Tue, Sep 3, 9:13 PM (133 days ago)
Nutriband Inc. reported its financial results for the quarter ending July 31, 2024, showing a decline in revenue to $442,830 from $655,928 in the same period last year. The company incurred a net loss of $1,705,465, up from $829,173, primarily driven by increased research and development expenses related to its Aversa fentanyl product, which reached $773,975. Total operating expenses surged to $1,852,572 from $1,480,116, reflecting a rise in selling, general, and administrative costs. Cash and cash equivalents improved significantly to $6,759,967 from $492,942, bolstered by an $8.4 million equity financing. The company's working capital also rose to $6,144,483, indicating enhanced liquidity. Despite these improvements, the ongoing operational losses raise concerns about the company's sustainability. Management believes it can fund operations for the next year, but uncertainties remain regarding FDA approvals and future revenue generation. The financial health reflects a reliance on external financing and the need for successful product development to achieve profitability.