Greenwich LifeSciences(GLSI) - 2022 Q2 - Quarterly Report

Financial Performance - The company reported net losses of approximately $4.6 million and $1.9 million for the years ended December 31, 2021 and 2020, respectively, and $2.7 million and $1.3 million for the six months ended June 30, 2022 and 2021, respectively [40]. - The increase in net losses for the six months ended June 30, 2022, was primarily due to increased cash compensation, clinical, and manufacturing expenses [48]. Research and Development - Research and development expenses increased by $1,455,560, or 174%, to $2,294,071 for the six months ended June 30, 2022, compared to $838,511 for the same period in 2021 [44]. - The company commenced the Flamingo-01 Phase III clinical trial to evaluate the safety and efficacy of GLSI-100 in HER2/neu positive patients [39]. - The combination of GP2 + GM-CSF (GLSI-100) showed no recurrences in patients treated in a Phase IIb clinical trial after a median follow-up of 5 years [38]. Operating Expenses - General and administrative expenses decreased by $47,101, or 9%, to $468,439 for the six months ended June 30, 2022, from $515,540 for the same period in 2021 [45]. - Net cash used in operating activities was $2,480,163 for the six months ended June 30, 2022, compared to $1,132,589 for the same period in 2021 [49]. Cash Position and Funding - As of June 30, 2022, the company's cash totaled $17,187,890, down from $27,204,269 as of December 31, 2021 [47]. - The company expects to require additional capital to meet long-term operating requirements and plans to raise funds through equity and/or debt securities [47]. - The company has not generated any revenue to date and expects to continue incurring significant expenses as it develops its pipeline and prepares for commercialization [41].