Thu, Nov 14, 9:41 PM (59 days ago)
Renovaro Inc. (RENB) reported significant financial challenges for the quarter ending September 30, 2024. The company incurred a net loss of €44,212 (thousands), a substantial increase from €9,175 in the same period last year, primarily due to a goodwill impairment of €47,615. Operating expenses surged to €53,339, reflecting a 500% increase year-over-year, driven by the goodwill impairment and a decrease in general and administrative costs. Total assets decreased to €121,833 from €163,129, attributed mainly to the impairment. Cash and equivalents remained stable at €220,571, but the company reported a working capital deficit of €21,087, indicating liquidity concerns. The firm continues to rely on equity and debt financing to fund operations, facing uncertainties about its ability to secure necessary capital moving forward. The company's focus has shifted towards developing AI-driven cancer diagnostics through its subsidiary, Renovaro Cube, following its acquisition earlier in 2024. However, without revenue generation and ongoing legal issues, the outlook remains uncertain, with management emphasizing the need for additional funding to sustain operations.