Fri, May 31, 5:55 PM (289 days ago)
Nutriband Inc.'s Q1 2024 financials show significant changes and developments. The company reported a net loss of $1,898,077, compared to a loss of $1,015,229 in Q1 2023, primarily due to increased research and development (R&D) expenses, which rose from $400,430 to $974,535. Revenue decreased slightly to $408,532 from $476,932, with costs of revenue also decreasing marginally. Selling, general, and administrative expenses increased to $1,079,728 from $839,732, driven by higher legal, accounting, and non-cash compensation costs. Key developments include an $8.4 million equity financing, of which $7.12 million is from related parties, and a $300,000 draw from a related party credit line. Cash and cash equivalents rose to $8,347,740, significantly improving working capital. The company continues to focus on developing its Aversa Fentanyl product, with substantial investments in R&D and strategic agreements to support FDA approval and future commercialization. Management believes the company has sufficient funds to support operations for the next 12 months.