AppYea, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a challenging performance marked by significant losses and increased expenses. For the three months ended September 30, 2024, the company generated revenue of $1,000 (in thousands), a substantial decline from $16,000 (in thousands) in the same period of 2023. For the nine months, total revenue was $16,000 (in thousands), primarily from sales of the AppySleep wristband.
The company's net loss for Q3 2024 was $(512,000) (in thousands), a notable improvement from $(1,456,000) (in thousands) in Q3 2023. For the nine-month period, the net loss decreased to $(1,575,000) (in thousands) from $(2,087,000) (in thousands) in the prior year. This reduction in losses was attributed to lower expenses in certain areas, despite increases in research and development, sales and marketing, and general administrative costs.
Research and development expenses surged to $159,000 (in thousands) for Q3 2024, compared to $34,000 (in thousands) in Q3 2023, reflecting the company's commitment to product development. Sales and marketing expenses also rose significantly, reaching $153,000 (in thousands) in Q3 2024, up from $47,000 (in thousands) in Q3 2023. General and administrative expenses increased to $298,000 (in thousands) from $261,000 (in thousands) year-over-year.
As of September 30, 2024, AppYea's total current assets remained stable at $87,278,000, while total non-current assets were reported at $260,196,000, leading to total assets of $347,474,000. Total liabilities decreased from $3,027,000 as of December 31, 2023, to $2,527,000. The stockholders’ deficiency improved to $(2,166,000) from $(2,539,000) at the end of the previous fiscal year.
The company continues to face operational challenges, with a working capital deficit of $2,440,000 and an accumulated deficit of $7,901,000 as of September 30, 2024. Cash resources dwindled to $56,000, and the company reported net cash used in operating activities of $(569,000) for the nine months, compared to $(410,000) in the same period of 2023. AppYea is actively seeking to raise additional capital through various means, including debt and equity securities, to support its ongoing operations and product development efforts.
About APPYEA, INC
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