Estrella Immunopharma(US:ESLA)2025-05-14 20:31Financial Performance - Estrella Immunopharma, Inc. reported a net loss of approximately $2.1 million for the three months ended March 31, 2025, compared to a net loss of $0.5 million for the same period in 2024[172]. - As of March 31, 2025, Estrella had an accumulated deficit of approximately $26.0 million[158]. - Net cash used in operating activities was approximately $0.5 million for the three months ended March 31, 2025, primarily due to a net loss of approximately $2.1 million[183]. - The company has not generated any revenue since its inception and does not expect to do so for at least the next few years[174]. - The Company has not generated any revenue from product sales and has no product candidates approved for sale[190]. Research and Development Expenses - Research and development expenses increased significantly to approximately $1.4 million for the three months ended March 31, 2025, from $25,000 in the same period of 2024, primarily due to higher service fees during the clinical phase[169]. - Estrella's research and development expenses for the three months ended March 31, 2025, included $10,188 in stock-based compensation[170]. - The company anticipates significant increases in expenses as it continues to advance preclinical and clinical development and seeks regulatory approval for its product candidates[175]. Cash and Capital Management - As of March 31, 2025, Estrella had cash of approximately $0.4 million and a working capital deficit of approximately $3.3 million[173]. - The Company plans to raise additional capital to continue research and development programs, but there is no assurance that financing will be available on acceptable terms[182]. - The Company has entered into a Common Stock Purchase Agreement allowing for the purchase of up to $50.0 million in shares, subject to stockholder approval for issuances exceeding 20% of outstanding shares[181]. Agreements and Milestones - Estrella has incurred approximately $11.2 million in payments to Eureka for services and upfront fees related to the License Agreement and Services Agreement[158]. - The total fees for the Statement of Work No. 001 related to the STARLIGHT-1 clinical trial amount to $33.0 million for achieving all milestones[176]. - The total fees payable to Eureka under the Statement of Work for the Phase I/II clinical trial of EB103 amount to $33.0 million, with $3.5 million paid as of March 31, 2025[193]. - The Company has fully paid the $1.0 million license fee to Eureka and completed two development milestones, earning milestone payments of $50,000 each[189]. - The Company has accrued approximately $4.1 million in liabilities related to three completed patient dosing milestones as of March 31, 2025[194]. Business Combination - The company completed a Business Combination with TradeUP Acquisition Corp. on September 29, 2023, raising net proceeds of approximately $20.1 million[157]. Stock Performance - As of May 8, 2025, the closing price of the Company's common stock was $1.10 per share, significantly lower than the exercise price of $11.50 for outstanding tradeable warrants[180]. Collaboration Agreements - The research plan under the Collaboration Agreement with Imugene was completed as of August 30, 2023[191].