Coeptis Therapeutics Holdings, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. Total current assets decreased to $1.36 million from $1.75 million at the end of 2023, with cash reserves also declining to $1.14 million from $1.47 million. However, total assets increased substantially to $8.96 million, up from $4.57 million, primarily due to a significant rise in total other assets, which grew to $7.58 million from $2.81 million. Stockholders' equity saw a remarkable increase, reaching $4.98 million compared to $0.81 million at the end of 2023.
The company reported no revenue for both the three and nine months ended September 30, 2024, consistent with the same periods in 2023. Operating expenses for Q3 2024 were $2.14 million, a notable decrease from $7.90 million in Q3 2023, attributed to reduced professional services expenses related to equity transactions. For the nine months ended September 30, 2024, total operating expenses were $7.89 million, down from $18.13 million in the prior year. The net loss for Q3 2024 was $1.83 million, compared to a loss of $6.35 million in Q3 2023, while the nine-month net loss improved to $7.87 million from $17.51 million in the previous year.
The company has been actively restructuring its financial obligations, with a convertible note's outstanding principal balance decreasing from $625,000 at the end of 2023 to $218,750 as of September 30, 2024. However, this note is currently in default. Coeptis also raised $4.3 million through a Series A Preferred Stock offering in June 2024, with additional funds raised in subsequent months.
Strategically, Coeptis has focused on partnerships and licensing agreements, including a significant licensing arrangement with the University of Pittsburgh for cancer treatment technologies. The company has also formed new subsidiaries, SNAP Biosciences, Inc. and GEAR Therapeutics, Inc., to enhance its research capabilities.
Management has expressed concerns regarding the company's ability to continue as a going concern due to its accumulated deficit of $95.22 million and ongoing net losses. The company plans to raise additional capital through equity or debt securities to support its operations and strategic initiatives.
About Coeptis Therapeutics Holdings, Inc.
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