10-Q - NKGen Biotech, Inc. (0001845459) (Filer)

Thu, Sep 12, 9:17 PM (100 days ago)

NKGen Biotech, Inc.'s Q2 2024 report highlights ongoing financial challenges, reporting a net loss of $16.1 million, a 105% increase from the previous year. Total expenses rose 13% to $7.5 million, driven by a 71% increase in general and administrative costs, largely due to higher professional fees and insurance costs associated with being a public company. Research and development expenses decreased by 24% to $3.1 million as the focus shifted to Alzheimer’s and Parkinson’s disease trials. The company had cash and cash equivalents of $0.1 million and a working capital deficit of $50.2 million as of June 30, 2024. The accumulated deficit reached $183.6 million. NKGen's future operations hinge on securing additional funding to support clinical trials and operations, as it has expressed substantial doubt about its ability to continue as a going concern. The report underscores a reliance on equity and debt financing, with significant transaction expenses from a recent business combination impacting liquidity. The company is actively pursuing various financing options to stabilize its financial position.