Wed, May 15, 12:33 PM (244 days ago)
ZyVersa Therapeutics, Inc. reported its financial results for the quarter ending March 31, 2024. The company, a clinical-stage biopharmaceutical firm, saw a net loss of $2.8 million, a reduction from the $3.5 million loss in the same quarter of 2023. The decrease in loss is attributed to reduced research and development expenses, which dropped by $0.5 million due to lower manufacturing costs and payroll expenses. General and administrative expenses also decreased by $1.2 million, mainly due to lower payments for registration delays and reduced bonus accruals and accounting fees. As of March 31, 2024, ZyVersa had $2.0 million in cash, down from $3.1 million at the end of 2023, and a working capital deficit of $6.7 million. The company raised $2.7 million through warrant exercises during the quarter. However, it continues to face substantial doubt about its ability to continue as a going concern due to ongoing operating losses and the need for additional capital to fund its operations and development initiatives. The company plans to raise further capital through equity or debt financing to support its research and development activities and meet its financial obligations.