BOSTON, Feb. 05, 2024 (GLOBE NEWSWIRE) -- CervoMed Inc. (NASDAQ:CRVO), a clinical stage company focused on developing treatments for degenerative diseases of the brain, today announced that Company's Management will provide a corporate update at the Emerging Growth Conference 67, to be held virtually from February 7-8, 2024. Presentation Details Format: Corporate presentation Date: Wednesday, February 7, 2024Time: 3:50 PM ETRegistration Link: click here A live webcast of the presentation, along with accompa ...

Financial Performance - Grant revenue for the three months ended September 30, 2023, was $1,526,482, compared to $0 for the same period in 2022[318]. - The net income for the three months ended September 30, 2023, was $2,150,362, compared to a net loss of $882,623 for the same period in 2022[318]. - The company reported a net income of $190,525 for the nine months ended September 30, 2023, compared to a net loss of $4,275,647 for the same period in 2022[364]. - The adjusted net income (loss) for the nine months ended September 30, 2023, was $(5,233,726), compared to $(4,275,647) for the same period in 2022[393]. - Net income per share of common stock (basic) for the three months ended September 30, 2023, was $0.65, compared to a loss of $1.70 for the same period in 2022[318]. Operating Expenses - Total operating expenses for the nine months ended September 30, 2023, were $9,986,739, a significant increase from $2,536,711 in the same period of 2022[318]. - Research and development expenses for the nine months ended September 30, 2023, totaled $5,583,149, up from $955,784 in the same period of 2022[318]. - General and administrative expenses for the three months ended September 30, 2023, were $2,410,124, compared to $573,511 for the same period in 2022[318]. - The loss from operations for the nine months ended September 30, 2023, was $(5,332,445), compared to a loss of $(2,536,711) in the same period of 2022[318]. Stock and Equity - The weighted average shares outstanding for basic net income per share was 3,308,302 for the three months ended September 30, 2023, compared to 518,140 for the same period in 2022[318]. - The company underwent a reverse stock split at a ratio of 1-for-1.5 on August 16, 2023, affecting the common stock structure[306]. - The total number of shares of the Company's common stock outstanding immediately after the Merger was approximately 5,674,277[444]. - The company issued 795,905 shares of common stock and 101,367 pre-funded warrants upon the settlement of Convertible Notes as part of the merger[458]. Grants and Funding - The company was awarded a $21.0 million grant from the NIA in January 2023 to support its ongoing Phase 2b study of neflamapimod, expected to be received over three years[366]. - Total revenue recognized from the National Institute of Aging (NIA) grant was $1.6 million and $4.7 million for the three and nine months ended September 30, 2023, respectively[425]. - As of September 30, 2023, total cash funding of $5.2 million has been received from the NIA grant, with approximately $15.8 million in funding remaining[425]. Clinical Development - The company is currently developing neflamapimod, an investigational drug for treating degenerative brain diseases, and is in a Phase 2b clinical trial for patients with DLB[341]. - The ongoing Phase 2b clinical trial for neflamapimod is expected to complete enrollment in the first half of 2024, with initial results anticipated in the second half of 2024[1]. - Neflamapimod has shown statistically significant improvement in dementia severity (p=0.023) and motor function (p=0.044) in a Phase 2a clinical trial[1]. - The success of the ongoing Phase 2b clinical trial is essential for the company's future revenue projections and market acceptance of its product candidates[328]. Financial Position - As of September 30, 2023, total stockholders' equity was reported at $9,574,200, a significant increase from a deficit of $33,285,059 at the end of 2022[333]. - The company reported an accumulated deficit of $52,078,391 as of September 30, 2023, a slight improvement from $52,268,916 at the end of 2022[333]. - The company has a total liability of $12,414,000 in convertible notes as of September 30, 2023, unchanged from the previous year[352]. - The company anticipates requiring additional financing to support clinical development and operations in the foreseeable future[343]. Cash Flow and Financing - As of September 30, 2023, the company has cash and cash equivalents totaling $10,424,675, an increase from $4,093,579 at the end of 2022[350][364]. - The company raised $810,000 from the sale of common stock during the nine months ended September 30, 2023[364]. - The company reported a significant increase in cash flow from financing activities, totaling $11,242,489 for the nine months ended September 30, 2023[364]. - The company plans to seek funds through equity offerings, debt financings, or other capital sources to support its business strategies[343]. Corporate Changes - On August 16, 2023, the merger between Diffusion Pharmaceuticals Inc. and EIP Pharmaceuticals, Inc. was completed, resulting in EIP becoming a wholly-owned subsidiary of the newly named CervoMed Inc.[324]. - The merger is treated as a reverse recapitalization under US GAAP, with EIP's historical results considered the Company's historical results prior to the merger[324]. - The company changed its corporate name from "Diffusion Pharmaceuticals Inc." to "CervoMed Inc." following the merger with EIP on August 16, 2023[365].

DIFFUSION PHARMACEUTICALS INC. The following table summarizes the activity related to all stock option grants for the six months ended June 30, 2023: There were no options granted during the six months ended June 30, 2023. The total fair value of options vested during the three months ended June 30, 2023 and 2022 was $0.1 million and $0.3 million, respectively. The total fair value of options vested during the six months ended June 30, 2023 and 2022 was $0.2 million and $0.5 million, respectively. No option ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________. Commission file number: 001-37942 DIFFUSION PHARMACEUTICALS INC. (Exact name of registrant as specified in its charter) Delaware 30-0 ...

FORM 10-K Commission file number: 000-24477 (Exact Name of Registrant as specified in its Charter) Securities registered pursuant to Section 12(b) of the Act: We may need to further increase the size and complexity of our organization in the future including, if any of our product candidates are approved for commercial sale, establishing sales and marketing capabilities. We may experience dif iculties in executing our growth strategy or managing any growth that we do experience if we are unable to recruit a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ______________. Commission file number: 000-24477 DIFFUSION PHARMACEUTICALS INC. (Exact name of registrant as specified in its charter) Delawa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ______________. Commission file number: 000-24477 DIFFUSION PHARMACEUTICALS INC. (Exact name of registrant as specified in its charter) Delaware 30 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ______________. Commission file number: 000-24477 DIFFUSION PHARMACEUTICALS INC. (Exact name of registrant as specified in its charter) Delaware 3 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark one) FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-24477 Diffusion Pharmaceuticals Inc. (Exact Name of Registrant as specified in its Charter) Delaware (State or Other Jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ______________. Commission file number: 000-24477 DIFFUSION PHARMACEUTICALS INC. (Exact name of registrant as specified in its charter) Delawa ...