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PharmaCyte Biotech Inc. has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing no revenue for the three and nine months ended January 31, 2025, and 2024. Operating expenses for the quarter were $960,252, a decrease from the previous year, primarily due to reductions in research and development costs, compensation expenses, director fees, and general administrative costs.
For the nine months ended January 31, 2025, operating expenses were $3,335,998, reflecting a decrease from the prior year. The decrease is attributed to reductions in research and development costs, compensation expenses, director fees, and general administrative costs.
The company reported other income (expenses), net, of $(2,085,076) for the three months ended January 31, 2025, compared to $1,249,409 for the same period in the previous year. For the nine months ended January 31, 2025, other income (expenses), net, was $22,242,466, compared to $4,340,854 for the previous year.
PharmaCyte had cash and cash equivalents of approximately $16.4 million as of January 31, 2025, down from $50.2 million at April 30, 2024. The decrease is attributed to the redemption of preferred stock, repurchase of common stock, investment activities, and operating expenses.
The company continues to address a clinical hold placed by the FDA on its Investigational New Drug Application for a planned clinical trial in locally advanced, inoperable pancreatic cancer. Efforts include additional studies and data submissions to the FDA.
PharmaCyte has engaged in several investment activities, including a Securities Purchase Agreement with TNF Pharmaceuticals, Inc., involving the purchase of Series G Convertible Preferred Stock and warrants.
The company maintains a share repurchase program, having repurchased 129,365 shares during the quarter ended January 31, 2025, under this program.
PharmaCyte's management has identified material weaknesses in internal controls, specifically related to segregation of duties and management review controls, and is working to address these issues.
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 March 17, 2025. To report an error, please email earnings@qz.com.