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Nutriband (NTRB) - 2025 Q2 - Quarterly Report
NTRBNutriband (NTRB)2024-09-03 21:12

Financial Performance - Total revenue for the three months ended July 31, 2024, was 442,830,adecreaseof32.5442,830, a decrease of 32.5% compared to 655,928 for the same period in 2023[5]. - Net loss for the six months ended July 31, 2024, was 3,603,542,comparedtoanetlossof3,603,542, compared to a net loss of 1,844,402 for the same period in 2023, representing an increase in loss of 95.2%[5]. - The company generated total revenue of 851,362forthesixmonthsendedJuly31,2024,comparedto851,362 for the six months ended July 31, 2024, compared to 1,132,860 for the same period in 2023, representing a decrease of approximately 25%[31]. - For the six months ended July 31, 2024, the company incurred a net loss from operations of 3,603,542andusedcashflowfromoperationsof3,603,542 and used cash flow from operations of 2,377,673[19]. - For the three months ended July 31, 2024, the net loss was 1,705,465,indicatingacontinuedtrendoflosses[8].AssetsandLiabilitiesTotalassetsasofJuly31,2024,were1,705,465, indicating a continued trend of losses[8]. Assets and Liabilities - Total assets as of July 31, 2024, were 13,633,709, an increase from 7,517,154asofJanuary31,2024[4].Totalcurrentliabilitiesincreasedto7,517,154 as of January 31, 2024[4]. - Total current liabilities increased to 1,103,590 as of July 31, 2024, compared to 999,093asofJanuary31,2024,reflectingariseof10.5999,093 as of January 31, 2024, reflecting a rise of 10.5%[4]. - As of July 31, 2024, total assets increased to 12,460,986, with an accumulated deficit of (31,583,561)[8].ThetotalassetsofthecompanyasofJuly31,2024,were(31,583,561)[8]. - The total assets of the company as of July 31, 2024, were 13,633,709, an increase from 9,793,599asofJanuary31,2023,representingagrowthofapproximately399,793,599 as of January 31, 2023, representing a growth of approximately 39%[82]. Cash and Cash Equivalents - Cash and cash equivalents as of July 31, 2024, were 6,759,967, compared to 492,942asofJanuary31,2024,indicatingasignificantincrease[4].Thecompanyreportedacashandcashequivalentsbalanceof492,942 as of January 31, 2024, indicating a significant increase[4]. - The company reported a cash and cash equivalents balance of 6,759,967 as of the end of the period, up from 2,334,553inthepreviousyear[10].AsofJuly31,2024,theCompanyhadcashandcashequivalentsof2,334,553 in the previous year[10]. - As of July 31, 2024, the Company had cash and cash equivalents of 6,759,967 and working capital of 6,144,483[19].ResearchandDevelopmentResearchanddevelopmentexpensesforthethreemonthsendedJuly31,2024,were6,144,483[19]. Research and Development - Research and development expenses for the three months ended July 31, 2024, were 773,975, an increase of 73.8% from 445,122inthesameperiodof2023[5].Researchanddevelopmentexpensesfor4PTherapeuticsrosesignificantlyto445,122 in the same period of 2023[5]. - Research and development expenses for 4P Therapeutics rose significantly to 1,748,510 for the six months ended July 31, 2024, compared to 845,552intheprioryear,markinganincreaseofabout106845,552 in the prior year, marking an increase of about 106%[81]. - The company has incurred expenses of 1,080,329 related to the commercial development and clinical manufacturing agreement with Kindeva Drug Delivery, with an estimated total cost of 8.1million[86].StockandEquityTotalstockholdersequityasofJuly31,2024,was8.1 million[86]. Stock and Equity - Total stockholders' equity as of July 31, 2024, was 12,460,986, up from 6,438,235asofJanuary31,2024,showingagrowthof93.56,438,235 as of January 31, 2024, showing a growth of 93.5%[6]. - The company issued 2,100,000 shares of common stock for proceeds of 8,400,000 during the six months ended July 31, 2024[6]. - The Company completed an 8,400,000equityfinancingwithEuropeaninvestors,whichincludedtworelatedpartiesinvestingatotalof8,400,000 equity financing with European investors, which included two related parties investing a total of 6,420,000[61]. Expenses - Operating expenses for Pocono Pharmaceuticals increased to 321,068forthesixmonthsendedJuly31,2024,comparedto321,068 for the six months ended July 31, 2024, compared to 272,283 in the same period in 2023, reflecting an increase of approximately 18%[81]. - The Company recorded interest expenses of 13,637duringthesixmonthsendedJuly31,2024,comparedto13,637 during the six months ended July 31, 2024, compared to 12,401 for the same period in 2023[56]. - Depreciation expenses for the six months ended July 31, 2024, were 82,475,comparedto82,475, compared to 93,936 for the same period in 2023[52]. Legal and Compliance - The company is currently involved in a lawsuit seeking over 500,000indamages,whilealsopursuingcounterclaimsfor500,000 in damages, while also pursuing counterclaims for 1,000,000 against the plaintiffs[89][90]. - The company recorded a reserve for bad debts of 118,675relatedtothebankruptcyproceedingsfromSorrentoTherapeuticsInc.[88].FutureOutlookThecompanybelievesitwillgeneratesufficientfundsfromoperationstocontinueasagoingconcernforatleastoneyearfromthedateofthefinancialstatements[20].TheestimatedcosttocompletethecommercialdevelopmentandclinicalmanufacturingagreementwithKindevaisapproximately118,675 related to the bankruptcy proceedings from Sorrento Therapeutics Inc.[88]. Future Outlook - The company believes it will generate sufficient funds from operations to continue as a going concern for at least one year from the date of the financial statements[20]. - The estimated cost to complete the commercial development and clinical manufacturing agreement with Kindeva is approximately 8.1 million, with an expected FDA submission in twelve to eighteen months[86].