Wed, May 15, 9:34 PM (418 days ago)
ASP Isotopes Inc. reported a net loss of $6.95 million for Q1 2024, compared to a net loss of $3.62 million in Q1 2023. The company generated $840,354 in revenue from its subsidiary PET Labs Pharmaceuticals, which was acquired in October 2023. Operating expenses rose to $6.09 million, driven by increased selling, general, and administrative expenses, which included significant stock-based compensation and professional fees. Research and development costs were stable at around $215,000. The company issued $20.55 million in convertible notes payable in March 2024. Cash flow from operations was negative $2.97 million, reflecting ongoing development and operational costs. The company’s cash position improved to $23.89 million as of March 31, 2024, due to financing activities. The report underscores the need for additional capital to fund operations beyond the next 12 months.