Wed, Nov 20, 10:01 PM (58 days ago)
TFF Pharmaceuticals, Inc. (NASDAQ: TFFP) reported significant financial challenges in its quarterly results for the period ending September 30, 2024. The company generated total revenues of $193.4K, down 18% from $234.8K in the previous year, driven by a notable decline in feasibility revenues. Operating expenses also decreased to $3.8 million from $4.7 million, reflecting cost-cutting measures amid a strategic review. The net loss narrowed to $3.5 million from $4.4 million year-over-year. As of September 30, 2024, TFFP held $2.6 million in cash, a stark reduction from $5.5 million at the end of 2023, indicating liquidity concerns. The company announced a plan for dissolution and liquidation on November 14, 2024, subject to shareholder approval, as it seeks to wind down operations following a substantial workforce reduction. The board anticipates significant one-time charges related to severance costs. Given the current liabilities exceeding available cash, the outlook for shareholder distributions appears bleak, emphasizing the urgency for stakeholders to evaluate the implications of the planned dissolution.