Mon, Nov 18, 5:58 PM (58 days ago)
Nexien BioPharma, Inc. (NEXN) reported a net loss of $32,004 for Q3 2024, a significant reduction from a loss of $74,918 in Q3 2023, mainly due to lower operating expenses. Revenue remained at zero, with total operating expenses decreasing to $15,710 from $61,995, driven by reduced general and administrative costs. Cash and cash equivalents increased slightly to $4,953 from $4,183, while working capital deficit grew to $391,751. The company continues to face liquidity challenges, having halted R&D activities due to insufficient funds. It raised $2.1 million in equity and $166,750 in debt since inception but requires at least $50,000 to maintain operations through the fiscal year. Management is actively seeking additional capital and potential merger opportunities, as substantial doubt about its ability to continue as a going concern persists. The company holds convertible notes totaling $259,898, with ongoing interest expenses impacting cash flow. Overall, Nexien's financial health remains precarious, necessitating urgent funding to sustain its operations and drug development initiatives.