Financial Performance - The company reported total gross proceeds of approximately $15 million from the November Private Placement, which included the sale of 15,000 shares of Series B Preferred Stock and warrants to acquire up to 77,419 shares of Common Stock [125]. - The net loss for the three months ended June 30, 2024 was $1,273,309, a reduction of 68.9% compared to a loss of $4,093,954 in 2023 [148]. - Total operating expenses for the three months ended June 30, 2024 were $1,580,967, a decrease of approximately 13.6% compared to $1,829,713 for the same period in 2023 [143]. - Total operating expenses for the six months ended June 30, 2024 were $3,272,461, a decrease of approximately 31.1% from $4,751,654 in 2023 [149]. - Other income for the three months ended June 30, 2024 was $307,658, a significant improvement from a loss of $2,264,241 in the same period of 2023 [146]. Research and Development - The company incurred approximately $1.6 million of cumulative expenses associated with the Phase 2 "open label" dose-ranging study of Bryostatin-1 as of June 30, 2024 [136]. - The total estimated budget for the Phase 2 clinical study assessing Bryostatin-1 in the treatment of moderately severe Alzheimer's disease is approximately $11 million, with a net budgeted cost of $8.3 million after a $2.7 million NIH grant [133]. - The company has incurred cumulative expenses of approximately $590,000 related to the collaboration with Cleveland Clinic for a Phase 1 trial of Bryostatin-1 in Multiple Sclerosis as of June 30, 2024 [139]. - The company announced that the extended confirmatory Phase 2 study of Bryostatin-1 did not achieve statistical significance on the primary endpoint, but showed significant results in certain secondary endpoints for advanced Alzheimer's patients [134]. - The company is evaluating plans to advance development for Fragile X syndrome after filing for an IND with the FDA, which is currently on clinical hold [139]. Expenses and Liabilities - The company has accrued a liability for installment payments owed to investors of $8,829,761 as of June 30, 2024 [132]. - Research and development expenses increased to $342,068 for the three months ended June 30, 2024, up 11.3% from $307,211 in 2023, primarily related to the MS clinical trial [144]. - General and administrative expenses decreased by approximately 18.6% to $1,238,899 for the three months ended June 30, 2024, down from $1,522,502 in 2023 [145]. - Research and development expenses for the six months ended June 30, 2024 were $951,317, down 19.7% from $1,184,928 in 2023 [150]. - General and administrative expenses for the six months ended June 30, 2024 were $2,321,144, a decrease of approximately 34.9% from $3,566,726 in 2023 [154]. Cash Flow and Capital - The company had working capital of $18,472,861 as of June 30, 2024, down from $26,256,291 as of December 31, 2023, reflecting a decrease of $7,783,430 [157]. - The company expects its current cash and cash equivalents of approximately $24.4 million to support projected operating requirements for at least the next 12 months [158]. - Cash used in operating activities decreased by $250,224 to $2,685,075 for the six months ended June 30, 2024, compared to $2,935,299 for the same period in 2023 [164]. - Net cash used in investing activities was $1,000,000 for the six months ended June 30, 2024, a significant increase from $2,707 in the same period of 2023 [165]. - Net cash used in financing activities was $0 for the six months ended June 30, 2024, compared to $1,641,064 for the same period in 2023 [166]. Stock and Dividends - The Series B Preferred Stock holders are entitled to dividends of 7% per annum, compounded monthly, which can be paid in cash or shares of Common Stock at the company's option [127]. - There were no redemptions of amounts due to preferred stock investors in the first half of 2024, contrasting with the previous year [166].
Synaptogenix(SNPX) - 2024 Q2 - Quarterly Report