Thu, Nov 14, 9:32 PM (29 days ago)
Greenwich LifeSciences, Inc. (GLSI) reported a net loss of $2.67 million for Q3 2024, an increase from $2.39 million in Q3 2023, primarily driven by rising research and development expenses, which grew 6% to $2.29 million. The company has not generated any revenue and continues to face significant operating losses, totaling approximately $7.75 million for the nine months ending September 30, 2024, compared to $6.15 million in the same period last year. As of September 30, 2024, cash reserves decreased to $5.82 million from $6.99 million at year-end 2023. Total liabilities increased significantly due to higher accounts payable and accrued interest, totaling $842,384. The company has engaged in capital-raising activities, including sales of common stock, which provided a net $1.75 million through an ATM agreement and $2.50 million from a private placement. Greenwich LifeSciences is focused on advancing its Phase III clinical trial for GLSI-100, an immunotherapy for breast cancer, but faces uncertainties regarding future funding and operational sustainability. The company remains classified as an emerging growth entity, relying on capital raises to support ongoing research and development efforts.