Wed, May 15, 10:47 AM (72 days ago)
Nexien BioPharma, Inc. reported a net loss of $53,163 for Q1 2024, a decrease from $79,853 in Q1 2023. The company had no revenue in both periods. Operating expenses dropped significantly to $15,947 from $69,375, mainly due to reduced general and administrative costs. Interest and amortization expenses rose to $37,216 from $10,478, reflecting increased convertible debt activities. Cash flow from operations was negative at $53,480, partially offset by $28,400 from financing activities. The company’s working capital deficit increased to $325,291 from $252,007 as of June 30, 2023. Nexien continues to face significant financial challenges, requiring substantial additional capital to sustain operations and progress its drug development programs. Management is seeking additional funding and exploring potential merger opportunities. The company’s auditors have raised substantial doubt about its ability to continue as a going concern.