Wed, May 15, 8:11 PM (72 days ago)
For the quarter ended March 31, 2024, Notable Labs, Ltd. reported a net loss of $3.8 million, down from $6.3 million in the same period in 2023. The decrease in net loss is primarily attributed to reduced general and administrative expenses, which fell by $1.6 million due to lower legal and professional fees post-merger. Research and development expenses remained stable at $1.6 million. Revenue from services was minimal at $1,000. The company's cash and cash equivalents stood at $8.2 million, down from $11.8 million at the end of 2023, mainly due to operational expenditures. Current liabilities decreased slightly to $2.5 million, while shareholders' equity fell to $11.5 million from $15.1 million. The company faces substantial doubt about its ability to continue as a going concern within a year, highlighting the need for additional funding to support its operations and development activities for its clinical-stage candidates, Volasertib and Fosciclopirox. Future funding requirements will depend on various factors, including clinical trial progress and regulatory approvals.