GlucoTrack(GCTK) - 2025 Q1 - Quarterly Report

Financial Performance - The company reported a net loss of approximately $6.833 million for the three-month period ended March 31, 2025, compared to a net loss of approximately $2.927 million for the same period in 2024, reflecting an increase in general and administrative expenses and changes in derivative liabilities [95]. - General and administrative expenses increased to approximately $1.499 million for the three-month period ended March 31, 2025, from approximately $733,000 in the prior-year period, primarily due to higher legal and professional fees [90]. - Research and development expenses decreased to approximately $1.871 million for the three-month period ended March 31, 2025, compared to approximately $2.148 million in the prior-year period, attributed to reduced product and manufacturing fees related to the Glucotrack CBGM [91]. - The company has an accumulated deficit of $139.283 million as of March 31, 2025, and has not yet commercialized the Glucotrack CBGM [100]. Cash Position and Funding Needs - The company had cash and cash equivalents of $9.1 million as of March 31, 2025, up from $5.617 million as of December 31, 2024, due to financing activities [96]. - The company estimates it will require approximately $15.0 million in cash to fund operations over the next twelve months, raising substantial doubt about its ability to continue as a going concern [99]. - The company entered into an ATM sales agreement to issue and sell shares of Common Stock with an aggregate offering price of up to $8.23 million [79]. - The company sold 12,377,967 shares of Common Stock at an average offering price of $0.304 per share, resulting in net proceeds of $3.6 million [80]. Regulatory and Clinical Developments - A regulatory submission has been made for a first-in-human study outside the United States, with a long-term clinical trial expected to begin in the second quarter of 2025 [75]. - The company successfully demonstrated continuous glucose sensing in the epidural space, which is significant for diabetes patients considering spinal cord stimulation therapy [74]. Accounting and Reporting - No material changes to critical accounting policies and estimates as filed in the Annual Report on Form 10-K for the year ended December 31, 2024 [103]. - Company does not have any off balance sheet agreements [104]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures [106].