Fri, May 31, 10:02 AM (56 days ago)
Vitro BioPharma, Inc.’s Form 10-Q for the quarter ended April 30, 2024, reveals notable financial developments. The company reported a significant net loss of $3.1 million for Q2 2024, up from $1.4 million in Q2 2023, driven by increased interest expenses and consulting costs. Total revenue grew by 86% year-over-year to $572,937, primarily due to higher sales of research and development products and AlloRx Stem Cells. Despite a 50% increase in the cost of goods sold, the gross profit margin improved to 84% from 80%. SG&A expenses decreased by 16% due to reduced legal fees and salary expenses. However, research and development costs rose by 110%, reflecting ongoing efforts to prepare AlloRx Stem Cell therapy for clinical trials. The company’s working capital deficit widened to $8.3 million from $4.9 million in October 2023, despite raising $3.2 million through senior secured convertible notes. The financial outlook remains challenging, with substantial doubt about the company’s ability to continue as a going concern without additional capital.