Thu, Nov 14, 11:28 AM (19 days ago)
LadRx Corporation (LADRX) reported significant financial challenges for the third quarter of 2024, ending September 30, with a net loss of $824,540 compared to a loss of $815,989 in Q3 2023. Revenue remained nonexistent, as the company has no ongoing licensing agreements after transferring rights to arimoclomol and aldoxorubicin to XOMA. Total liabilities soared to $1.83 million, while cash and equivalents plummeted to $57,256 from $2.07 million at the end of 2023. The firm’s stockholders' equity showed a deficit of $1.75 million. Cash flow from operations was negative at $2.01 million, largely due to increased expenses in research and development and general administrative costs, which totaled $628,543 and $2.33 million, respectively. The company anticipates a $1 million milestone payment upon the expected commercial launch of arimoclomol in late 2024, but there are uncertainties regarding future financing and operational viability as they lack recurring revenue. Management expressed substantial doubt about the company's ability to continue as a going concern without additional funding.