Financial Performance - The net loss for the nine months ended September 30, 2024, was $14,772,000, compared to a net loss of $3,428,000 for the same period in 2023, indicating an increase in losses of about 331%[13]. - The company reported a basic and diluted loss per share of $50.43 for the nine months ended September 30, 2024, compared to $28.76 for the same period in 2023, representing an increase of about 75%[13]. - The company reported a net loss of $14,696 for the nine-month period ended September 30, 2024, which is a substantial increase from the previous year's loss[19]. - The company experienced a net loss of $11,851 for the three-month period ended September 30, 2024, indicating continued operational challenges[19]. - The net loss for the nine months ended September 30, 2024, was $14,772,000 compared to a loss of $3,428,000 for the same period in 2023, indicating a significant increase in losses[22]. Assets and Liabilities - Total assets decreased from $5,256,000 as of December 31, 2023, to $3,087,000 as of September 30, 2024, representing a decline of approximately 41%[5]. - Current liabilities increased significantly from $2,196,000 to $3,583,000, marking an increase of about 63%[8]. - Total liabilities surged from $2,255,000 to $7,666,000, an increase of approximately 240%[8]. - The accumulated deficit increased from $26,811,000 to $41,583,000, reflecting a rise of about 55%[10]. - Cash and cash equivalents decreased from $4,595,000 as of December 31, 2023, to $1,973,000 as of September 30, 2024, a decline of approximately 57%[5]. Operating Expenses - Operating expenses for the nine months ended September 30, 2024, were $10,671,000, compared to $2,953,000 for the same period in 2023, reflecting a substantial increase of approximately 261%[13]. - Research and development expenses for the nine months ended September 30, 2024, were $4,944,000, up from $2,451,000 in 2023, which is an increase of approximately 102%[13]. - General and administrative expenses for the nine months ended September 30, 2024, totaled $5,727,000, significantly up from $502,000 in the same period of 2023, indicating a 1033.3% increase[84]. - The company recognized a total financial expense of $4,092,000 for the nine months ended September 30, 2024, compared to $449,000 for the same period in 2023, reflecting a substantial increase of 812.5%[84]. Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2024, was $5,470,000, up from $3,272,000 in the prior year[22]. - Cash and cash equivalents at the end of the period were $2,023,000, down from $5,812,000 at the end of the previous year[24]. - The company experienced a decrease in cash and cash equivalents and restricted cash of $2,572,000 for the nine months ended September 30, 2024[22]. - Net cash provided by financing activities for the nine months ended September 30, 2024, was $2,920,000, compared to $522,000 in the same period of 2023[22]. Capital Structure - The company issued 2,413 shares of Series A-4 preferred shares, net of issuance costs, contributing $411 to the capital[16]. - The total amount of additional paid-in capital reached $37,003 as of September 30, 2024, reflecting ongoing capital raising efforts[19]. - The company completed a SPAC merger on August 15, 2024, resulting in the formation of New Silexion, which is now publicly traded on the Nasdaq under the symbols "SLXN" and "SLXNW"[27][33]. - The company has an equity line of credit (ELOC) agreement allowing it to sell up to $15,000,000 of ordinary shares until December 31, 2025[70]. Going Concern - Management has concluded there is substantial doubt about the company's ability to continue as a going concern for at least 12 months from the issuance date of the financial statements[42]. - The company expects to continue incurring losses and negative cash flows from operations, requiring financing for future research and development activities[41]. Shareholder Information - Silexion's shareholders are expected to hold approximately 61.55% of the outstanding voting interests in New Silexion post-merger[33]. - The company received a deficiency letter from Nasdaq on October 29, 2024, indicating that the closing bid price of its Ordinary Shares was below the minimum $1.00 per share for 30 consecutive business days[114]. - The Company has until April 28, 2025, to regain compliance with Nasdaq's listing requirements[114]. Miscellaneous - The company has three subsidiaries as of September 30, 2024, including Silenseed (China) Ltd., which has no significant operations[26]. - The company has pledged $25 thousand as collateral for guarantees related to lease payments as of September 30, 2024[48]. - A 1-for-9 reverse share split of the company's ordinary shares was approved by shareholders on November 19, 2024, and became effective on November 29, 2024[35]. - The company has not generated revenues to date and is still in its development and clinical stage[38].
Silexion Therapeutics Corp(SLXN) - 2024 Q4 - Annual Results