Tue, Nov 19, 9:01 PM (90 days ago)
Mosaic ImmunoEngineering, Inc. (ticker: CPMV) reported significant financial challenges in its Q3 2024 results. As of September 30, 2024, the company had cash and equivalents of $5.736 million, down from $156.178 million at the end of 2023, with current liabilities totaling $5.301 million. The company continues to incur substantial losses, reporting a net loss of $186.730 million for Q3 2024, compared to $333.246 million in Q3 2023. Operating expenses decreased, primarily due to reduced R&D and administrative costs, but the company anticipates future increases if it can secure additional funding. Mosaic is exploring a potential acquisition of technology from Oncotelic Therapeutics, which could lead to significant dilution for existing shareholders. The company has raised $70,000 from Oncotelic under a convertible note agreement but faces uncertainties in raising sufficient capital to sustain operations, with substantial doubt regarding its ability to continue as a going concern. The ongoing need for additional funding and the risks associated with its operational strategy and market conditions could adversely impact future performance and viability.