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ProtoKinetix, Inc. (PKTX-16.90%) 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 $261,676, compared to a net loss of $303,007 in the same period the previous year. The decrease in net loss is primarily due to a reduction in general and administrative expenses.
General and administrative expenses decreased to $43,589 from $85,018, mainly due to reduced spending on social media advertising and market services.
Professional fees decreased to $98,647 from $108,581, attributed to lower audit and legal fees.
Research and development costs increased slightly to $78,625 from $75,956, reflecting expenses related to molecule storage and study results.
Share-based compensation was recorded at $1,354 for the period, due to stock options granted to a consultant.
Cash used in operating activities decreased to $177,808 from $298,523, primarily due to a reduction in company activity.
Cash used in investing activities was $52,910, up from $34,631, due to expanded patent application costs.
Cash provided by financing activities decreased to $216,000 from $320,000, reflecting reduced private placement funding.
ProtoKinetix reported a cash balance of $5,690 as of September 30, 2024, with a negative working capital of $81,009, indicating a need for additional financing to meet future obligations.
The company continues to focus on developing its AAGP® molecule for commercial applications and is seeking financial partners for further research and development.
The filing notes substantial doubt about the company's ability to continue as a going concern, given its history of losses and limited cash resources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Protokinetix, Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.