Tue, Oct 22, 7:02 PM (72 days ago)
Nexien BioPharma, Inc. (NXEN) reported a net loss of $239,113 for the fiscal year ending June 30, 2024, a decrease from $361,902 in the prior year, primarily due to reduced stock-based compensation. The company's total operating expenses for 2024 were $155,663, down from $282,608 in 2023, reflecting a significant cut in general and administrative costs. The firm has not generated revenues since its inception, with accumulated losses reaching $11,534,473. As of June 30, 2024, Nexien had a working capital deficit of $361,249 and cash reserves of only $4,183, raising substantial doubt about its ability to continue operations without additional funding. Strategically, Nexien is focused on developing FDA-compliant cannabinoid pharmaceuticals but has halted R&D due to funding constraints. The company is actively seeking business combination opportunities. Risks include reliance on third-party research, regulatory hurdles, and market competition. The stock remains thinly traded, with significant insider ownership, which may affect liquidity and control. The company plans to enhance its internal controls and address its going concern status as it seeks to secure additional capital to sustain operations.