Fri, Jun 14, 8:13 PM (129 days ago)
PURE Bioscience, Inc. reported a net loss of $2.59 million for the nine months ended April 30, 2024, compared to a net loss of $2.93 million for the same period in 2023. Net product sales increased to $1.48 million from $1.27 million year-over-year, driven by higher sales across the end-user network. Gross profit improved to $877,000 from $650,000, with a gross margin increase to 59% from 51%, attributed to higher-margin product sales. Cash and cash equivalents decreased to $442,000 from $1.1 million as of July 31, 2023. Current liabilities rose to $666,000 from $532,000, primarily due to increased trade payables. Long-term liabilities surged to $2.4 million from $1.02 million, mainly from convertible notes issued in 2023 and 2024. The company faces substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows. Future capital requirements depend on market acceptance, regulatory approvals, and cost management. Additional financing will be needed, potentially diluting existing shareholders or involving restrictive debt covenants.