Financial Performance - The company incurred a net loss of approximately 1.3 million for the same period in 2023[77] - Net loss for the six-month period ended June 30, 2024, was approximately 2.5 million for the same period in the prior year[90] - Net cash used in operating activities was approximately 2.3 million for the same period in 2023[90] - The company has incurred substantial accumulated losses and negative operating cash flow, with a significant accumulated deficit[94] Accumulated Deficit and Cash Position - The company has an accumulated deficit of approximately 159,000 as of June 30, 2024, which is insufficient to realize business plans for the next twelve months[78] - As of June 30, 2024, the company believes its cash on hand will not provide sufficient working capital for its current operations for the next twelve months[94] Research and Development - Research and development expenses increased to approximately 1.3 million in the prior-year period, reflecting ramped-up product development activities[86] - The company has initiated a regulatory submission for a first-in-human study of its Implantable Continuous Blood Glucose Monitor (CBGM), expected to start in Q3 2024[68] - The company has successfully demonstrated a three-year implant longevity for its sensor design, which is crucial for the success of the Implantable CBGM[68] Marketing and Business Development - Marketing expenses were approximately 0 for the prior-year period, indicating increased business development efforts[87] General and Administrative Expenses - General and administrative expenses were approximately 1.2 million for the prior-year period, due to accrued professional fees[88] Financing Activities - Financing income, net was approximately 1,000 for the prior-year period, reflecting increased interest income[89] - Net cash provided by financing activities was approximately 8.7 million for the same period in 2023[91] - The company expects to finance future cash needs through a combination of public or private equity offerings, debt financings, and other arrangements[94] Internal Control and Management Actions - Management has identified material weaknesses in internal control over financial reporting, including insufficient internal accounting personnel and lack of segregation of duties[95] - Management intends to implement corrective actions during fiscal year 2024 to address identified material weaknesses[96] Other Information - The company has withdrawn its CE Mark for Glucotrack and is no longer pursuing its commercialization, focusing instead on the development of the Implantable CBGM[67] - As of June 30, 2024, the company has no off-balance sheet arrangements[92] - Net cash used in investing activities was 0 for the same period in 2023[91]
GlucoTrack(GCTK) - 2024 Q2 - Quarterly Report