Wed, Feb 19, 2:03 PM (26 days ago)
Renovaro Inc. (RENB) filed an amendment to its Form 10-Q for Q1 2025, restating its financial statements for the quarter ending September 30, 2024, due to a material misstatement regarding warrant exercises affecting the fair value of contingent consideration. The restatement revealed a significant goodwill impairment of $47,614,729, leading to a net loss of $44,212,036, a 382% increase from the prior year’s loss of $9,175,028. Operating expenses soared to $53,338,554, primarily driven by this impairment. Cash and equivalents stood at $220,571, with a working capital deficit of $21,087,220, raising substantial doubt about the company's ability to continue as a going concern. The company intends to secure additional funding while focusing on its AI-driven cancer diagnostics platform. The restatement and ongoing legal proceedings, including a securities class action lawsuit, pose uncertainties for future operations.