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Skinvisible, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $5,000, consistent with the same period in the previous year. The company reported a net loss of $286,604 for the three months ended September 30, 2024, compared to a net loss of $287,518 for the same period in 2023.
Operating expenses increased to $129,969 for the three months ended September 30, 2024, from $118,110 in the same period of the previous year. The increase is primarily attributed to selling, general, and administrative expenses.
The company recorded other expenses of $161,635 for the three months ended September 30, 2024, compared to $174,408 in the same period of the previous year. Interest expense and changes in derivative liabilities contributed to these expenses.
Skinvisible reported total current assets of $27,404 and total liabilities of $10,016,111 as of September 30, 2024. The company had a working capital deficit of $4,616,304.
The filing indicates that Skinvisible continues to face substantial doubt about its ability to continue as a going concern, citing cumulative net losses of $40,260,913 since inception.
The company plans to generate necessary funding through licensing its core products and seeking additional debt and equity funding.
Skinvisible's flagship product, Invisicare, is a patented polymer delivery system designed to enhance the delivery of active ingredients in topical products. The company is pursuing strategic partnerships to expand the application of its delivery platform.
The filing notes that Skinvisible entered into a License Agreement with Quoin Pharmaceuticals, Inc. (QNRX-2.30%) for the development of products using Invisicare. Quoin has made progress in clinical trials for Netherton Syndrome, which may lead to regulatory approval.
Skinvisible also has a License Agreement with Ovation Science Inc. for the manufacture and distribution of its hand sanitizer product, DermSafe.
The company filed provisional patent applications in 2024 for transdermal delivery technologies targeting obesity and glucose-controlling agents, aiming to enhance drug efficacy and reduce side effects.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Skinvisible Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.