GlucoTrack(US:GCTK)2025-11-13 21:12Financial Performance - The company reported a net loss of $4.2 million, or $4.64 per share, for Q3 2025, compared to a net loss of $5.1 million, or $1,092 per share, in Q3 2024, indicating a reduction in net loss attributed to prior year revaluation expenses[9]. - The net loss for the nine-month period ended September 30, 2025, was $15,760,000, up from $12,503,000 in 2024, indicating a 26% increase in losses[23]. - Basic and diluted net loss per share for the nine-month period ended September 30, 2025, was $30.09, compared to $2.868 in 2024[23]. - Comprehensive loss for the nine-month period ended September 30, 2025, was $15,687,000, compared to $12,514,000 in 2024, representing a 25% increase[23]. Research and Development - Research and development expenses for Q3 2025 were $3.2 million, up from $2.1 million in Q3 2024, reflecting increased product and manufacturing development costs for the Glucotrack CBGM product[7]. - For the nine months ended September 30, 2025, research and development expenses totaled $8.2 million, compared to $7.8 million for the same period in 2024, driven by increased development costs for the CBGM product[10]. - Research and development expenses rose to $8,186,000 for the nine-month period ended September 30, 2025, compared to $7,800,000 in 2024, reflecting a 5% increase[23]. Cash and Equity - Cash and cash equivalents as of September 30, 2025, were $7.9 million, an increase from $5.6 million as of December 31, 2024, due to $13.7 million in net proceeds from financing activities[13]. - The company has established an equity line of credit (ELOC) allowing it to sell up to $20 million of common stock to Sixth Borough Capital Fund, LP, with proceeds directed towards repaying a convertible promissory note[3]. - The total stockholders' equity as of September 30, 2025, was $2.75 million, compared to a deficit of $13 million as of December 31, 2024[22]. Operating Expenses - Total operating expenses for the nine-month period ended September 30, 2025, were $12,603,000, an increase of 18% from $10,693,000 in the same period of 2024[23]. - Marketing and general and administrative expenses for the nine months ended September 30, 2025, were $4.4 million, up from $2.9 million in the same period in 2024, primarily due to increased legal and professional fees[11]. - Total operating expenses for the three-month period ended September 30, 2025, were $4,309,000, an increase of 32% from $3,251,000 in the same period of 2024[23]. - The operating loss for the three-month period ended September 30, 2025, was $4,309,000, compared to $3,251,000 in 2024, reflecting a 32% increase[23]. Clinical Studies and Market Interest - The company anticipates submitting its Investigational Device Exemption (IDE) to the FDA in Spring 2026 to initiate a long-term clinical study of the CBGM product[3]. - The company initiated a long-term multicenter feasibility study in Australia to evaluate the CBGM product's performance and safety over an initial period of one year[5]. - The company presented strong interest from endocrinologists in the CBGM product, with 73% of surveyed endocrinologists expressing willingness to prescribe it due to its extended sensor life and potential for greater accuracy[5]. Other Financial Metrics - The change in fair value of derivative liabilities for the nine-month period ended September 30, 2025, was $3,269,000, while there was no change in 2024[23]. - Finance income, net, for the nine-month period ended September 30, 2025, was $(68,000), a significant decrease from $1,822,000 in 2024[23]. - Weighted-average shares used to compute basic and diluted net loss per share increased to 523,833 for the nine-month period ended September 30, 2025, from 4,464 in 2024[23].