Financial Performance - Net losses for Q2 2023 were $4,636,455, compared to $3,451,990 in Q2 2022, representing a 34% increase in losses [111]. - Total revenues for Q2 2023 decreased by 78% to approximately $117,000, down from approximately $542,000 in Q2 2022 [112]. - Sales of Trappsol® Cyclo™ for Q2 2023 were approximately $58,000, a significant increase from $700 in Q2 2022 [112]. - Sales of Trappsol® HPB decreased by 84% in Q2 2023 to approximately $57,000 from approximately $357,000 in Q2 2022 [113]. - Cost of products sold for Q2 2023 decreased by 73% to approximately $20,000 from approximately $74,000 in Q2 2022 [117]. Research and Development - Research and development expenses increased by 69% to approximately $3,170,000 for Q2 2023, up from approximately $1,874,000 in Q2 2022 [121]. - Research and development expenses as a percentage of total operating expenses rose to 66% for the first half of 2023, compared to 42% in the same period of 2022 [121]. Expenses and Cash Flow - Personnel expenses decreased by 19% to approximately $785,000 for Q2 2023 from approximately $971,000 in Q2 2022 [120]. - Professional fees decreased by 36% to approximately $414,000 for Q2 2023, compared to approximately $650,000 in Q2 2022 [122]. - Cash decreased to $841,530 as of June 30, 2023, compared to $1,543,418 as of December 31, 2022 [125]. - Cash used in operations was approximately $7,849,000 for the six months ended June 30, 2023, compared to approximately $9,186,000 for the same period in 2022 [125]. Working Capital and Financing - Negative working capital was approximately $1,550,000 as of June 30, 2023, compared to positive working capital of approximately $678,000 at December 31, 2022 [125]. - The company will need to raise additional capital in the future to support ongoing operations and clinical trials [126]. - The ability to continue as a going concern is dependent upon the availability of equity financing [127]. Tax and Accounting - The company has approximately $42,395,000 in net state and federal operating loss carryforwards expiring from 2024 through 2037 [128]. - A 100% valuation allowance has been provided on the deferred tax asset based on expected future expenses related to clinical trials and development initiatives [128]. - There were no off-balance sheet arrangements as of June 30, 2023 [129]. - No significant changes to critical accounting policies occurred during the quarter ended June 30, 2023 [132].
Cyclo Therapeutics(CYTH) - 2023 Q2 - Quarterly Report