Greenwich LifeSciences(US:GLSI)2024-11-14 21:30Financial Performance - The company reported net losses of approximately $8.9 million and $7.8 million for the years ended December 31, 2023 and 2022, respectively, and $7.7 million and $6.1 million for the nine months ended September 30, 2024 and 2023, respectively [37]. - The company has not generated any revenue to date and continues to incur significant expenses related to drug development and clinical trials [38]. - The company expects to continue incurring net losses for the foreseeable future as it develops its pipeline and prepares for commercialization [43]. Expenses - Research and development expenses increased by $1,428,785, or 27%, to $6,794,426 for the nine months ended September 30, 2024, compared to $5,365,641 for the same period in 2023 [41]. - General and administrative expenses increased by $92,253, or 27%, to $437,011 for the three months ended September 30, 2024, from $344,758 for the same period in 2023 [41]. - Net cash used in operating activities was $5,414,337 for the nine months ended September 30, 2024, compared to $4,324,407 for the same period in 2023 [46]. Cash Position and Funding - The company has cash resources totaling $5,822,367 as of September 30, 2024, down from $6,989,424 as of December 31, 2023 [44]. - The company plans to raise up to $100 million through an At The Market Offering Agreement with H.C. Wainwright & Co., LLC [45]. - The company completed a private placement offering for net proceeds of $2,499,998 on June 13, 2024 [48]. Clinical Development - The company is expanding its Phase III clinical trial, Flamingo-01, into Europe with plans to open up to 150 sites globally [36].