Fri, Jan 10, 10:07 PM (3 days ago)
Vicapsys Life Sciences, Inc. (VLS) reported no revenue for the quarter ended June 30, 2024, maintaining a significant accumulated deficit of $16,817,238. The company incurred operating expenses of $181,841 for the quarter, up from $135,693 in the same period last year. Notable increases in professional fees, attributed to consulting costs, contributed to the rise in expenses. The net loss for Q2 2024 was $190,091, compared to a loss of $135,693 in Q2 2023. As of June 30, 2024, VLS had a working capital deficit of $2,445,846 and a negative cash balance of $86, raising concerns about liquidity and operational sustainability. The company anticipates needing at least $1 million in additional funding over the next 12 months to maintain operations. Recent financing activities include a $95,000 promissory note and a $55,000 note, both convertible under certain conditions. The management highlighted ongoing challenges in securing regulatory approvals and the need for further financing to support clinical development. The company’s future operations remain uncertain, heavily reliant on successful capital raises and product development milestones.