Thu, Oct 10, 8:17 PM (22 days ago)
Burzynski Research Institute, Inc. (BZYR) reported a net loss of $370,000 for Q3 2024, up from $252,000 in Q3 2023, driven by increased research and administrative expenses. Research expenditures rose by 29% to $277,000, attributed to higher personnel and facility costs, while general and administrative costs surged 144% to $93,000, mainly due to patent-related expenses. For the six months ending August 31, 2024, losses totaled $741,000 compared to $540,000 in the prior year, reflecting similar trends in operating expenses. Cash and cash equivalents decreased to $1,216,000 from $1,310,000, with total liabilities increasing significantly to $89,250,000, primarily from accounts payable. The company remains heavily dependent on funding from Dr. S.R. Burzynski, its founder, for ongoing operations, including clinical trials, which are currently on clinical hold by the FDA. Future operations face uncertainty due to regulatory challenges and the need for additional capital to support ongoing research and development. The company anticipates spending approximately $600,000 in the next two quarters, underscoring the potential need for further financing if funding from Dr. Burzynski is not sustained.