to a net income of $410,587 in the previous year, primarily due to a gain on the termination of a lease.
Cash provided by financing activities was $4,092,167, driven by proceeds from convertible notes and related party loans.
Peak Bio had cash and restricted cash of $922,144 as of September 30, 2024.
The company continues to focus on developing its product candidates and is seeking additional financing to fund ongoing activities and a merger with Akari Therapeutics (AKTX+0.74%).
The filing also details the company's entry into a merger agreement with Akari Therapeutics, which is expected to be completed by December 2, 2024.
Peak Bio acknowledges uncertainties regarding its ability to continue as a going concern, citing the need for additional financing and successful completion of the merger.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Peak Bio Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.