Tue, Jun 11, 8:29 PM (88 days ago)
BioRestorative Therapies, Inc. reported its financial results for the quarter ended March 31, 2024. The company experienced a net loss of $2.2 million, a significant improvement from the $7.2 million loss in the same quarter of 2023. Revenues were modest at $35,000, primarily from royalties. Operating expenses decreased by 29%, driven by lower general and administrative costs, particularly a reduction in stock-based compensation. The company raised $7.5 million through a warrant exercise program, improving its cash position to $1.2 million and investments to $15.3 million. Despite the improved cash flow, the company continues to face liquidity challenges and will need additional funding to sustain operations and complete its clinical trials. The report also highlighted material weaknesses in internal controls, which management is actively addressing.