Fri, Aug 30, 9:15 PM (137 days ago)
GB Sciences, Inc. reported a net loss of $1,361,677 for the fiscal year ended March 31, 2024, a decrease from the prior year's loss of $4,125,194. Operating expenses were reduced to $1,420,509 from $1,672,281, primarily due to lower executive compensation and decreased research activities. The company's total liabilities increased to $5,417,557, with significant notes and convertible notes payable. The company focuses on developing cannabis- and plant-inspired therapies, currently advancing five drug candidates through preclinical trials, notably for Parkinson’s disease, chronic pain, and anxiety. The market for Parkinson’s treatments is projected to reach $12.8 billion by 2028. GB Sciences holds eight U.S. and twelve foreign patents, with additional patents pending, reflecting a robust intellectual property strategy. However, the company faces significant liquidity challenges, necessitating further capital to sustain operations and pursue clinical trials. The management's assessment raises substantial doubt about the company's ability to continue as a going concern, highlighting the need for immediate financing solutions. Overall, GB Sciences is navigating a complex environment of regulatory challenges, competitive pressures, and the need for strategic partnerships while striving to capitalize on its innovative drug discovery platform, PhAROS™.