Financial Performance - As of March 31, 2019, the company had $10,272,198 in cash, a decrease of 34.16% from $15,600,865 as of June 30, 2018[126] - Working capital decreased by 39.6% to $8,987,394 as of March 31, 2019, compared to $14,888,293 as of June 30, 2018[126] - For the nine months ended March 31, 2019, net cash used in operating activities was $6,821,134, compared to $(2,726,744) for the same period in 2018[127] - The company’s cash flow from financing activities was $1,700,000 for the nine months ended March 31, 2019, down from $16,712,715 in the same period in 2018[127] - Revenues from operations for the nine months ended March 31, 2019, and March 31, 2018, were $0[130] - Net loss for the three months ended March 31, 2019, was $4,705,846, or $0.13 per share, compared to a net loss of $2,960,165, or $0.12 per share, for the same period in 2018[143] - Cash used in operating activities for the nine months ended March 31, 2019, was $6,281,134, compared to $2,726,744 for the same period in 2018[145] - Other income (expense) for the nine months ended March 31, 2019, was ($10,307,336), a significant increase of ($11,791,117) compared to $871,781 for the same period in 2018[142] - The increase in net loss for the nine months ended March 31, 2019, was primarily due to increased general and administrative expenses and depreciation related to the Acquisition of Enochian Biopharma[144] Expenses - Total operating expenses for the three months ended March 31, 2019, were $4,661,641, an increase of approximately 43.94% compared to $3,238,558 for the same period in 2018[133] - General and administrative expenses for the nine months ended March 31, 2019, were $6,750,939, an increase of approximately 58.1% compared to $3,049,393 for the same period in 2018[136] - Research and development expenses for the three months ended March 31, 2019, were $730,255, representing an increase of approximately 429.5% compared to $137,916 for the same period in 2018[137] - Depreciation and amortization expenses for the nine months ended March 31, 2019, were $5,834,817, representing an increase of 658.61% compared to $769,150 for the same period in 2018[140] Assets and Capital - Total assets at March 31, 2019, were $169,305,692, a decrease from $179,662,426 as of June 30, 2018[149] Future Plans and Funding - The company plans to develop ENOB-HV-11 and ENOB-HV-12 for preventative and therapeutic vaccines, respectively[107] - The company expects to need additional funds for equipment purchases, research and development, and potential strategic acquisitions[125] - The company has historically funded operations through shareholder funding and the issuance of convertible notes[124] - The company aims to open an Investigational New Drug Application for ENOB-HV-01 as part of its research and development efforts[125] Research and Development Focus - The company is focused on using genetically modified cellular and immune-therapy technologies to potentially cure HIV and provide cancer remission[102] - The company’s innovative therapeutic vaccination platform targets deadly solid tumors, including pancreatic cancer and glioblastoma[108]
Renovaro Biosciences (RENB) - 2019 Q3 - Quarterly Report