Mon, May 20, 9:17 PM (154 days ago)
NexImmune, Inc. (NEXI) reported its financial results for the quarter ended March 31, 2024. Key points include: 1. **Financial Performance**: - Net loss for Q1 2024 was $3.1 million, a significant improvement from the $9.6 million loss in Q1 2023. - Research and development expenses decreased to $0.7 million from $6.1 million, primarily due to reduced clinical trial and manufacturing costs. - General and administrative expenses dropped to $2.0 million from $3.7 million, mainly due to lower payroll and insurance costs. 2. **Balance Sheet**: - Cash and cash equivalents stood at $4.5 million, up from $3.2 million at year-end 2023. - Total assets increased slightly to $9.0 million from $8.6 million. 3. **Liquidity**: - The company raised $3.7 million through a registered direct offering in February 2024. - Management expressed concerns about the company's ability to continue as a going concern beyond Q2 2024 without additional funding. 4. **Operational Changes**: - The company paused clinical development of its AIM Adoptive Cell Therapy programs to focus on preclinical development of its AIM INJ platform. - A significant reduction in workforce was implemented in November 2023 to cut costs. 5. **Market Risks**: - NexImmune faces uncertainties related to its ability to raise additional capital and maintain its Nasdaq listing. Overall, NexImmune is focusing on cost reduction and strategic shifts in its development programs while seeking additional funding to sustain operations.