10-Q - Greenwich LifeSciences, Inc. (0001799788) (Filer)

Mon, May 20, 8:36 PM (56 days ago)

Greenwich LifeSciences, Inc. reported a net loss of $2.5 million for Q1 2024, up from $2.1 million in Q1 2023, primarily due to increased research and development expenses. As of March 31, 2024, the company had $5.5 million in cash, down from $7 million at the end of 2023. The decline in cash is attributed to operating activities, which used $1.8 million in Q1 2024. The company completed an At The Market (ATM) offering, raising net proceeds of $299,116. Greenwich LifeSciences continues to focus on its Phase III clinical trial, Flamingo-01, for its breast cancer immunotherapy, GLSI-100. The company has not generated revenue and expects to incur further losses as it advances its clinical trials and expands operations. The financial statements raise substantial doubt about the company’s ability to continue as a going concern, highlighting the necessity for additional capital.