Wed, May 15, 8:09 PM (253 days ago)
Cyclo Therapeutics, Inc. reported a net loss of approximately $4.3 million for Q1 2024, compared to a net loss of $5 million for Q1 2023. Revenue increased by 33% to $202,000, primarily driven by a 131% rise in sales of Trappsol® HPB. Despite the revenue increase, the company continues to incur significant expenses, with research and development costs at $2.8 million and personnel expenses at $822,000. Cash used in operations was $6.2 million, and the company’s cash balance decreased to $3 million from $9.2 million at the end of 2023. Cyclo Therapeutics highlighted the need for additional capital to support ongoing clinical trials and operational expenses, raising concerns about their ability to continue as a going concern.