Wed, May 15, 10:49 AM (182 days ago)
LadRx Corporation's Q1 2024 financial report reveals a net income of $186,735, a significant improvement from a net loss of $1,074,498 in Q1 2023. This shift is primarily due to a $1 million milestone payment received from XOMA in February 2024. The company reported no revenue from licensing or grants, with general and administrative expenses decreasing to $802,000 from $1,080,000 in Q1 2023. Cash and cash equivalents stood at $2.1 million as of March 31, 2024. Despite the positive net income, LadRx continues to face substantial doubt about its ability to continue as a going concern, with sufficient cash to fund operations only until mid-2024. The company is actively seeking additional financing to support its operations and further development of its LADR™ technology.