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Trevena Inc. (TRVN+1.64%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing negative product revenue of $21,000 due to a returns reserve adjustment. Total revenue for the quarter was $283,000, compared to $180,000 in the same quarter the previous year.
Operating expenses for the quarter were $5.86 million, down from $9.01 million in the same quarter of the previous year. This decrease was primarily due to reduced research and development expenses and selling, general, and administrative expenses.
The company reported a net loss of $4.94 million for the quarter, compared to $7.93 million in the previous year. The decrease in net loss is attributed to lower operating expenses and changes in fair value of warrant liability.
Trevena's cash and cash equivalents as of September 30, 2024, were $13.5 million, with an accumulated deficit of $605.6 million. The company expects its existing cash balance is not sufficient to fund operations for one year after the date of this filing.
The filing details the company's strategic review process, including potential transactions such as sale, merger, or wind down of the company, and highlights the ongoing exploration of strategic alternatives.
Trevena continues to explore opportunities for its product OLINVYK and other product candidates, including TRV045 and TRV734, while seeking additional capital through equity or debt financings.
The company announced a reverse stock split effective August 13, 2024, and its delisting from Nasdaq (NDAQ+0.51%) effective October 8, 2024, with common stock now trading on the OTC Pink Open Market.
Recent developments include the termination of key executives as part of cost-cutting measures and the resignation of several board members, with the board size reduced to three members.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trevena Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.