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PharmaCyte Biotech Inc. has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three and six months ended October 31, 2024, consistent with the same periods in 2023.
Operating expenses for the three months ended October 31, 2024, were $1,106,060, a decrease from $1,409,520 in the same period in 2023. The decrease was attributed to reductions in director fees, legal and professional fees, and general and administrative costs.
For the six months ended October 31, 2024, operating expenses were $2,374,947, down from $3,484,846 in the same period in 2023. This decrease was primarily due to reduced director fees and general and administrative costs.
The company reported a net loss of $1,469,560 for the three months ended October 31, 2024, compared to a net income of $2,789,896 in the same period in 2023. The loss was due to changes in the fair value of warrant liabilities and derivative liabilities.
PharmaCyte's cash and cash equivalents decreased to approximately $20.8 million as of October 31, 2024, from $50.2 million on April 30, 2024. The decrease was primarily due to redemption of preferred stock, repurchase of common stock, and investment activities.
The company continues to address a clinical hold imposed by the FDA on its Investigational New Drug Application for a planned clinical trial in locally advanced pancreatic cancer. Efforts include completing additional studies and providing further data as requested by the FDA.
PharmaCyte is evaluating its relationship with SG Austria, which holds the know-how for the Cell-in-a-Box® technology, as part of a strategic review by its Board.
The company has entered into several service agreements to address the clinical hold, with estimated costs of $212,000, of which $157,000 is related to services from SG Austria and its subsidiaries.
PharmaCyte's management identified material weaknesses in internal controls over financial reporting, specifically related to segregation of duties and management review controls.
The filing also details the company's investment activities, including a $7 million purchase of TNF Pharmaceuticals, Inc. preferred stock and warrants, and the ongoing legal proceedings with H.C. Wainwright & Co., LLC regarding a breach of contract claim.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PharmaCyte Biotech Inc. quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.