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ZyVersa Therapeutics(ZVSA) - 2024 Q3 - Quarterly Report
ZVSAZyVersa Therapeutics(ZVSA)2024-11-14 13:00

Financial Performance - For the nine months ended September 30, 2024, the net loss was approximately 7.99million,adecreaseof90.67.99 million, a decrease of 90.6% compared to a net loss of 84.96 million for the same period in 2023[82]. - Net loss for the nine months ended September 30, 2024 was approximately 8.0million,asignificantdecreasefromanetlossof8.0 million, a significant decrease from a net loss of 85.0 million for the same period in 2023[92]. - The accumulated deficit was 111.2millionasofSeptember30,2024,indicatingongoingfinancialchallenges[92].Expenses−ResearchanddevelopmentexpensesfortheninemonthsendedSeptember30,2024,wereapproximately111.2 million as of September 30, 2024, indicating ongoing financial challenges[92]. Expenses - Research and development expenses for the nine months ended September 30, 2024, were approximately 1.66 million, a decrease of 43.8% from 2.95millionforthesameperiodin2023[84].−GeneralandadministrativeexpensesfortheninemonthsendedSeptember30,2024,wereapproximately2.95 million for the same period in 2023[84]. - General and administrative expenses for the nine months ended September 30, 2024, were approximately 6.19 million, a decrease of 36.1% from 9.69millionforthesameperiodin2023[85].−TotaloperatingexpensesfortheninemonthsendedSeptember30,2024,wereapproximately9.69 million for the same period in 2023[85]. - Total operating expenses for the nine months ended September 30, 2024, were approximately 7.85 million, a decrease of 91.6% from 93.82millionforthesameperiodin2023[82].−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,wereapproximately93.82 million for the same period in 2023[82]. - Research and development expenses for the three months ended September 30, 2024, were approximately 0.44 million, a decrease of 35.3% from 0.67millionforthesameperiodin2023[78].−GeneralandadministrativeexpensesforthethreemonthsendedSeptember30,2024,wereapproximately0.67 million for the same period in 2023[78]. - General and administrative expenses for the three months ended September 30, 2024, were approximately 1.83 million, a decrease of 17.7% from 2.23millionforthesameperiodin2023[79].CashFlowandFinancing−Netcashusedinoperatingactivitieswasapproximately2.23 million for the same period in 2023[79]. Cash Flow and Financing - Net cash used in operating activities was approximately 6.3 million for the nine months ended September 30, 2024, compared to 5.9millionforthesameperiodin2023[89].−Netcashprovidedbyfinancingactivitieswas5.9 million for the same period in 2023[89]. - Net cash provided by financing activities was 3.3 million for the nine months ended September 30, 2024, up from 1.6millioninthesameperiodin2023[90].−Thecompanyraisedanaggregateof1.6 million in the same period in 2023[90]. - The company raised an aggregate of 3.1 million from stock warrant exercises and its "at-the-market" facility subsequent to September 30, 2024[93]. - The company anticipates needing additional financing to support ongoing operations and development activities[67]. - The company plans to raise additional capital to fund continued development of product candidates VAR200 and IC100[95]. Market and Operations - The company has not generated any revenue to date and does not expect to do so in the near future[70]. - The total accessible market for the company's therapeutic areas is over 100billion[65].−AsofSeptember30,2024,theaccumulateddeficitwasapproximately100 billion[65]. - As of September 30, 2024, the accumulated deficit was approximately 111.2 million, with cash reserves of 0.1million[66].AssetsandLiabilities−CurrentassetsasofSeptember30,2024were0.1 million[66]. Assets and Liabilities - Current assets as of September 30, 2024 were 390,000, a decrease from 3.35millionasofDecember31,2023[91].−Currentliabilitiesincreasedto3.35 million as of December 31, 2023[91]. - Current liabilities increased to 11.54 million as of September 30, 2024, compared to 10.20millionasofDecember31,2023[91].−Workingcapitaldeficiencywas10.20 million as of December 31, 2023[91]. - Working capital deficiency was 11.15 million as of September 30, 2024, compared to 6.84millionasofDecember31,2023[91].Impairment−Impairmentofin−processresearchanddevelopmentwas6.84 million as of December 31, 2023[91]. Impairment - Impairment of in-process research and development was 69.3 million and impairment of goodwill was $11.9 million for the nine months ended September 30, 2023[86].