Financial Performance - The net loss for Q1 2024 was $206,699, a significant improvement of $1,505,085 or 87.9% compared to a net loss of $1,711,784 in Q1 2023[156]. - Total operating expenses decreased by approximately 42.1% to $1,691,494 for the three months ended March 31, 2024, compared to $2,921,941 for the same period in 2023[157]. - Net loss decreased to $206,699 for the three months ended March 31, 2024, compared to a loss of $1,711,784 for the same period in 2023[162]. Expenses - Research and development expenses for Q1 2024 were $609,249, a decrease of $268,468 or 30.6% compared to $877,717 in Q1 2023[156]. - General and administrative expenses for Q1 2024 were $1,082,245, down by $961,979 or 47.1% from $2,044,224 in Q1 2023[156]. - Total operating expenses decreased by approximately 42.1% to $1,691,494 for the three months ended March 31, 2024, compared to $2,921,941 for the same period in 2023[157]. - Research and development expenses decreased by approximately 30.6% to $609,249 for the three months ended March 31, 2024, compared to $877,717 for the same period in 2023[158]. - General and administrative expenses decreased by approximately 47.1% to $1,082,244 for the three months ended March 31, 2024, compared to $2,044,224 for the same period in 2023[160]. Income and Other Financial Metrics - Other income for Q1 2024 increased to $1,484,795, representing a rise of $274,638 or 22.7% compared to $1,210,157 in Q1 2023[156]. - Other income increased to $1,484,795 for the three months ended March 31, 2024, compared to $1,210,157 for the same period in 2023, primarily due to increased interest income[161]. Cash Flow and Working Capital - Working capital decreased to $22,528,628 as of March 31, 2024, from $26,256,291 as of December 31, 2023, a decrease of $3,727,663[164]. - Cash used in operating activities increased to $1,831,541 for the three months ended March 31, 2024, compared to $1,695,812 for the same period in 2023[169]. - Cash used in investing activities was $500,000 for the three months ended March 31, 2024, compared to $2,038 for the same period in 2023[170]. - Current cash and cash equivalents of approximately $25.9 million are expected to support projected operating requirements for at least the next 12 months[165]. Clinical Studies and Collaborations - The total estimated budget for the Phase 2 clinical study of Bryostatin-1 is approximately $11.0 million, with a net budgeted cost of $8.3 million after a $2.7 million NIH grant[148]. - Cumulative expenses associated with the collaboration with Cleveland Clinic for MS treatment as of March 31, 2024, amounted to approximately $375,000[155]. - The company has incurred approximately $1.6 million in cumulative expenses for the 2022 Study as of March 31, 2024[151]. - The Phase 2 study of Bryostatin-1 in moderate to severe Alzheimer's disease did not achieve statistical significance on the primary endpoint[149]. Funding and Future Requirements - Additional capital will be required to initiate and complete potential clinical trials for AD and obtain regulatory approval, with uncertainty regarding the availability of such funding[166]. - As of March 31, 2024, the company has accrued a liability for installment payments owed to investors totaling $6,015,115[147]. - The company redeemed $3,000,000 of Series B Preferred Stock during Q1 2024, issuing 106,126 shares of Common Stock[146].
Synaptogenix(SNPX) - 2024 Q1 - Quarterly Report