
Financial Performance - As of June 30, 2024, the company reported an accumulated deficit of approximately $195.3 million[38] - The net loss for the three months ended June 30, 2024, was approximately $1.1 million, a decrease of 30% compared to $1.6 million in the same period of 2023[49] - Net loss for the three and six months ended June 30, 2024, was approximately $1.1 million and $2.4 million, representing a decrease of 31% and 29% compared to $1.6 million and $3.4 million in 2023[55] Expenses - Research and development expenses for the three months ended June 30, 2024, were approximately $0.5 million, a decrease of 38% compared to $0.8 million in the same period of 2023[50] - General and administrative expenses for the three months ended June 30, 2024, were approximately $0.7 million, a decrease of 36% compared to $1.1 million in the same period of 2023[52] - The total operating expenses for the three months ended June 30, 2024, were approximately $1.2 million, down 35% from $1.9 million in the same period of 2023[49] - The decrease in research and development expenses was primarily due to a reduction in clinical trial expenses[51] Cash Flow and Assets - Current assets decreased to $10.1 million from $13.2 million at December 31, 2023, with cash and cash equivalents dropping from $2.9 million to $1.8 million[40] - Cash and cash equivalents totaled approximately $1.8 million, with a total of approximately $9.9 million in liquid assets, down from $12.7 million as of December 31, 2023, mainly due to a negative cash flow of $2.8 million from operating activities[57] - Negative cash flow from operating activities for the six months ended June 30, 2024, was approximately $2.8 million, an improvement from $3.1 million in the same period of 2023[58] - Positive cash flow from investing activities was approximately $1.8 million for the six months ended June 30, 2024, compared to $2.1 million in 2023, primarily due to net withdrawals from marketable securities[59] Future Outlook - The company expects to continue incurring operating losses, which may be substantial over the next several years, and anticipates needing additional funds for research and development[40] - The company anticipates significant additional funding will be necessary for ongoing research and development, including the ARMOR Study and Amilo-5MER program[61] - Future capital requirements will depend on various factors, including the progress of clinical trials and regulatory pathways for product candidates[62] Strategic Initiatives - The company is currently evaluating strategic alternatives to optimize resources and enhance shareholder value[37] - A reverse share split at a ratio of 1-for-12 is scheduled for August 29, 2024[65] Revenue Generation - The company has not generated revenue from product sales, relying instead on licensing revenue from the Samil Agreement[38] - Financial income, net decreased to approximately $0.1 million and $0.2 million for the three and six months ended June 30, 2024, down from $0.3 million and $0.5 million in the same periods of 2023, primarily due to exchange rate differences[54]