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Raphael Pharmaceutical Inc (RAPH0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenues for the three months ended September 30, 2024, similar to the same period in the previous year.
Research and development expenses decreased to $162,000 from $510,000 in the same quarter the previous year, primarily due to reduced pre-clinical activities.
General and administrative expenses decreased to $157,000 from $219,000, largely due to a reduction in professional services expenses.
The company reported an operating loss of $319,000, down from $729,000 in the previous year, attributed to decreased operating expenses.
Net loss for the quarter was $326,000, compared to $725,000 in the previous year, primarily due to decreased operating expenses.
For the nine months ended September 30, 2024, research and development expenses were $565,000, down from $917,000, and general and administrative expenses were $550,000, up from $489,000.
The company reported a net loss of $1,124,000 for the nine months ended September 30, 2024, compared to $1,406,000 in the previous year.
Cash used in operating activities was $470,000 for the nine months ended September 30, 2024, compared to $1,115,000 in the previous year.
Cash provided by financing activities was $280,000, down from $1,126,000 in the previous year, due to decreased funds from issuance of shares and warrants.
Raphael Pharmaceutical continues to focus on developing cannabinoid-based drug therapies and has initiated a proof-of-concept clinical trial for rheumatoid arthritis in the United States.
The company acknowledges its need for additional financing to support ongoing operations and research activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Raphael Pharmaceutical Inc Com (New) quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.