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Silexion Therapeutics Corp (SLXN-4.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the financial statements for the quarter, showing an increase in net loss to $14.8 million from $3.4 million in the same period of the previous year. This increase is primarily attributed to higher research and development expenses and general and administrative expenses.
Research and development expenses rose to $4.9 million from $2.5 million, driven by increased share-based compensation and payroll expenses.
General and administrative expenses increased to $5.7 million from $0.5 million, largely due to higher share-based compensation and professional service costs related to becoming a public company.
Financial expenses increased to $4.1 million from $0.4 million, mainly due to one-time losses related to the Business Combination transactions.
Cash and cash equivalents as of September 30, 2024, were $2.0 million, down from $4.6 million at the beginning of the period.
The company raised $2.9 million through financing activities during the quarter, including proceeds from the ELOC and Business Combination transactions.
Silexion anticipates continued operating losses and negative cash flows, with plans to finance future operations through additional capital raising activities.
The filing outlines the company's dependence on securing additional funding to continue its research and development activities and to support ongoing operations.
Silexion's management has expressed substantial doubt about the company's ability to continue as a going concern without additional financing.
The filing also discusses the impact of recent geopolitical events in Israel, where the company is headquartered, noting no material impact on operations to date.
Silexion's ordinary shares and warrants are listed on the Nasdaq Global Market under the symbols 'SLXN' and 'SLXNW', respectively.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Silexion Therapeutics Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.