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ZyVersa Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2,401,256 compared to $2,902,403 in the same quarter the previous year. The decrease in net loss is attributed to reduced research and development expenses and general and administrative expenses.
Research and development expenses for the quarter were $436,043, down from $673,943 in the previous year, primarily due to decreased costs in manufacturing and pre-clinical activities.
General and administrative expenses decreased to $1,833,578 from $2,228,735, due to lower professional fees, director and officer insurance, and stock-based compensation.
Net cash used in operating activities was $6,335,089 for the nine months ended September 30, 2024, compared to $5,933,467 in the previous year. This increase is primarily due to changes in operating assets and liabilities.
Net cash provided by financing activities was $3,320,336, primarily from the exercise of warrants, compared to $1,609,989 in the previous year.
ZyVersa reported a working capital deficiency of $11,152,003 as of September 30, 2024, with cash and cash equivalents totaling $122,921.
The company acknowledges the need for additional financing to support ongoing operations and development of its product candidates, VAR 200 and IC 100.
The filing also details a material weakness in internal controls over financial reporting due to insufficient segregation of duties.
ZyVersa continues to explore financing opportunities and strategic transactions to support its business strategy and address liquidity needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ZyVersa Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.