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Renovaro Inc. (RENB+6.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net loss to $44,212,036 from $9,175,028 in the same quarter the previous year. This increase is primarily due to a goodwill impairment of $47,614,729.
General and administrative expenses for the quarter were $5,301,251, down from $8,290,210 in the previous year, with the decrease attributed to reduced non-cash consulting fees.
Research and development expenses decreased to $390,189 from $566,644, due to a reduction in collaborating partner expenses related to discontinued product candidates.
The company recorded other income of $9,126,518 for the quarter, compared to an expense of $290,914 in the previous year. This change is mainly due to a $9,250,000 change in the fair value of contingent consideration.
Cash used in operating activities was $2,016,328, while cash provided by financing activities was $2,029,183.
Renovaro had a working capital deficit of $21,087,220 as of September 30, 2024. The company acknowledges its dependence on additional financing to fund operations.
The filing also details various legal proceedings, including securities class action litigation and derivative litigation.
Renovaro does not anticipate generating revenues until its therapies or products are approved for marketing and sale.
The company continues to focus on developing its AI-driven healthcare technology platform for early cancer detection and diagnosis.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Renovaro Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.