Wed, May 15, 12:59 PM (72 days ago)
Alaunos Therapeutics, Inc. reported a net loss of $1.7 million for Q1 2024, compared to a $10 million loss in Q1 2023. The company's cash and cash equivalents decreased to $4.1 million from $6.1 million at the end of 2023. Operating expenses significantly declined due to the wind-down of clinical activities and workforce reductions. Research and development expenses dropped by 98%, and general and administrative expenses decreased by 49%. The company is exploring strategic alternatives, including potential mergers or acquisitions, and has engaged Cantor Fitzgerald & Co. as a strategic advisor. Alaunos received a delisting determination from Nasdaq but regained compliance following a reverse stock split. The company faces significant risks, including uncertainties around strategic transactions, potential delisting, and the need for additional capital to continue operations beyond Q3 2024.