Mon, Aug 19, 9:30 PM (148 days ago)
For the quarter ended June 30, 2024, Scorpius Holdings, Inc. reported revenues of $759.9K, reflecting a modest increase from $657.8K in Q2 2023. The company experienced a substantial operating loss of $8.7 million, an improvement from $11.9 million a year prior, largely due to reduced research and development expenses, which fell to $3.6 million from $5.2 million. Despite the revenue growth, total operating expenses decreased to $9.5 million from $12.6 million, driven by lower selling, general, and administrative costs. Cash flow from operations was negative, totaling $11.2 million, although this was an improvement from $22 million in the same period last year. As of June 30, 2024, cash and equivalents were approximately $1.5 million, raising concerns about the company's ability to sustain operations without additional funding. The accumulated deficit stood at $267.7 million. The company announced several capital-raising initiatives, including a public offering yielding approximately $5.4 million in May 2024 and $14.4 million in August 2024. However, uncertainties remain regarding future revenue generation and operational sustainability, necessitating ongoing evaluation of funding strategies and operational adjustments.