Tue, May 14, 8:51 PM (73 days ago)
Allarity Therapeutics, Inc. reported a net loss of $3.8 million for Q1 2024, a slight increase from the $3.4 million loss in Q1 2023. Operating expenses rose to $4.2 million from $3.7 million due to higher R&D costs, primarily in drug manufacturing and research studies. The company has a working capital deficit of $15.7 million and cash reserves of $312,000, indicating significant liquidity challenges. Key changes include a 1-for-20 reverse stock split and adjustments to the conversion prices of Series A Preferred Stock and warrants. Despite these measures, the company faces substantial doubt about its ability to continue as a going concern within the next year. Management plans to seek additional funding through equity, debt, or partnerships. The company also reported a termination notice from Novartis, requiring immediate payment of liabilities. Future operations are heavily dependent on securing additional capital to fund ongoing clinical trials and regulatory approval processes for its lead drug candidate, Stenoparib.