Lightbridge(LTBR) - 2024 Q3 - Quarterly Report

Nuclear Fuel Development - Lightbridge Corporation is developing next-generation nuclear fuel, Lightbridge Fuel™, aimed at improving the economics and safety of nuclear power plants[73]. - The company has entered into agreements with Idaho National Laboratory to support the development of Lightbridge Fuel™, with an estimated total cost of $2.0 million for the work under the Strategic Partnership Project Agreement[84]. - A feasibility study for the use of Lightbridge Fuel™ in CANDU reactors is being conducted, with a total fee of approximately$0.2 million expected to be completed in 2024[89]. - Texas A&M University received 1 million from the DOE's Nuclear Energy University Program to study the performance of Lightbridge Fuel™[90]. - Lightbridge anticipates beginning demonstration of lead test rods in commercial reactors in the 2030s, with initial fuel reload batches expected 15-20 years from now[96]. - Lightbridge has built a significant portfolio of patents and is collaborating with the DOE's national laboratories for R&D activities[77]. - The company expects to generate irradiation performance data for its delta-phase uranium-zirconium alloy to support fuel performance modeling and regulatory licensing efforts[79]. - Lightbridge's metallic fuel is projected to provide significant economic and safety benefits over traditional nuclear fuel due to superior heat transfer properties[75]. Financial Performance - Operating expenses for the three months ended September 30, 2024, were 1.7 million, reflecting a 6% increase from $1.6 million in the same period of 2023[93]. - Total operating expenses for the three months ended September 30, 2024, were$3.0 million, up from $2.1 million in the same period of 2023, marking a 43$2.7 million, compared to a net loss of $1.8 million for the same period in 2023, reflecting a 50$0.6 million to $5.7 million for the nine months ended September 30, 2024, compared to$5.1 million for the same period in 2023, a 12% increase[107]. - Total R&D expenses for the nine months ended September 30, 2024, were $3.2 million, up from$1.3 million in the same period of 2023, indicating a 146% increase[109]. - The company projects to invest approximately 6.8 million in R&D for nuclear fuel over the next 12 to 15 months[110]. - Cash and cash equivalents decreased to 26.6 million as of September 30, 2024, from $28.6 million at December 31, 2023, a decrease of$2.0 million[113]. - The company raised net proceeds of $3.7 million from the sale of approximately 1.4 million shares of common stock during the nine months ended September 30, 2024[113]. - The company anticipates total expected expenditures of approximately$14.1 million for the next 12 months, with a projected negative cash flow from operations[114]. - The company has approximately $26.9 million of working capital as of the date of this filing[114]. - Net cash used in operating activities increased by$1.5 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increased spending on R&D and administrative expenses[121]. - Net cash provided by financing activities decreased by $0.8 million for the nine months ended September 30, 2024, compared to the same period in 2023, attributed to a decrease in net proceeds from the issuance of common stock under the ATM facility[127]. - Cash provided by the ATM facility was$3.7 million (approximately 1.4 million common shares) for the nine months ended September 30, 2024, compared to $4.5 million (approximately 0.9 million common shares) for the same period in 2023[128]. - The company has no debt or lines of credit and has financed operations through the sale of preferred and common stock[119]. - The company reported a net cash outflow of$2.0 million for the nine months ended September 30, 2024, compared to a net cash inflow of $0.3 million for the same period in 2023[123]. Strategic Initiatives - The company is exploring options for a Lightbridge Pilot Fuel Fabrication Facility after determining that the Piketon site may be better suited for an industrial-scale facility[88]. - The company aims to create strategic alliances to support remaining R&D activities for fuel products to reach commercial stage[120]. - The company is exploring equity or debt investment from third-party investors to support its operations[125]. - The company is seeking new financing to enhance its capital sources depending on market conditions[120]. Economic and Market Conditions - The company does not have any off-balance sheet arrangements that materially affect its financial condition[129]. - Inflation has not materially affected the company's business, revenues, or operating results[130].