Financial Performance - Gross revenue for Q3 2024 was $58,915, with net revenue of $20,519 after discounts and allowances of $38,396[149] - Gross revenue for the nine months ended September 30, 2024, was $71,235, with net revenue of $32,839 after discounts and allowances of $38,396[158] - The loss from operations improved by 50% to $(1,419,789) in Q3 2024 from $(2,848,285) in Q3 2023[149] - Net loss before taxes improved by $6,460,131, or 40%, to $(9,736,181) from $(16,196,312) in the same period of 2023[166] Expenses - Research and development expenses decreased by $1,259,093 to $331,806 in Q3 2024, reflecting a strategic realignment towards cosmetic skincare products[152] - Research and development expenses decreased by $2,289,589 to $865,292, a reduction of 73% compared to the same period in 2023[160] - General and administrative expenses increased to $965,622 in Q3 2024, up from $507,948 in Q3 2023, primarily due to higher insurance costs and personnel expenses[153] - General and administrative expenses increased to $2,957,890, up 79% from $1,655,846 in the same period of 2023[161] - Total operating expenses decreased by 50% to $1,435,468 in Q3 2024 compared to $2,848,285 in Q3 2023[149] - Total operating expenses decreased by $1,591,212, or 28%, to $4,019,328 compared to $5,610,540 in the prior year[160] - Other expenses, net, were $1,458,692 in Q3 2024, significantly reduced from $6,210,360 in Q3 2023, driven by changes in the fair value of the Forward Purchase Agreement[155] Cash Position - The company had cash of $1,137,325 and an accumulated deficit of $67,957,379 as of September 30, 2024[147] - Cash used in operating activities decreased by $1,320,125 to $(3,616,885) compared to $(4,937,010) in the prior year[172] - Net cash provided by financing activities was $2,590,545, a decrease of $9,344,689 from $11,935,234 in the same period of 2023[174] Strategic Initiatives - The company launched five cosmetic skincare products in 2024 and plans to launch an additional seven products in the next six months[150] - The company plans to launch seven additional cosmetic skincare products over the next six months[158] - The company is exploring raising additional capital and developing haircare products based on the Carmell Secretome™[167] - The appointment of Kendra Bracken-Ferguson as CEO is expected to enhance the company's strategic direction in the beauty and wellness industries[141] Financing Activities - The company closed a Private Placement in April 2024, receiving gross proceeds of $3,001,235[148]
ALPHA HEALTHCARE(ALPA) - 2024 Q3 - Quarterly Report