Greenwich LifeSciences, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $3.26 million, compared to a net loss of $2.47 million for the same period in 2024. The company's operating expenses increased to $3.28 million, up from $2.54 million year-over-year, primarily driven by higher research and development costs, which rose by 19% to $2.60 million, and a significant increase in general and administrative expenses, which nearly doubled to $681,210. The company continues to operate without generating any revenue, maintaining a focus on its clinical development programs.
As of March 31, 2025, Greenwich LifeSciences reported total assets of $2.75 million, a decrease from $4.09 million at the end of 2024. The decline in cash reserves, which fell to $2.75 million from $4.09 million, reflects the ongoing investment in clinical trials and operational activities. The company's total liabilities decreased slightly to $1.44 million from $1.56 million, with accounts payable and accrued interest accounting for a significant portion of this figure.
In terms of strategic developments, Greenwich LifeSciences is advancing its Phase III clinical trial, Flamingo-01, which evaluates GLSI-100, an immunotherapy aimed at preventing breast cancer recurrence. The company is expanding this trial into Europe, with plans to open up to 150 sites globally. The increase in operational expenses is attributed to the costs associated with this trial and the issuance of stock options to employees and management.
The company has also engaged in financing activities, raising $492,423 through an At The Market (ATM) offering during the first quarter of 2025, compared to $299,116 raised in the same period of 2024. This funding is crucial as Greenwich LifeSciences continues to seek additional capital to support its long-term operational needs and clinical development efforts. The company has indicated that it will require further capital to sustain its operations and is exploring various avenues for raising funds.
Looking ahead, Greenwich LifeSciences anticipates continued net losses as it invests in its clinical trials and infrastructure necessary for commercialization. The company has acknowledged the uncertainty surrounding its ability to raise additional capital and the potential need to modify its business plan if financial conditions do not improve. As of the latest filing, the company remains focused on its clinical objectives while navigating the challenges of being a clinical-stage biopharmaceutical entity.
About Greenwich LifeSciences, Inc.
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