Wed, Aug 14, 7:16 PM (153 days ago)
Mosaic ImmunoEngineering, Inc. reported significant financial challenges for the quarter ending June 30, 2024. The company had cash and cash equivalents of only $3.7K, down from $156.2K at the end of 2023, and an accumulated deficit of $8.5M. Current liabilities totaled $5.1M, raising substantial doubt about the company's ability to continue as a going concern without securing additional funding. For Q2 2024, operating expenses were $274.3K, a reduction from $352.5K in Q2 2023, primarily due to decreased research and development costs. The company reported a net loss of $293.7K, compared to a net income of $19.6K in the prior year. Cash used in operating activities was $207.4K, reflecting ongoing operational losses. Mosaic's future operations hinge on a potential acquisition deal with Oncotelic Therapeutics, which could lead to significant stock dilution and requires shareholder approval by December 31, 2024. The company’s reliance on third-party collaborations and its limited product pipeline pose additional risks as it seeks to navigate these financial uncertainties.