Tue, May 14, 6:46 PM (73 days ago)
Provectus Biopharmaceuticals, Inc. reported a net loss of $504,042 for Q1 2024, a 39.1% improvement compared to the net loss of $827,454 in Q1 2023. Grant revenue increased by 16.1% to $238,072, driven by qualifying expenses related to research and development. Total operating expenses decreased by 30.6% to $685,337, primarily due to reduced professional and director fees, offset by higher clinical trial costs and legal fees. The company's cash and restricted cash stood at $762,752 as of March 31, 2024, down from $1,026,799 at the end of 2023. Working capital deficit slightly improved to $7,507,105. The company continues to face significant liquidity challenges, raising substantial doubt about its ability to continue as a going concern. Management plans to seek additional financing through public or private equity offerings, debt financings, and corporate collaborations.