Mon, Aug 19, 7:14 PM (148 days ago)
For the quarter ending June 30, 2024, Cell Source, Inc. reported a net loss of approximately $1,488,788, representing a 20% increase from the prior year. Total operating expenses rose to $1,193,679, driven by a 129% increase in research and development costs, reflecting significant milestones achieved in patient enrollment. Conversely, general and administrative expenses decreased by 31% due to reduced legal and consulting fees. The company experienced a working capital deficiency of $17,319,501 and an accumulated deficit of $44,431,582, raising substantial doubt about its ability to continue as a going concern. Notably, past due notes payable totaled $1,831,000, with ongoing negotiations to extend maturity dates or convert debt into equity. Cash flow from operating activities was negative at approximately $1,297,000, though financing activities generated $1,365,172, primarily from issuing Series B convertible preferred stock. The company’s cash position improved to $90,549 from $22,203 at the beginning of the period. Future operations may be impacted by ongoing capital raising efforts amid significant uncertainties, including geopolitical risks affecting operations in Israel.