Wed, Sep 11, 8:32 PM (100 days ago)
For the quarter ended July 31, 2024, Alzamend Neuro, Inc. reported a significant reduction in operating expenses, totaling $962,405, down 73% from $3.5 million in the same period last year. This decrease was primarily driven by a substantial drop in research and development costs, which fell 91% to $206,571, reflecting minimal clinical trial activity. The company incurred a net loss of $974,411, a notable improvement compared to a loss of $3.5 million in the prior year. Cash flow from operating activities was negative at $1.1 million, but financing activities provided $2 million from the issuance of Series A Convertible Preferred Stock, resulting in a net cash increase of $817,902. As of the reporting date, Alzamend held cash of $1.2 million and reported a working capital deficiency of $1.5 million, raising concerns about its ability to continue operations without additional funding. The company has not generated revenue and continues to rely on equity and debt financing to support its clinical development efforts. Future operations remain contingent on successful fundraising and clinical trial advancements, highlighting ongoing uncertainties in its financial outlook.