In This Story
Protagenic 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 decrease in cash to $1,055,805 from $1,287,893 as of December 31, 2023. The decrease is attributed to ongoing operating expenses.
Research and development expenses for the quarter were $324,352, compared to $1,124,030 in the same quarter of the previous year. The decrease is due to reduced activity in research and development projects.
General and administrative expenses for the quarter were $287,882, slightly down from $307,682 in the same quarter of the previous year.
The company reported a net loss of $640,785 for the quarter, compared to $1,396,626 in the previous year, with the decline attributed to reduced research and development expenses.
Cash used in operating activities was $3,396,726 for the nine months ended September 30, 2024, compared to $2,559,342 in the same period of the previous year.
The company had a working capital of $633,389 as of September 30, 2024. The company acknowledges its dependence on future financing to meet obligations beyond the next twelve months.
The filing also details a deficiency notice from Nasdaq (NDAQ-1.24%) regarding non-compliance with the minimum bid price requirement, with a deadline to regain compliance by January 20, 2025.
Protagenic does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to insufficient segregation of duties and limited multiple reviews.
Protagenic continues to focus on the development of its lead compound, PT00114, for the treatment of neuropsychiatric disorders, with ongoing clinical trials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Protagenic Therapeutics Inc. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.