Leadership Changes - Kendra Bracken-Ferguson was appointed as Chief Executive Officer effective July 30, 2024, succeeding Rajiv Shukla, who remains Executive Chairman[115]. Revenue and Profit - Revenue for the three months ended June 30, 2024, was $12,320, reflecting a 100% increase compared to $0 in the same period of 2023[123]. - Gross profit for the same period was $12,028, with a cost of goods sold of $292[123]. - Revenue for the six months ended June 30, 2024, was $12,320, reflecting a 100% increase compared to the same period in 2023[128]. - Gross profit for the same period was $12,028, with a cost of goods sold of $292[129]. Expenses - Research and development expenses decreased by 87% to $104,066 in Q2 2024, down from $823,657 in Q2 2023[124]. - General and administrative expenses increased by 67% to $1,064,874 in Q2 2024, compared to $637,453 in Q2 2023[125]. - Total operating expenses decreased by 19% to $1,203,515 in Q2 2024, down from $1,487,384 in Q2 2023[126]. - Research and development expenses decreased by $1,030,496 to $533,486, a reduction of 66% compared to the first half of 2023[130]. - General and administrative expenses increased to $1,992,268, up 74% from $1,147,898 in the same period of 2023[131]. Net Loss - Net loss from continuing operations before taxes was $3,304,538 for Q2 2024, a 38% improvement from a loss of $5,308,952 in Q2 2023[126]. - Net loss from continuing operations was $6,857,700, a 4% improvement from the net loss of $7,137,667 in the prior year[134]. Cash Flow and Financing - Cash used in operating activities increased by $1,258,117, totaling $(2,214,254) for the six months ended June 30, 2024[139]. - Net cash provided by financing activities was $2,248,864, compared to $874,378 in the same period of 2023, reflecting a significant increase[140]. Corporate Actions - The company closed a Private Placement on April 11, 2024, raising gross proceeds of $3,001,235 from the sale of 1,331,452 shares of Common Stock[116]. - The AxoBio Disposition was completed on March 26, 2024, resulting in the cancellation of $8,000,000 in notes payable[117]. Financial Position - As of June 30, 2024, the company had cash of $2,198,275 and an accumulated deficit of $65,078,898[121]. - As of June 30, 2024, the company had cash of $2,198,275 and an accumulated deficit of $65,078,898[134]. Product Development - The company launched its first three cosmetic skincare products based on the Carmell Secretome™ in late Q2 2024, aiming to enhance revenue streams[135]. - The company is exploring the development of haircare products and out-licensing certain R&D programs to generate non-dilutive liquidity[135].
Carmell Therapeutics (CTCX) - 2024 Q2 - Quarterly Report