CervoMed (US:CRVO)2025-05-12 13:06Financial Performance - The company reported grant revenue of $1.9 million for the three months ended March 31, 2025, a decrease of 18% from $2.3 million in the same period of 2024[128]. - The total operating expenses for the three months ended March 31, 2025, were $7.2 million, reflecting a 46% increase from $4.9 million in the prior year[128]. - The net loss for the three months ended March 31, 2025, was $4.9 million, a 95% increase from a net loss of $2.5 million in the same period of 2024[128]. - Interest income for the three months ended March 31, 2025, was $0.4 million, a 407% increase from $0.1 million in the same period of 2024[133]. - For the three months ended March 31, 2025, net cash used in operating activities was $3.9 million, compared to $1.4 million for the same period in 2024, reflecting an increase in operational losses[140][142]. - The net cash outflow from operations for the three months ended March 31, 2025, was primarily due to a net loss of $4.9 million[141]. Research and Development - Research and development expenses increased by 72% to $4.8 million for the three months ended March 31, 2025, compared to $2.8 million for the same period in 2024[130]. - The ongoing RewinD-LB Trial is a Phase 2b study involving 159 participants with DLB, primarily funded by a $21.3 million grant from the NIA[114]. - The company expects to report 32-week results from the Extension of the RewinD-LB Trial in the second half of 2025[114]. - The company plans to initiate a Phase 2 trial evaluating neflamapimod in up to 90 participants recovering from ischemic stroke in the second quarter of 2025[115]. - The company anticipates continued increases in research and development expenses, general and administrative expenses, and capital expenditures, with ongoing losses expected for the foreseeable future[137]. Financial Position - As of March 31, 2025, the company had cash and cash equivalents and marketable securities of approximately $35.2 million[116]. - The accumulated deficit as of March 31, 2025, was $75.6 million, with the company having never been profitable[117]. - Cash used in investing activities for the three months ended March 31, 2025, was $5.4 million due to the purchase of marketable securities[144]. - The company expects to fund its operations and capital expenditures for at least twelve months from March 31, 2025, based on current cash and marketable securities[138]. Financing and Commitments - The company completed a private placement on April 1, 2024, raising approximately $50.0 million, with potential additional gross proceeds of up to $99.4 million from Series A Warrants[135]. - The company will continue to seek additional financing through equity offerings, debt financings, or other capital sources to support its operations and product development[138]. - The company has entered into contracts for clinical trials and manufacturing, with potential future commitments based on service timing[147]. - The company has no off-balance sheet arrangements that could materially affect its financial condition[148]. Accounting Policies - The company does not expect any material changes to its critical accounting policies and estimates for the three months ended March 31, 2025[149].