Financial Performance - For the nine months ended September 30, 2024, the net loss was approximately $7.99 million, a decrease of 90.6% compared to a net loss of $84.96 million for the same period in 2023[82]. - Net loss for the nine months ended September 30, 2024 was approximately $8.0 million, a significant decrease from a net loss of $85.0 million for the same period in 2023[92]. - The accumulated deficit was $111.2 million as of September 30, 2024, indicating ongoing financial challenges[92]. Expenses - Research and development expenses for the nine months ended September 30, 2024, were approximately $1.66 million, a decrease of 43.8% from $2.95 million for the same period in 2023[84]. - General and administrative expenses for the nine months ended September 30, 2024, were approximately $6.19 million, a decrease of 36.1% from $9.69 million for the same period in 2023[85]. - Total operating expenses for the nine months ended September 30, 2024, were approximately $7.85 million, a decrease of 91.6% from $93.82 million for the same period in 2023[82]. - Research and development expenses for the three months ended September 30, 2024, were approximately $0.44 million, a decrease of 35.3% from $0.67 million for the same period in 2023[78]. - General and administrative expenses for the three months ended September 30, 2024, were approximately $1.83 million, a decrease of 17.7% from $2.23 million for the same period in 2023[79]. Cash Flow and Financing - Net cash used in operating activities was approximately $6.3 million for the nine months ended September 30, 2024, compared to $5.9 million for the same period in 2023[89]. - Net cash provided by financing activities was $3.3 million for the nine months ended September 30, 2024, up from $1.6 million in the same period in 2023[90]. - The company raised an aggregate of $3.1 million from stock warrant exercises and its "at-the-market" facility subsequent to September 30, 2024[93]. - The company anticipates needing additional financing to support ongoing operations and development activities[67]. - The company plans to raise additional capital to fund continued development of product candidates VAR200 and IC100[95]. Market and Operations - The company has not generated any revenue to date and does not expect to do so in the near future[70]. - The total accessible market for the company's therapeutic areas is over $100 billion[65]. - As of September 30, 2024, the accumulated deficit was approximately $111.2 million, with cash reserves of $0.1 million[66]. Assets and Liabilities - Current assets as of September 30, 2024 were $390,000, a decrease from $3.35 million as of December 31, 2023[91]. - Current liabilities increased to $11.54 million as of September 30, 2024, compared to $10.20 million as of December 31, 2023[91]. - Working capital deficiency was $11.15 million as of September 30, 2024, compared to $6.84 million as of December 31, 2023[91]. Impairment - Impairment of in-process research and development was $69.3 million and impairment of goodwill was $11.9 million for the nine months ended September 30, 2023[86].
ZyVersa Therapeutics(ZVSA) - 2024 Q3 - Quarterly Report