Tue, Nov 19, 10:27 PM (231 days ago)
**Oncotelic Therapeutics, Inc. (OTLC) - Q3 2024 Summary** For the quarter ending September 30, 2024, Oncotelic reported no service revenue compared to $70,000 in Q3 2023. The company incurred a significant net loss of approximately $3.4 million, largely attributed to a $3.2 million goodwill impairment, reflecting a decline in market capitalization and adverse economic conditions affecting the biotech sector. Operating expenses totaled $3.3 million, down from $6.6 million in the prior year, primarily due to reduced R&D costs as the joint venture (JV) with GMP Bio absorbed most operational expenses. General and administrative expenses increased to $80,277 from $34,301, driven by higher legal and professional fees. Cash and restricted cash stood at $169,018, with working capital deficits of $16.1 million. The company continues to face liquidity challenges, with negative cash flows from operations of $636,387. Future operations may depend on securing additional funding, as Oncotelic plans to continue clinical trials and develop its product pipeline, including OT-101. The company’s ability to continue as a going concern remains uncertain, given its history of losses and reliance on external financing.