Wed, May 15, 9:06 PM (305 days ago)
MyMD Pharmaceuticals, Inc. reported significant financial changes for the quarter ended March 31, 2024. The company’s cash decreased to $225,655 from $2,681,010 at the end of 2023, and marketable securities fell to $1,509,358 from $2,242,106. Total assets decreased from $17,862,270 to $14,493,615. Current liabilities dropped to $3,973,023 from $4,988,089, mainly due to reductions in warrant and derivative liabilities. Non-current liabilities increased to $279,615. Shareholders' equity fell to $9,937,592 from $12,369,572, driven by a net loss of $9,800,041, compared to $1,511,732 in the prior quarter. The loss was primarily due to a $7,094,000 loss on changes in the fair value of warrant liabilities. The company faces substantial doubt about its ability to continue as a going concern and is exploring financing options. The report also noted a 1-for-30 reverse stock split and ongoing clinical trials for MYMD-1 and Supera-CBD.