Nutriband (NTRB) - 2025 Q2 - Quarterly Report

Financial Performance - Total revenue for the three months ended July 31, 2024, was $442,830, a decrease of 32.5$655,928 for the same period in 2023[5]. - Net loss for the six months ended July 31, 2024, was $3,603,542, 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 $851,362 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 $3,603,542 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, indicating a continued trend of losses[8]. Assets and Liabilities - Total assets as of July 31, 2024, were$13,633,709, an increase from $7,517,154 as of January 31, 2024[4]. - Total current liabilities increased to$1,103,590 as of July 31, 2024, compared to $999,093 as of January 31, 2024, reflecting a rise of 10.5$12,460,986, with an accumulated deficit of $(31,583,561)[8]. - The total assets of the company as of July 31, 2024, were$13,633,709, an increase from $9,793,599 as of January 31, 2023, representing a growth of approximately 39$6,759,967, compared to $492,942 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 $2,334,553 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]. Research and Development - Research and development expenses for the three months ended July 31, 2024, were$773,975, an increase of 73.8% from $445,122 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 $845,552 in the prior year, marking an increase of about 106$1,080,329 related to the commercial development and clinical manufacturing agreement with Kindeva Drug Delivery, with an estimated total cost of $8.1 million[86]. Stock and Equity - Total stockholders' equity as of July 31, 2024, was$12,460,986, up from $6,438,235 as of January 31, 2024, showing a growth of 93.5$8,400,000 during the six months ended July 31, 2024[6]. - The Company completed an $8,400,000 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 $321,068 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 $13,637 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, compared to$93,936 for the same period in 2023[52]. Legal and Compliance - The company is currently involved in a lawsuit seeking over $500,000 in damages, while also pursuing counterclaims for$1,000,000 against the plaintiffs[89][90]. - The company recorded a reserve for bad debts of $118,675 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].