Financial Performance - For the three months ended September 30, 2025, ONCONETIX, INC. reported revenue of $303,651, a decrease of 25.4% compared to $406,859 for the same period in 2024[16] - The gross profit for the three months ended September 30, 2025, was $268,894, significantly higher than the gross profit of $105,414 in the same period of 2024[16] - The net loss for the three months ended September 30, 2025, was $8,783,702, compared to a net loss of $3,827,405 for the same period in 2024, reflecting an increase in losses[16] - For the nine months ended September 30, 2025, the net loss was $19.7 million, a decrease from a net loss of $29.3 million for the same period in 2024, representing a 32.5% improvement[24] - The company reported a net cash used in operating activities of $6.6 million for the nine months ended September 30, 2025, compared to $9.6 million for the same period in 2024, indicating a 31.5% reduction in cash outflow[24] Assets and Liabilities - Total current assets increased to $1,302,026 as of September 30, 2025, from $950,267 as of December 31, 2024, representing a growth of 37%[14] - Total liabilities decreased to $16,303,023 as of September 30, 2025, from $18,571,008 as of December 31, 2024, indicating a reduction of approximately 12.2%[14] - The total stockholders' equity decreased to $3,374,121 as of September 30, 2025, from $8,542,627 as of December 31, 2024, reflecting a decline of 60.5%[14] - The accumulated deficit increased to $136,884,245 as of September 30, 2025, from $115,683,621 as of December 31, 2024, showing a rise of 18.3%[14] Stock and Equity Transactions - The weighted average number of common shares outstanding for the three months ended September 30, 2025, was 1,405,469, compared to 15,366 for the same period in 2024[16] - The company issued 765,029 shares in connection with the exercise of preferred investment options[19] - The Company raised approximately $12.9 million from the Series D PIPE Financing, resulting in net cash proceeds of $9.3 million[157] - The Series D Preferred Stock was classified as permanent equity and recorded at par value, while the Series D Warrants were classified as liability-classified instruments[160] Impairments and Losses - The company incurred a loss on impairment of goodwill amounting to $11.5 million for the nine months ended September 30, 2025, compared to $15.5 million in the prior year[24] - The Company recorded an intangible asset impairment charge of approximately $3.5 million during the nine months ended September 30, 2024, due to competitive pressures[71] - The Company recognized a loss on extinguishment of $5,384,719 related to the debt extinguishment transaction during the three and nine months ended September 30, 2025[159] Revenue Sources - The company generated 100% of its other revenue from the European Union during the three months ended September 30, 2025[59] - For the nine months ended September 30, 2025, product sales accounted for 93% of total revenue, with the remaining 7% from the European Union[59] - Customer A accounted for 100% of development services revenue for the three months ended September 30, 2025[61] Financing and Debt - The Company entered into an ELOC Purchase Agreement allowing for the sale of up to $25 million in common stock, with 30% of gross proceeds allocated to redeem Series C Preferred Stock[169] - The Company issued a non-convertible debenture of $5.0 million to a related party with an interest rate of 4.0% per annum[115] - The Company recognized approximately $0.3 million and $0.8 million of interest expense for the three and nine months ended September 30, 2025, respectively[111] Future Outlook and Concerns - Management plans to generate product revenue from Proclarix sales, which is still subject to further development and commercialization[40] - The company continues to face substantial doubt about its ability to continue as a going concern within one year from the issuance of the financial statements[41]
Blue Water Biotech(BWV) - 2025 Q3 - Quarterly Report