Allarity Therapeutics(ALLR) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss attributable to common stockholders for Q3 2024 was $12.2 million, compared to a net loss of $5.6 million in Q3 2023, reflecting a 118% increase in losses[9] - The net loss attributable to common stockholders for the three months ended September 30, 2023, was $12,152 million, compared to a net loss of $5,552 million for the same period in 2022, representing an increase of 118.9%[16] - Basic and diluted net loss per common stock for the three months ended September 30, 2023, was $(7.71), compared to $(1,346.09) for the same period in 2022[16] - The company reported a net loss before tax benefit of $(11,967) million for the three months ended September 30, 2023, compared to $(4,447) million for the same period in 2022[16] - Total comprehensive loss attributable to common stockholders for the three months ended September 30, 2023, was $(11,753) million, compared to $(4,539) million for the same period in 2022[16] - The total operating loss for the nine months ended September 30, 2023, was $(19,924) million, compared to $(12,250) million for the same period in 2022, indicating a worsening operational performance[16] Cash and Assets - Cash balance as of September 30, 2024, was $18.5 million, a significant increase from $0.2 million at December 31, 2023[8] - The total assets as of September 30, 2024, were $20.4 million, up from $11.9 million at December 31, 2023[14] - Total liabilities decreased to $7.4 million as of September 30, 2024, from $14.6 million at December 31, 2023[14] Expenses - Research and development expenses for Q3 2024 were $1.0 million, down from $1.9 million in Q3 2023, indicating a 47% reduction[8] - General and administrative expenses decreased to $1.6 million in Q3 2024 from $2.5 million in Q3 2023, representing a 36% decline[9] - Research and development expenses for the three months ended September 30, 2023, were $1,021 million, compared to $1,948 million for the same period in 2022, reflecting a decrease of 47.5%[16] - Total operating expenses for the nine months ended September 30, 2023, were $19,924 million, an increase of 62.7% from $12,250 million in the same period of the previous year[16] - The company incurred impairment of intangible assets amounting to $9,703 million for the nine months ended September 30, 2023[16] Compliance and Leadership - The company regained NASDAQ compliance in October 2024, confirming adherence to minimum bid price requirements[7] - The company appointed Alexander Epshinsky as CFO in September 2024, bringing nearly a decade of financial leadership experience in the biotech sector[5] Clinical Trials and Patents - Two patients in the Phase 2 trial for stenoparib exceeded one year on treatment, showcasing durable clinical benefits[3] - A European patent for the DRP® companion diagnostic specific to stenoparib was granted in October 2024, enhancing market position[6] Other Financial Metrics - Interest income for the three months ended September 30, 2023, was $261 million, a significant increase from $12 million in the same period of the previous year[16] - The company reported a foreign exchange gain of $121 million for the three months ended September 30, 2023, compared to a loss of $(156) million in the same period of the previous year[16]