In This Story
RetinalGenix Technologies Inc (RTGN0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that the company has not generated any revenue for the quarter. Operating expenses totaled $643,331, with general and administrative expenses accounting for $244,098 and research and development costs amounting to $102,977.
Stock-based compensation for the quarter was reported at $296,256, a decrease from $428,683 in the same quarter of the previous year.
The company recorded a net loss of $644,291 for the quarter, compared to a net loss of $686,467 in the previous year.
As of September 30, 2024, RetinalGenix had cash of $79,089 and total liabilities of $1,943,168. The company acknowledges its dependence on related parties for financing and is seeking additional capital.
The report highlights ongoing development efforts for two medical devices: the RetinalCamTM and the Retinal Imaging Screening Device. The company is also engaged in research for treatments related to dry AMD and Alzheimer's syndrome dementia.
RetinalGenix has identified a material weakness in its internal controls over financial reporting due to a lack of segregation of duties. The company is considering remediation measures to address this issue.
The company continues to rely on Sanovas for shared services and infrastructure, with $509,309 owed to Sanovas as of the end of the quarter.
RetinalGenix plans to raise additional funds through equity offerings and strategic partnerships to support its operations and product development.
The filing notes that the company has minimal resources to fund operations beyond December 2024 and may face challenges in raising necessary capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RetinalGenix Technologies Inc Com quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.