Mon, Aug 19, 9:21 PM (148 days ago)
In its quarterly report for the period ending June 30, 2024, ANEW Medical, Inc. reported significant financial challenges post-merger with Redwoods Acquisition Corp. The company had no revenue during the quarter, consistent with the previous year, and incurred a net loss of $451,639, up 71% year-over-year. Total operating expenses surged to $395,607, primarily due to increased professional fees related to the merger. The company’s cash position improved to $845,336 from $2,808 at the start of the year, largely due to financing activities that generated $1,895,424. However, cash used in operations increased dramatically by 250%, reflecting ongoing operational losses and expenses from the merger. Total liabilities rose sharply to $4,860,785, influenced by the assumption of convertible promissory notes and a warrant liability. ANEW continues to face uncertainties regarding its ability to sustain operations without additional funding, as it has accumulated a deficit of approximately $5.5 million. The company’s going concern status raises questions about its future viability unless it secures further capital.