Oragenics(US:OGEN)2025-05-09 20:30Financial Performance - The company reported a net loss of $2.22 million for the three months ended March 31, 2025, a decrease of 9.54% compared to a net loss of $2.45 million in the same period of 2024[88]. - As of March 31, 2025, the company had an accumulated deficit of $219 million and reported net losses of $2.2 million for Q1 2025 and $10.5 million for the year 2024[98]. - Net cash used in operating activities for Q1 2025 was $2,112,090, a decrease from $3,064,249 in Q1 2024[99]. - The company expects to incur significant and increasing operating losses as it advances its Neurology Assets through nonclinical testing and clinical trials[98]. Expenses - Research and development expenses decreased by 48.52% to $341,542 for the three months ended March 31, 2025, down from $663,414 in the same period of 2024[88]. - General and administrative expenses decreased by 6.23% to $1.68 million for the three months ended March 31, 2025, compared to $1.80 million in the same period of 2024[88]. - Interest expense increased significantly by 2,710.54% to $199,127 for the three months ended March 31, 2025, compared to $7,085 in the same period of 2024[88]. - The company anticipates increased general and administrative expenses due to expanded research and development activities and efforts to raise additional capital[92]. Financing Activities - The company raised $2.6 million from the sale of 7.8 million shares in February 2025 and $2.2 million from a $3 million promissory note issued in March 2025[74][75]. - The company generated $4,668,328 from financing activities in Q1 2025, compared to $1,652,737 in Q1 2024[99]. - Significant financing activities in Q1 2025 included $2.6 million in net proceeds from common stock issuance and $2.2 million in borrowings on short-term notes payable[103]. - The company’s short-term notes payable totaled $3,132,963 as of March 31, 2025, which includes a $3.0 million non-interest bearing promissory note due July 14, 2025[105]. Cash Position - The company has $3.4 million in cash and cash equivalents as of March 31, 2025, which is expected to fund operations through Q3 2025[81]. - Cash used in operating activities was affected by a non-cash charge of $0.2 million for amortization of debt discount in Q1 2025[101]. Operational Focus - The company operates in a single reportable segment focused on the development of ONP-002, with no segment revenue reported for the three-month periods ended March 31, 2025, and 2024[86]. - The company has a projected product development timeline for ONP-002, with Phase 2a expected to start in Q2 2025 and Phase 2b in Q2 2026[72]. - The company plans to seek both equity and debt financing to support the commercialization and development of its Neurology Assets[80]. Market Conditions - Inflation has not had a material impact on the company's results of operations for the periods presented, except for payroll-related costs and government-imposed regulations[107]. - The company does not have any off-balance sheet arrangements[108]. - As a smaller reporting company, the company is not required to provide information on market risk[109].