Silo Pharma(SILO) - 2024 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2024, the company reported a net loss of $928,814, or $0.22 loss per common share, compared to a net loss of $660,160, or $(0.21) loss per common share for the same period in 2023, representing an increase of 40.7%[145]. - Operating loss for the nine months ended September 30, 2024, was $2,892,342, an increase of 7.4% from $2,691,868 for the same period in 2023[140]. - The company reported a net loss of $2,662,260 for the nine months ended September 30, 2024, contributing to an accumulated deficit of $13,534,071[160]. Revenue and Income - The company generated minimal revenues of $18,025 for both the three months ended September 30, 2024, and 2023, with revenues recognized under the Aikido License and Sublicense Agreement[128]. - Other income for the three months ended September 30, 2024, decreased by 28.3% to $81,241 compared to $113,238 for the same period in 2023[142]. - The company incurred a total of $54,076 in license fee revenues for both the nine months ended September 30, 2024, and 2023[127]. Expenses - Total operating expenses for the three months ended September 30, 2024, were $1,026,621, an increase of 30.6% compared to $789,964 for the same period in 2023[130]. - Research and development expenses increased by 196.6% to $517,548 for the three months ended September 30, 2024, compared to $174,495 for the same period in 2023[135]. - Compensation expenses decreased by 55.3% to $169,736 for the three months ended September 30, 2024, compared to $379,294 for the same period in 2023[131]. Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2024 was $2,916,482, an increase of $601,996 or 26% from $2,314,486 in the same period of 2023[151]. - Net cash provided by investing activities for the nine months ended September 30, 2024 was $1,011,436, a positive change of $9,587,447 or 111.8% from $(8,576,011) in 2023[153]. - Net cash provided by financing activities for the nine months ended September 30, 2024 was $3,241,628, a positive change of $3,414,741 or 1,272% from $(276,698) in 2023[156]. - The company generated a net increase in cash and cash equivalents of $1,336,582 for the nine months ended September 30, 2024, compared to a decrease of $(11,167,195) in the same period of 2023[149]. Assets and Liabilities - As of September 30, 2024, the company had working capital of $7,216,955, an increase of $311,387 or 5% from $6,905,568 as of December 31, 2023[148]. - Total current assets increased to $8,261,787 as of September 30, 2024, up by $580,629 or 8% from $7,681,158 as of December 31, 2023[148]. - Total current liabilities increased to $(1,044,832) as of September 30, 2024, an increase of $(269,242) or 35% from $(775,590) as of December 31, 2023[148]. Agreements and Commitments - The company entered into a securities purchase agreement on July 18, 2024, to sell 763,638 shares at a price of $2.75 per share, resulting in gross proceeds of approximately $2.1 million[121]. - The company signed an Exclusive License Agreement with Columbia University on July 1, 2024, to develop and commercialize SPC-15 worldwide[125]. - The company believes its current cash and cash equivalents, along with short-term investments, will be sufficient to meet obligations for at least twelve months from the date of the filing[159]. - The company has no material commitments for capital expenditures other than cash requirements pursuant to research and development agreements[159].