10-Q - Eterna Therapeutics Inc. (0000748592) (Filer)

Tue, May 14, 9:21 PM (13 days ago)

For the quarter ended March 31, 2024, Eterna Therapeutics Inc. reported a net loss of $6.6 million, an increase from the $5.4 million loss in the same period in 2023. Revenue was minimal at $47,000, derived from cell line customization activities, with associated costs leading to a gross loss. Operating expenses totaled $5.8 million, driven by research and development costs of $1.5 million and general administrative expenses of $4.3 million, the latter primarily due to occupancy costs from a new sublease. Cash decreased to $5.1 million from $7.6 million at year-end 2023, with $4.1 million restricted. The company faces liquidity challenges, with substantial doubt about its ability to continue as a going concern, necessitating additional capital raising efforts. Eterna defaulted on $2.3 million in rent payments, potentially triggering default on $18.5 million in convertible notes. Management is attempting to renegotiate lease terms to mitigate financial strain.