Wed, May 15, 9:09 PM (72 days ago)
Synaptogenix, Inc.'s Q1 2024 10-Q report indicates a net loss of $206,699, a significant improvement from Q1 2023's $1,711,784 loss. Operating expenses dropped by 42.1% to $1,691,494, driven by a 30.6% reduction in R&D expenses to $609,249, primarily due to the completion of the Phase 2 AD trial and the discontinuation of a dose-ranging study. General and administrative expenses also fell by 47.1% to $1,082,245, attributed to lower legal and professional fees. The company reported $1,484,795 in other income, up from $1,210,157, largely due to increased interest income and changes in fair value of liabilities. As of March 31, 2024, Synaptogenix held $26.3 million in cash and equivalents, down from $28.7 million at year-end 2023, with a working capital of $22.5 million. The company expects its current cash reserves to support operations for at least the next 12 months but anticipates needing additional capital for further development projects. Notably, the company redeemed $3 million of Series B Preferred Stock and accrued dividends through stock issuance, reflecting ongoing efforts to manage financial commitments.