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TFF Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reveals that the company plans to dissolve and liquidate following a strategic review, subject to stockholder approval. A special meeting will be called to seek this approval.
The company reported total revenues of $1,046,882 for the nine months ended September 30, 2024, an increase from $619,543 in the same period the previous year. This increase is primarily due to grant revenues.
Research and development expenses decreased to $7,838,797 from $9,087,264 in the previous year, reflecting reductions in manufacturing and related expenses.
General and administrative expenses also decreased to $6,543,573 from $8,058,235, attributed to reductions in payroll and insurance expenses.
The company reported a net loss of $13,759,298 for the nine months ended September 30, 2024, compared to $16,480,817 in the previous year.
TFF Pharmaceuticals announced a reduction in force of its employees and termination of its patent license agreement with The University of Texas at Austin, which was foundational to its business model.
The company does not anticipate any distributions to stockholders following the planned dissolution, as liabilities exceed current assets.
The filing includes details on recent offerings, including a March 2024 direct offering and a May 2024 public offering, which provided net proceeds of approximately $5.4 million.
The company has identified substantial doubt about its ability to continue as a going concern for the next 12 months, given its current financial position and planned dissolution.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TFF Pharmaceuticals Inc - Ordinary Shares quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.