GB Sciences Reports Reduced Net Loss and Ongoing Financial Challenges for Quarter Ending September 30, 2024

GB Sciences, Inc. reported its financial results for the quarter ending September 30, 2024, revealing a net loss of $190,526, a significant reduction from the $434,233 loss recorded in the same period last year. The company did not generate any sales revenue during the quarter, consistent with the previous year. General and administrative expenses decreased to $157,790 from $551,491, reflecting the company's ongoing efforts to minimize costs while advancing its research and development initiatives. Interest expenses also fell to $32,736 from $42,742, attributed to the amortization of debt discounts.

In terms of overall financial health, GB Sciences' total current assets decreased to $93,771 from $103,442 as of March 31, 2024. Current liabilities increased to $5,441,430 from $5,095,557, leading to a working capital deficit of $5,347,659, up from $4,992,115. The company's accumulated deficit reached $110,542,536, indicating ongoing financial challenges. Cash and cash equivalents at the end of the reporting period were $2,320, a sharp decline from $11,991 at the end of the previous quarter.

Strategically, GB Sciences has made notable advancements in its intellectual property portfolio, which now includes eight U.S. and twelve foreign patents, with additional patents pending. The company has entered into a licensing agreement with EndoPure Life Sciences, allowing the latter to develop and market pharmaceutical products based on GB Sciences' intellectual property, particularly for neurological disorders. This agreement is expected to generate royalties and minimum annual payments, providing a potential revenue stream as the company continues to focus on its drug development programs.

Operationally, GB Sciences is engaged in multiple preclinical studies, with promising results reported for its cannabinoid-based therapies targeting Parkinson's disease and chronic pain. The company is actively seeking partnerships to advance its drug candidates into clinical trials, particularly for its Parkinson's disease formulations. However, the company acknowledges that it will require additional capital to sustain operations and fund its development activities, raising concerns about its ability to continue as a going concern.

Looking ahead, GB Sciences emphasizes the need for further financing to support its strategic goals and operational needs. The company is exploring various funding options, including equity and debt financing, but acknowledges the uncertainty surrounding its ability to secure the necessary capital. The management remains optimistic about the potential of its drug development programs and the ongoing discussions with potential partners, which could enhance its market position and financial stability in the future.