Tue, May 14, 3:30 PM (73 days ago)
Protagenic Therapeutics, Inc. filed an amended Form 10-K/A for the fiscal year ended December 31, 2023, correcting an omission of Exhibit 32.1 in its original filing. The amendment includes updated certifications from the principal executive and financial officers. The company, specializing in treatments for stress-related neuropsychiatric and mood disorders, reported a net loss of $5,000,497 for 2023, up from $3,555,505 in 2022, driven by increased R&D expenses. Operating expenses decreased due to lower stock compensation costs. Protagenic anticipates continued losses and significant future expenses related to clinical trials and regulatory approvals. The company highlighted risks including financial condition, market acceptance, regulatory hurdles, and reliance on third parties. As of December 31, 2023, Protagenic's cash resources are sufficient to fund operations until Q3 2024, necessitating additional financing. The company has no sales or marketing capabilities and relies on third-party relationships for development and commercialization. Key strategic goals involve advancing PT00114 through clinical trials, developing additional TCAP derivatives, and exploring strategic partnerships.