ZyVersa Therapeutics(ZVSA) - 2024 Q3 - Quarterly Results

Clinical Trials and Research - Phase 2a clinical trial for Cholesterol Efflux Mediator VAR 200 in diabetic kidney disease is expected to begin in Q1-2025[1] - Two obesity proof-of-concept studies with IC 100 in diet-induced obesity mouse models are planned, with at least one study targeted to begin in Q4-2024[2] - IC 100 IND submission is planned for Q2-2025, followed by a Phase 1 clinical trial in healthy overweight subjects[6] - The newly formed Obesity, Metabolic & Inflammatory Disease Scientific Advisory Board is supporting the development of IC 100[1] Financial Performance - Net losses for Q3-2024 were approximately $2.4 million, an improvement of approximately$ 0.5 million or 17.3% compared to a net loss of approximately $2.9 million for Q3-2023[8] - Total operating expenses for September 2024 were$ 2,269,621, a decrease of 21.8% compared to $2,902,678 in September 2023[16] - The pre-tax net loss for September 2024 was$ 2,401,256, compared to a loss of $2,902,888 in September 2023, indicating a 17.3% improvement[16] - Net loss attributable to common stockholders for September 2024 was$ 2,401,256, compared to $2,934,776 in September 2023, reflecting a decrease of 18.2%[16] - The total net loss for September 2024 was$ 2,401,256, compared to $7,991,736 in September 2023, showing a significant reduction of 69.9%[16] Expenses - Research and development expenses were approximately$ 0.4 million for Q3-2024, a decrease of approximately $0.2 million or 35.3% from Q3-2023[10] - General and administrative expenses were approximately$ 1.8 million for Q3-2024, a decrease of approximately $0.4 million or 17.7% from Q3-2023[11] - Research and development expenses decreased to$ 436,043 in September 2024 from $673,943 in September 2023, representing a reduction of 35.2%[16] - General and administrative expenses were$ 1,833,578 in September 2024, down 17.7% from $2,228,735 in September 2023[16] - Interest expense for September 2024 was$ 131,635, compared to $210 in September 2023[16] Financial Position - Cash as of September 30, 2024, was approximately$ 0.1 million, indicating a need for additional financing to support operations[9] - Total current liabilities as of September 30, 2024, were approximately $11.5 million, an increase from$ 10.2 million as of December 31, 2023[15] - The weighted average number of common shares outstanding increased to 988,378 in September 2024 from 97,252 in September 2023[16] - There were no impairments recorded for in-process research and development or goodwill in September 2024, compared to impairments of $69,280,171 and$ 11,895,033 respectively in September 2023[16] Market Potential - The total accessible market for ZyVersa's therapeutic areas is over $100 billion[12]