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Sigyn Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports no revenue for the quarter, with operating expenses totaling $808,458, an increase from $642,814 in the same quarter the previous year. The increase is attributed to higher investor relations costs, compensation, and professional fees.
Other expenses for the quarter were $388,465, primarily due to interest expenses related to debt discount accretion and warrant modification.
The company reported a net loss of $1,196,923 for the quarter, compared to a loss of $905,726 in the previous year, with the increase due to higher operating and interest expenses.
Sigyn's balance sheet as of September 30, 2024, shows total assets of $427,438 and total liabilities of $4,350,024, resulting in a stockholders' deficit of $3,922,586.
The company continues to focus on developing its lead product, Sigyn TherapyTM, designed to treat infectious disease disorders not addressed by drugs, and plans to conduct first-in-human studies.
Sigyn TherapyTM has been validated in pre-clinical studies to extract viral pathogens and bacterial toxins, and the company aims to address unmet needs in global health, including antibiotic-resistant infections and sepsis.
The company is also developing devices to optimize cancer therapies, including ImmunePrepTM, ChemoPrepTM, and ChemoPureTM, which aim to enhance drug delivery and reduce toxicity.
Sigyn's management acknowledges substantial doubt about the company's ability to continue as a going concern, citing a working capital deficit and ongoing net losses.
The company plans to raise additional funds through private or public offerings to support its operations and business plan.
Sigyn's management has identified material weaknesses in internal controls over financial reporting and plans to address these through enhanced controls and additional personnel.
The filing also notes recent transactions, including the issuance of convertible notes and warrants, and the conversion of some notes into common stock and preferred stock.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sigyn Therapeutics Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.