Wed, May 15, 10:10 AM (72 days ago)
Oncotelic Therapeutics, Inc. (OTLC) provided its quarterly financial results for the period ending March 31, 2024. The company reported a net loss of approximately $475,000, an improvement compared to a net loss of $606,000 in the same period in 2023. Operating expenses decreased significantly, with R&D expenses dropping to $480 from $65,916 and G&A expenses reducing to $166,742 from $198,200. Interest expense also decreased to $234,709 from $394,278. The company's cash position slightly improved to $209,000 from $190,000 at year-end 2023, but it continues to face a substantial working capital deficit of $16.3 million. The company raised $250,000 through short-term loans from related parties during the quarter. Notably, Oncotelic is shifting its cost burden to its joint venture with GMP Bio, which is expected to cover a majority of future R&D and G&A expenses. Oncotelic continues to develop its portfolio, including OT-101 for cancer and COVID-19, and new initiatives like Pet2DAO. The company plans to raise additional capital through equity and debt financing to sustain operations and advance its pipeline.