Revenue Generation - The Company has not commenced any revenue-generating operations and does not expect to do so in the foreseeable future[110] - The company has not generated any revenues from operations to date and does not expect to do so in the foreseeable future[150] Financial Performance - For the three months ended March 31, 2020, the Company reported a net loss of $383,175, compared to a net loss of $428,736 for the same period in 2019, indicating a decrease in losses of approximately 10.6%[140] - The company incurred a net loss of $383,175 for the three months ended March 31, 2020, an improvement from a net loss of $428,736 for the same period in 2019[149] - Operating activities utilized cash of $414,033 for the three months ended March 31, 2020, compared to $379,408 for the same period in 2019[156] Costs and Expenses - General and administrative costs for the three months ended March 31, 2020, were $292,484, a decrease of 25.1% from $390,428 in the same period of 2019[142] - General and administrative costs decreased by $97,945 or 25.1% in 2020 compared to 2019[144] - Research and development costs increased to $94,673 for the three months ended March 31, 2020, compared to $48,314 in the same period of 2019, representing a 96% increase[140] - Research and development costs increased by $46,359 in 2020 compared to 2019, totaling $94,673 for the three months ended March 31, 2020[148] Capital and Funding - The Company plans to raise additional capital in early 2021 to support its research and development activities[117] - The company expects to raise additional capital in early 2021 to support its operations[155] - Working capital decreased by $383,175 to $2,050,960 as of March 31, 2020, compared to $2,434,135 at December 31, 2019[151] - Cash and cash equivalents available to fund operations were $2,184,831 as of March 31, 2020[152] Clinical Development - The Company is focused on the clinical development of its lead compound LB-100, with plans to conduct a Phase 1b/2 trial in GBM patients[114] - The coronavirus pandemic may delay clinical trials by at least three to six months, impacting the Company's business operations[137] - The Company has two classes of drugs under development for cancer treatment: LB-100 series (protein phosphatase inhibitors) and LB-200 series (histone deacetylase inhibitors)[131] - The Company has not actively pursued the pre-clinical development of the LB-200 series at this time due to a focus on LB-100[133] Clinical Trial Agreements - The company's aggregate commitments for clinical trial agreements totaled approximately $4,806,000 as of March 31, 2020[162] - The company advanced $43,411 to GEIS towards a clinical trial milestone payment during the three months ended March 31, 2020[161] Licensing and Collaboration Agreements - The Company entered into an Exclusive License Agreement with Moffitt, obligating it to pay a non-refundable license issue fee of $25,000 after the first patient is entered into a Phase 1b/2 clinical trial, which began in July 2019[166] - The Company is required to pay Moffitt annual license maintenance fees of $25,000 starting from the first anniversary of the Effective Date, with additional milestone payments totaling $1,897,000 based on clinical and commercial milestones[166] - The Company recorded operational charges of $6,165 and $15,274 for the three months ended March 31, 2020 and 2019, respectively, related to the License Agreement[166] - The Company will pay Moffitt earned royalties of 4% on worldwide cumulative net sales of royalty-bearing products, with a minimum royalty payment of $50,000 in the first four years after sales commence[167] - The Collaboration Agreement with BioPharmaWorks includes a monthly fee of $10,000, with charges to operations of $30,000 and $10,000 for the three months ended March 31, 2020 and 2019, respectively[170] Off-Balance Sheet Arrangements - The Company has not recorded any off-balance sheet arrangements as of March 31, 2020[171]
Lixte Biotechnology(LIXT) - 2020 Q1 - Quarterly Report