Wed, Mar 5, 9:24 PM (46 days ago)
Marizyme, Inc. (MRZM) reported a net loss of approximately $1.96 million for Q3 2024, a significant decrease from $26.5 million in Q3 2023, reflecting a halt in revenue generation due to financial constraints. Revenue for the nine months ended September 30, 2024, was $32.9 million, down from $495.2 million in the prior year, primarily due to production disruptions. Operating expenses decreased by 64% to $4.34 million, driven by reduced professional fees and R&D costs. The company’s accumulated deficit reached $170.3 million, with negative working capital of $29.1 million and only $63.7 thousand in cash, raising substantial doubt about its ability to continue as a going concern. Marizyme has secured funding from Qualigen Therapeutics and plans to commercialize its DuraGraft product, although uncertainties regarding future operations and financing persist. The company faces challenges including ongoing operating losses, reliance on external funding, and the need to generate significant revenues to achieve profitability. The report also highlighted material weaknesses in internal controls, necessitating improvements to financial reporting processes.