Financial Performance - Gross revenue for Q3 2024 was $58,915, marking a 100% increase compared to Q3 2023, with net revenue at $20,519[113] - Gross revenue for the nine months ended September 30, 2024, was $71,235, representing a 100% increase compared to the same period in 2023[117] - Net revenue for the same period was $32,839, with a cost of goods sold of $5,132, resulting in a gross profit of $27,707[118] - The company reported a net loss from continuing operations of $9,736,181 for the nine months ended September 30, 2024, an improvement of 40% compared to the prior year[123] Expenses - Research and development expenses decreased by $1,259,093 to $331,806 in Q3 2024, a reduction of 79% compared to the same period in 2023[115] - Research and development expenses decreased by 73% to $865,292 compared to $3,154,881 in the prior year, due to strategic realignment and cessation of long-term clinical studies[119] - General and administrative expenses rose to $965,622 in Q3 2024, up 90% from $507,948 in Q3 2023[115] - General and administrative expenses increased by 79% to $2,957,890, primarily driven by higher insurance costs and personnel expenses[119] - Total operating expenses for Q3 2024 were $1,435,468, a decrease of 50% from $2,848,285 in Q3 2023[113] - Total operating expenses decreased by 28% to $4,019,328, leading to a loss from operations of $3,991,621, which is a 29% improvement from the previous year[117] - Other expenses, net, were $5,744,560, a 46% reduction from $10,585,772 in the same period of 2023[120] Cash and Capital - Cash as of September 30, 2024, was $1,137,325, with an accumulated deficit of $67,957,379 and liabilities of $6,506,411[112] - Cash available as of September 30, 2024, was $1,137,325, with an accumulated deficit of $67,957,379 and liabilities totaling $6,506,411[123] - Net cash used in operating activities decreased by $1,320,125 to $3,616,885 compared to the same period in 2023[126] - The company raised gross proceeds of $3,001,235 from a Private Placement in April 2024[112] - The company is exploring raising additional capital and developing haircare products based on the Carmell Secretome™ to enhance liquidity[123] Product Development - The company launched its first five cosmetic skincare products in 2024 and plans to launch an additional seven products in the next six months[114] - The company is focusing on cosmetic skincare products with near-term commercial potential and has ceased clinical studies for products taking over a year to commercialize[112] Leadership Changes - The appointment of Kendra Bracken-Ferguson as CEO was effective July 30, 2024, following the resignation of Rajiv Shukla[106] Loss Reduction - Net loss from continuing operations before taxes was $2,878,481 in Q3 2024, a reduction of 68% compared to a loss of $9,058,645 in Q3 2023[113]
Carmell Therapeutics (CTCX) - 2024 Q3 - Quarterly Report