Pluri (US:PLUR)2023-11-13 21:00Financial Performance - Revenues for the three-month period ended September 30, 2023, were $54,000, a decrease of 38% compared to $87,000 for the same period in 2022[70]. - Net loss for the three-month period ended September 30, 2023, was $5,098,000, down from a net loss of $6,269,000 in Q3 2022, reflecting cost reduction efforts[75]. - Cash and cash equivalents as of September 30, 2023, amounted to $5,253,000, a decrease from $8,744,000 as of September 30, 2022[79]. - Net cash used for operating activities was $5,857,000 in Q3 2023, compared to $7,609,000 in Q3 2022, indicating improved cash management[80]. - Investing activities provided cash of $5,802,000 in Q3 2023, compared to $6,393,000 in Q3 2022, primarily from short-term deposit withdrawals[81]. - As of September 30, 2023, total current assets were $35,258,000, with a working capital surplus of $30,936,000[78]. Expenses - Research and development expenses decreased by 30% from $4,270,000 in Q3 2022 to $2,993,000 in Q3 2023, attributed to reduced clinical study costs and a decrease in headcount[71]. - General and administrative expenses decreased by 11% from $2,740,000 in Q3 2022 to $2,438,000 in Q3 2023, primarily due to salary reductions and exchange rate impacts[72]. Contracts and Collaborations - The company signed a three-year $4.2 million contract with the U.S. National Institute of Allergy and Infectious Diseases to advance PLX-R18 cell therapy for H-ARS[67]. - The company signed a three-year $4,200,000 contract with NIAID to advance PLX-R18 cell therapy development, expecting to receive approximately $382,000 from this grant[98]. - The joint venture with Tnuva successfully completed proof of concept for cultivated meat products based on the company's cell-based technology[69]. Shareholder and Capital Management - The company increased the number of authorized common shares from 60,000,000 to 300,000,000, effective May 1, 2023[85]. - The CEO agreed to forgo $375,000 of his annual cash salary for equity grants, receiving 334,821 RSUs and options to purchase 1,500,000 common shares at various exercise prices[86]. Future Outlook and Funding - The company has accumulated a deficit of $404,545,000 since its inception in May 2001 and does not expect significant revenues from product sales in the next twelve months[101]. - The company expects to generate revenues from collaborations and sales of licenses, but these are unlikely to exceed operational costs in the short and medium term[101]. - The company may need to obtain additional liquidity resources to support commercialization and maintain R&D activities[102]. - The company is exploring non-dilutive funding sources, including licensing agreements, joint ventures, and research grants[103]. - The company believes it has sufficient cash to fund operations for at least the next twelve months[104]. - The company received a €7.5 million non-dilutive grant from the EU's Horizon program for a project related to osteoarthritis treatment, with approximately $185,000 received as of September 30, 2023[96].