Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $385,169, a significant increase of 283.6% compared to a net loss of $206,699 for the same period in 2024[145] - Net income for the three months ended March 31, 2025, was $385,169, a significant improvement from a loss of ($206,699) in the same period of 2024[152] - Total other income decreased to $1,454,334 for the three months ended March 31, 2025, down from $1,484,795 in the same period of 2024, primarily due to a decrease in interest income[151] Operating Expenses - Total operating expenses decreased by approximately 36.8% to $1,069,165 for the three months ended March 31, 2025, down from $1,691,494 in the same period of 2024[147] - General and administrative expenses decreased by approximately 6.8% to $1,008,349 for the three months ended March 31, 2025, compared to $1,082,245 for the same period in 2024[150] - Research and development expenses plummeted by 90.0% to $60,816 for the three months ended March 31, 2025, compared to $609,249 for the same period in 2024[148] - The increase in professional fees for auditing and advisory services was noted, with expenses rising to $89,746 in the three months ended March 31, 2025, compared to $20,713 in the same period of 2024[150] Cash Flow and Capital Requirements - Cash used in operating activities increased to $2,000,596 for the three months ended March 31, 2025, from $1,831,541 in the same period of 2024, reflecting a $169,055 increase[158] - Cash used in financing activities was $822,362 for the three months ended March 31, 2025, compared to $0 for the same period in 2024, due to redemptions and dividends to preferred stock investors[160] - The company anticipates requiring additional capital to pursue clinical trials and obtain regulatory approval for therapeutic candidates, with potential challenges in accessing favorable funding[155] - Cash used in investing activities was $0 for the three months ended March 31, 2025, compared to $500,000 for the same period in 2024, which was for purchasing available-for-sale debt securities[159] - Cash and cash equivalents were approximately $13.8 million, expected to support projected operating requirements for at least the next 12 months[154] Strategic Initiatives - The company is exploring strategic alternatives to enhance value for investors, including potential drug development platforms and new technologies[139] - The collaboration with Cleveland Clinic for a Phase 1 trial of Bryostatin-1 in MS was terminated in December 2024 due to slow enrollment, aimed at reducing the company's cash burn rate[144] - The company has incurred approximately $100,000 in expenses related to the collaboration with Nemours for a clinical trial in children with Fragile X[141] - As of March 31, 2025, the company has incurred approximately $743,000 in expenses related to the collaboration with Cleveland Clinic, with $215,459 expensed during the three months ended March 31, 2025[143] Liabilities and Working Capital - The company has accrued a liability for installment payments owed to investors of $0 as of March 31, 2025[137] - Working capital decreased by $1,599,836 to $15,106,751 as of March 31, 2025, compared to $16,706,587 as of December 31, 2024[153] - The company recognized a deemed dividend of $53,799 related to cash premiums during the three months ended March 31, 2025[136]
Synaptogenix(SNPX) - 2025 Q1 - Quarterly Report