Tue, Sep 17, 10:03 AM (95 days ago)
For the quarter ending July 31, 2024, PharmaCyte Biotech, Inc. reported no revenue, consistent with the prior year. Operating expenses decreased to $1,268,887 from $2,075,326, primarily due to lower general and administrative costs. The company recorded a significant net income of $23,421,355, largely driven by other income, including a gain on a related party investment of $21,395,734. This contrasts sharply with a net loss of $3,183,297 in the same quarter last year. Cash and cash equivalents fell to $32.6 million from $50.2 million, driven by a $9.4 million redemption of preferred stock and a $7 million investment in TNF Pharmaceuticals. The company's liquidity position is projected to support operations for at least the next 12 months, although additional capital may be required for further projects. The company is currently addressing FDA requirements to lift a clinical hold on its IND for pancreatic cancer, which has delayed its development timeline. The ongoing review by its board has led to curtailed spending on development programs.