Wed, Aug 14, 9:27 PM (153 days ago)
CNS Pharmaceuticals, Inc. reported a net loss of $2,531,000 for Q2 2024, a significant decrease from $4,021,000 in Q2 2023, driven by reduced research and development expenses related to its Phase II trial of Berubicin. Total operating expenses fell to $2,528,000 from $4,025,000 year-over-year. The company’s cash position improved, with cash and equivalents rising to $1,491,559 from $548,721 at year-end 2023, bolstered by financing activities that generated $5.8 million. However, a working capital deficit of $4,617,000 persists. CNS Pharmaceuticals faces ongoing liquidity challenges, needing to raise additional capital to support operations and maintain compliance with Nasdaq listing requirements. The company’s stock underwent a reverse split in June 2024 to address compliance issues. Management anticipates that current funds will sustain operations through Q1 2025, with pivotal trial results expected in H1 2025. Future funding strategies include equity offerings and potential collaborations.