Lixte Biotechnology Reports Decreased Net Loss and Improved Cash Position for Q1 2025

Lixte Biotechnology Holdings, Inc. reported a net loss of $709,555 for the three months ended March 31, 2025, a decrease from a net loss of $971,322 during the same period in 2024. The company did not generate any revenue in either period. Total expenses for the latest quarter were $706,940, down from $966,879 in the prior year, primarily due to reduced research and development costs, which fell to $91,457 from $119,064. General and administrative costs also decreased significantly, from $847,815 to $615,483, reflecting a reduction in various operational expenses.

The company’s cash position improved, with cash available increasing to $1,384,697 as of March 31, 2025, compared to $1,038,952 at the end of 2024. This increase was bolstered by net proceeds of $914,228 from a registered direct offering and concurrent private placement completed in February 2025. The company’s working capital rose to $1,159,130, up from $827,219 at the end of the previous fiscal year, indicating a stronger liquidity position to support ongoing operations and clinical trials.

Lixte is focused on the clinical development of its lead compound, LB-100, which is currently undergoing trials for various cancer treatments. The company has ongoing commitments totaling approximately $514,000 related to clinical trial agreements and monitoring agreements, which are expected to be incurred through December 2027. However, the company has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for additional capital to fund its research and development activities.

In terms of strategic developments, Lixte has entered into several collaborations, including a Clinical Trial Agreement with the Netherlands Cancer Institute to evaluate LB-100 in combination with atezolizumab for colorectal cancer. The company is also exploring additional studies to assess the efficacy of LB-100 against initiated cells that carry mutations found in cancer cells. Despite these advancements, the company faces risks associated with serious adverse events in its clinical trials, which could impact its operations and regulatory approvals.

Looking ahead, Lixte is actively seeking to raise additional capital to support its clinical programs and operational needs. The company has until July 3, 2025, to demonstrate compliance with Nasdaq's minimum stockholders' equity requirement of $2,500,000, following an extension granted by a Nasdaq Hearings Panel. The outcome of these efforts will be critical for the company's future as it navigates the complexities of drug development and market conditions.