Greenwich LifeSciences(GLSI) - 2023 Q3 - Quarterly Report

Financial Performance - The company reported net losses of approximately $6.1 million for the nine months ended September 30, 2023, compared to $5.0 million for the same period in 2022, reflecting an increase in clinical expenses [39]. - The company has not generated any revenue to date and expects to continue incurring significant expenses as it develops its drug pipeline [39]. - The company incurred net cash used in operating activities of $4.32 million for the nine months ended September 30, 2023, compared to $4.03 million for the same period in 2022 [48]. - The company has a cumulative net loss from operations since its inception in 2006 and will continue to incur net losses for the foreseeable future [45]. Research and Development - Research and development expenses increased by $1.35 million, or 34%, to $5.37 million for the nine months ended September 30, 2023, primarily due to increased clinical expenses [43]. - Research and development expenses increased by $434,674, or 25%, to $2.16 million for the three months ended September 30, 2023, compared to $1.72 million for the same period in 2022 [41]. - The company is conducting a Phase III clinical trial, Flamingo-01, to evaluate the safety and efficacy of GLSI-100 in HER2/neu positive patients [38]. Cash Position and Funding - As of September 30, 2023, the company's cash totaled $9.14 million, down from $13.47 million as of December 31, 2022 [46]. - The company expects to require additional capital to meet long-term operating requirements and plans to raise funds through equity and/or debt securities [46]. General and Administrative Expenses - General and administrative expenses decreased by $1,815 to $1.13 million for the nine months ended September 30, 2023, from $1.13 million for the same period in 2022 [44].