Unicycive(UNCY) - 2025 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2025, the company reported a net loss of $5.9 million, compared to a net loss of $11.1 million for the same period in 2024, indicating a reduction in losses by approximately 47%[171]. - Net loss for the six months ended June 30, 2025, was $5.9 million, a decrease of $5.2 million, or 47%, compared to a net loss of $11.1 million for the same period in 2024[199]. - The company had an accumulated deficit of $107.1 million as of June 30, 2025[171]. - As of June 30, 2025, the company had an accumulated deficit of $107.1 million[199]. - The company expects to incur substantial additional losses in future periods and will require additional capital to complete clinical trials and product development initiatives[200]. Expenses - Research and development expenses decreased by approximately $3.1 million, or 64%, from approximately $4.9 million for the three months ended June 30, 2024, to approximately $1.8 million for the same period in 2025[187]. - General and administrative expenses increased by $2.7 million, or 106%, from approximately $2.5 million for the three months ended June 30, 2024, to approximately $5.2 million for the same period in 2025, primarily due to increased marketing and consulting expenses[188]. - The total operating expenses for the three months ended June 30, 2025, were approximately $6.96 million, a decrease of $438,000 or 6% compared to the same period in 2024[186]. - Research and development expenses decreased by approximately $7.7 million, or 66%, from $11.7 million for the six months ended June 30, 2024, to $3.9 million for the six months ended June 30, 2025[191]. - General and administrative expenses increased by $6.1 million, or 124%, from $4.9 million for the six months ended June 30, 2024, to $11.0 million for the six months ended June 30, 2025[192]. Income and Financing - Other income increased by $3.6 million, or 65%, from a $5.5 million expense in the six months ended June 30, 2024, to $9.0 million income for the six months ended June 30, 2025[193]. - Net cash used in operating activities was $17.3 million for the six months ended June 30, 2025, compared to $12.8 million for the same period in 2024[205][206]. - Net cash provided by financing activities was $13.5 million during the six months ended June 30, 2025, down from $44.9 million during the same period in 2024[208]. - The company sold 2,009,616 shares of common stock at an average price of $6.07 per share during the six months ended June 30, 2025, resulting in net proceeds of approximately $12.2 million[177]. - The company sold 2,009,616 shares of common stock at an average price of $6.07 per share, resulting in net proceeds of approximately $12.2 million during the six months ended June 30, 2025[198]. Future Outlook - The company expects significant increases in operating expenses as it advances its product candidates through clinical development and seeks regulatory approval[171]. - Future revenue streams may consist of collaboration or licensing revenue as well as product sales, with potential gross proceeds of up to $130.0 million from a securities purchase agreement[196]. - The company plans to continue using third-party service providers for pre-clinical and clinical development, as well as for manufacturing and supplying materials for product candidates[175]. Regulatory and Compliance - The company is taking advantage of the extended transition periods under the JOBS Act for complying with new accounting standards, which may affect comparability with other public companies[216]. - The company will remain an "emerging growth company" until it reaches total annual gross revenues of $1.235 billion or more, among other conditions[217]. - There are currently no off-balance sheet arrangements as defined under SEC rules[220].