Mon, Jul 1, 9:31 PM (112 days ago)
Nacent Biotech Inc. reported for the fiscal year ended March 31, 2024. Key financial highlights include: - **Revenue**: The company recorded no revenue for the fiscal years ended March 31, 2024, and 2023. - **Net Income**: The net loss for the year ended March 31, 2024, was $2,087,682, an improvement from the net loss of $2,800,969 in 2023. - **Operating Expenses**: The operating expenses for the year were $2,229,879, slightly up from $2,155,757 in 2023 due to higher product manufacturing and vialing costs. - **Other Income/Expenses**: Other income for the year was $142,197, compared to an expense of $645,212 in 2023, primarily due to a gain in the change in fair value of derivative liabilities. - **Cash Position**: As of March 31, 2024, the company had cash of $372,120, up from $172,186 in 2023. - **Working Capital**: The company had a negative working capital of $256,674, an improvement from a negative working capital of $1,296,137 in 2023. - **Future Outlook**: The company plans to commence Phase II clinical trials in Q4 2024 and continues to seek additional financing to support its operations. The report also highlights the company's ongoing need for additional financing to sustain operations and continue its clinical trials, with a noted improvement in financial condition and a strategic focus on advancing its primary asset, Pritumumab.