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Scorpius Holdings, Inc. 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 revenue to $922,365 from $723,126 in the same quarter the previous year. The increase is attributed to the completion of process development services over a larger number of customer contracts.
Cost of revenues for the quarter was $852,016, compared to $545,023 in the same quarter of the previous year. This increase is due to the expanded service offerings and completed milestone work on multiple CDMO contracts.
Research and development expenses decreased to $4,297,015 from $5,155,359, primarily due to the elimination of clinical trials for PTX-35 and other programs.
Selling, general, and administrative expenses decreased to $5,628,158 from $6,082,539, primarily due to decreases in consultant services, sales and marketing expenses, and stock-based compensation.
The company reported an operating loss of $9,664,824 for the quarter, compared to $11,059,795 in the previous year, with the decline attributed to decreased research and development expenses.
Net loss for the quarter was $10,545,752, down from $14,312,029 in the previous year. Net loss attributable to Scorpius Holdings, Inc. was $10,114,144, compared to $13,132,470 in the previous year.
Cash used in operating activities was $20,717,748, while cash provided by investing and financing activities was $2,826,154 and $22,270,739, respectively.
Scorpius had a working capital of $24,544,326 as of September 30, 2024. The company acknowledges its dependence on additional financing to meet future obligations.
The filing also details various financial agreements, including a Note Cancellation and Amendment to Asset and Equity Interests Purchase Agreement with Elusys Holdings Inc.
Scorpius 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, including ineffective information technology general controls and management review controls.
Scorpius continues to focus on expanding its customer base for its CDMO services and highlights its dependence on a limited number of customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Scorpius Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.