GlucoTrack(GCTK) - 2025 Q3 - Quarterly Report

Financial Performance - Net loss for Q3 2025 was $4,171, down from $5,087 in Q3 2024, mainly due to prior year revaluation expenses[142] - Net loss for the nine-month period ended September 30, 2025, was $15,760, an increase from $12,503 in the prior-year period, attributed to higher general and administrative expenses and changes in derivative liability[149] - The company has an accumulated deficit of $148,210 as of September 30, 2025, reflecting a history of recurring losses[151] Expenses - General and administrative expenses for Q3 2025 were approximately $1,024, a decrease from $1,063 in Q3 2024, primarily due to reduced board and legal fees[136] - Research and development expenses increased to approximately $3,165 in Q3 2025 from $2,063 in Q3 2024, attributed to product and manufacturing development costs for the Glucotrack CBGM[137] - Research and development expenses increased to approximately $8,186 for the nine-month period ended September 30, 2025, compared to approximately $7,800 for the prior-year period, driven by costs related to the Glucotrack CBGM Product development[144] - Marketing expenses rose to approximately $430 for the nine-month period ended September 30, 2025, up from $295 in the prior-year period, primarily due to increased market research fees[145] Financing Activities - The company sold 206,300 shares at an average price of $18.24 per share in March 2025, generating net proceeds of $3,643[120] - A registered direct offering on February 4, 2025, resulted in the sale of 43,968 shares at $69.00 per share, yielding approximately $2,752 in net proceeds[123] - As of September 30, 2025, there was no remaining capacity available under the ATM Program after selling 414,785 shares at an average price of $10.74 per share[121] - The company anticipates requiring 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[152] Clinical Development - The company initiated a first-in-human clinical study in Q4 2024, which met all primary and secondary endpoints with a Mean Absolute Relative Difference (MARD) of 7.7% across 122 matched pairs[111] - The company plans to file a pre-investigational device exemption (IDE) submission to the FDA in Spring 2026 for future long-term human clinical trials[113] - The company is committed to advancing its clinical program and intends to implement protocol amendments and product enhancements for the CBGM[112] Other Financial Metrics - Other income increased to $44 for the nine-month period ended September 30, 2025, compared to $12 for the prior-year period[147] - Financing income, net was approximately $68 for the nine-month period ended September 30, 2025, a significant improvement from financing expenses of approximately $1,822 in the prior-year period[148] - The change in derivative liability for the nine-month period ended September 30, 2025, was $3,269, primarily due to adjustments of the estimated fair value of exchanged and repurchased warrants[146] - The company does not have any off-balance sheet agreements[155] Stock Activity - A reverse stock split of 1-for-20 was implemented on February 3, 2025, followed by a 1-for-60 reverse stock split on June 13, 2025[115][117]