Financial Performance - The company reported net losses of approximately $5.0 million for the three months ended March 31, 2025, compared to $8.5 million for the same period in 2024, reflecting a decrease of $3.5 million [105][119]. - The company has incurred an accumulated deficit of approximately $42.8 million as of March 31, 2025 [105]. - The company expects to continue incurring significant losses as it advances product candidates through clinical development and seeks regulatory approvals [106]. - The company has not generated any revenue from product sales to date and does not expect to do so in the foreseeable future [110]. - Net cash used in operating activities was $5.3 million for the three months ended March 31, 2025, compared to $4.3 million for the same period in 2024 [136]. - The net cash provided by financing activities was $0 for the three months ended March 31, 2025, compared to $3.3 million for the same period in 2024 [138]. - The company incurred operating losses and expects such losses to continue as it builds infrastructure and conducts research and development activities [139]. Research and Development - Research and development expenses increased to $1.8 million for the three months ended March 31, 2025, from $1.0 million in 2024, an increase of $0.8 million [120]. - The company plans to initiate a twelve-week Phase 1/2 clinical trial for CYWC628 in Australia in the second half of 2025, with completion expected in the first quarter of 2026 [108]. - The company has completed the manufacturing of its master cell bank and working cell bank for CYWC628, which are certified for use in clinical trials [102]. - The company plans to seek a strategic partner for the development of CYMS101 either before or after the Phase 1/2 study, depending on its success [98]. - The company is in the early stages of research for human longevity and certain cancer applications, with plans to accelerate these programs as funding allows [101]. Financial Liabilities and Assets - The change in fair value of warrant liability resulted in a loss of $3.1 million for the three months ended March 31, 2024, while there was no loss for the same period in 2025 [122]. - The SEPA put option liability had a fair value of $543 thousand as of March 31, 2025, reflecting a loss of $0.1 million during the quarter due to changes in stock price [125]. - The company recognized a net loss of $180 thousand on the conversion of $3,600 thousand of convertible debt into Common Stock during the three months ended March 31, 2025 [127]. - The company had an accumulated deficit of approximately $42.8 million and cash and cash equivalents of approximately $8.7 million as of March 31, 2025 [132]. - The company has received aggregate proceeds of approximately $15.0 million from sales of convertible notes and $18.6 million from sales of preferred stock since inception [132]. - The SEPA allows the company to require the investor to purchase up to an additional $10,000 thousand of shares of Common Stock until December 20, 2026 [125]. Taxation - The effective income tax rate was 0.0% for all periods, with a full valuation allowance recorded against net deferred tax assets [131]. General and Administrative Expenses - General, administrative, and other expenses rose to $2.8 million for the three months ended March 31, 2025, compared to $2.5 million in 2024, an increase of $0.3 million primarily due to added personnel [121].
FibroBiologics(FBLG) - 2025 Q1 - Quarterly Report