Wed, Aug 14, 7:57 PM (153 days ago)
Nascient Biotech, Inc. reported a net loss of $377,390 for the quarter ended June 30, 2024, a decrease from a loss of $540,224 in the same period of 2023. The company continues to operate without revenue, focusing on the development of Pritumumab for brain and pancreatic cancers. Operating expenses totaled $375,662, down from $511,973 year-over-year, primarily due to reduced consulting and clinical trial costs. Cash reserves dwindled to $47,391 from $372,120, while total liabilities stood at $741,931, leading to a working capital deficit of $514,540. The company is seeking to raise $15-20 million for Phase II clinical trials, amid uncertainties regarding future financing. As of June 30, 2024, stockholders' deficit increased to $514,540 from $256,674, reflecting ongoing financial challenges. Overall, the company’s financial health remains precarious, requiring substantial external funding to continue operations and clinical development.