Lixte Biotechnology Holdings, Inc., a clinical-stage biopharmaceutical company focused on developing cancer therapies, reported no revenue for the three and nine months ended September 30, 2024, consistent with the same periods in 2023. The company recorded a net loss of $986,030 for the third quarter of 2024, a slight improvement from a net loss of $1,018,760 in the same quarter of the previous year. For the nine months ended September 30, 2024, the net loss was $2,968,271, compared to $4,054,774 for the same period in 2023, reflecting a reduction in losses due to decreased operational costs.
Total costs and expenses for the third quarter of 2024 were $983,257, down from $1,024,181 in the prior year. For the nine-month period, total costs decreased to $2,959,292 from $4,064,326 in 2023. The reduction in costs was primarily attributed to a significant decrease in general and administrative expenses, which fell by 31.6% to $2,267,890 for the nine months ended September 30, 2024, compared to $3,315,297 in 2023. Research and development costs for the nine months ended September 30, 2024, totaled $691,402, a decrease from $749,029 in the previous year.
As of September 30, 2024, Lixte had cash and cash equivalents of $1,637,627, a decline from $4,203,488 at the end of 2023. The company’s total assets were reported at $1,695,892, down from $4,308,620 at the end of the previous fiscal year. The accumulated deficit increased to $(51,449,999) from $(48,481,728) at the end of 2023, indicating ongoing financial challenges.
Strategically, Lixte is engaged in several clinical trials for its lead compound, LB-100, which is being tested in combination with other therapies for various cancer types. The company has entered into a Clinical Trial Agreement with the Netherlands Cancer Institute for a Phase 1b trial of LB-100 combined with atezolizumab, which commenced in August 2024. Additionally, the company has faced challenges, including a deficiency letter from Nasdaq regarding its stockholders' equity, prompting a plan to regain compliance by February 2025.
The company has expressed substantial doubt about its ability to continue as a going concern within one year from the issuance of its financial statements, emphasizing the need for additional capital to fund ongoing operations and clinical trials.