Tue, Mar 4, 11:35 AM (53 days ago)
**Summary of NKGen Biotech, Inc. (NKGN) Q3 2024 Financial Results** NKGen Biotech, Inc. reported a net income of $6.6 million for Q3 2024, a significant improvement from a net loss of $33.2 million in Q3 2023. Revenue remains non-existent as the company is still in the clinical trial phase for its product candidates, including SNK01 for Alzheimer's disease (AD) and SNK02 for solid tumors. Research and development expenses decreased by 29% to $2.8 million, while general and administrative expenses rose by 35% to $4.0 million, reflecting increased operational costs associated with being a public company. The company reported a total cash position of $0.3 million, with a working capital deficit of approximately $36.2 million, raising substantial doubt about its ability to continue as a going concern. NKGen's accumulated deficit reached $177 million as of September 30, 2024. The management emphasized the need for immediate capital to sustain operations, highlighting potential risks in securing future financing. NKGen aims to advance its clinical trials and is actively seeking additional funding through equity and debt financing, amid ongoing uncertainties in market conditions and operational challenges.