10-Q - ProtoKinetix, Inc. (0001128189) (Filer)

Wed, May 15, 12:49 PM (72 days ago)

ProtoKinetix, Inc. reported a net loss of $92,026 for Q1 2024, an improvement from a $107,038 loss in Q1 2023. Significant changes included a reduction in general and administrative expenses by $18,638, primarily due to decreased spending on social media advertising and outside services. Professional fees also decreased by $10,934, while research and development expenses increased by $13,946 due to costs associated with molecule storage and study results. The company’s cash position fell to $2,836 from $20,408, reflecting a need for additional financing to sustain operations. Current liabilities increased, leading to a negative working capital of $63,683. The company remains a going concern, dependent on securing additional equity or debt financing. No new stock options were granted, and share-based compensation remained unchanged. Financing activities provided $50,000 from private placements, down from $80,000 in the previous year. The company continues to seek financial partners for further research and development of its AAGP® molecule.