Wed, Aug 14, 8:36 PM (153 days ago)
For the quarter ended June 30, 2024, Greenwich LifeSciences, Inc. reported a net loss of $2.6 million, increasing from $1.6 million in Q2 2023, primarily due to higher research and development expenses, which rose 67% to $2.3 million. Total operating expenses increased to $2.7 million from $1.7 million year-over-year. The company has yet to generate revenue as it focuses on its Phase III clinical trial, Flamingo-01, for its breast cancer immunotherapy, GLSI-100. Cash reserves at the end of the quarter stood at $7.2 million, up from $7.0 million at the end of 2023, supported by equity sales, including a private placement that raised nearly $2.5 million. However, the accumulated deficit increased to $55.4 million. The company continues to face uncertainties regarding future financing and operational expenditures, anticipating significant ongoing losses as it develops its product pipeline. The liquidity position is expected to sustain operations for the next 12 months, but additional capital will be necessary for future growth. Management has identified material weaknesses in internal controls, which they are working to remediate.