Mon, May 20, 2:14 PM (154 days ago)
AccuStem Sciences, Inc. reported a net loss of $526,602 for Q1 2024, an improvement from the $833,341 loss in Q1 2023. The company's cash position significantly decreased to $9,373 from $21,481 at the end of 2023, indicating a pressing need for additional financing to sustain operations. Operating expenses for the quarter were $526,602, down from $833,341 in the prior year, primarily due to reduced general and administrative costs. Research and development expenses increased slightly to $23,197. AccuStem's accumulated deficit reached $7,048,547 as of March 31, 2024. The company is actively seeking further equity financing to continue its research, development, and commercialization activities. Future operations are contingent on securing additional funding, as current cash resources are insufficient to support operations beyond May 2024. The financial statements reflect the company's ongoing challenges in achieving profitability and the need for strategic financing to advance its product pipeline.