Mon, Oct 21, 11:33 AM (73 days ago)
For the quarter ending June 30, 2024, Entero Therapeutics, Inc. (ENTO) reported significant financial challenges, including a net loss of approximately $8.8 million, a 110% increase from the previous year. Operating expenses totaled $3.4 million, with research and development costs dropping to $0.22 million, a reduction of 84% due to paused clinical trials. General and administrative expenses rose to $3.2 million, reflecting increased share-based compensation. The company's total assets surged to $86.3 million following the acquisition of ImmunogenX, but liabilities also increased significantly, leading to concerns about liquidity. Cash and equivalents stood at $0.66 million, with substantial doubt expressed regarding the ability to continue as a going concern beyond November 2024 without additional funding. The firm is exploring strategic alternatives, including potential sales or mergers, while managing ongoing risks related to market conditions and regulatory compliance. The recent merger has added complexity to operations, particularly with the planned divestiture of IMGX assets. Overall, the financial outlook remains uncertain, driven by the need for capital and the impact of operational pauses.