Wed, May 15, 5:03 PM (166 days ago)
Oragenics, Inc.'s Form 10-Q for the quarter ended March 31, 2024, reports a net loss of $2,450,833, a decrease from the $2,844,837 loss in the same period in 2023. The company has shifted focus to developing ONP-002 for treating mild traumatic brain injury (mTBI). Research and development expenses decreased significantly to $663,414 from $1,672,576 year-over-year, primarily due to reduced COVID vaccine and lantibiotics program costs. General and administrative expenses rose by 43.8% to $1,796,689, driven by higher accounting, investor relations, and salary costs. Cash and cash equivalents fell to $2,071,989 from $3,483,501 at year-end 2023. The company raised $1.8 million through a public offering to fund ONP-002 development. Oragenics faces liquidity challenges, with cash sufficient only through Q3 2024, and has received a non-compliance notice from NYSE American due to insufficient stockholders' equity. The company is preparing a compliance plan and exploring additional financing options.