Nexien BioPharma, Inc. reported its financial results for the third quarter ended September 30, 2024, revealing a net loss of $32,004, a significant improvement from the net loss of $74,918 recorded in the same period of 2023. The company’s total operating expenses for Q3 2024 were $15,710, a substantial decrease from $61,995 in Q3 2023. This reduction in expenses was primarily attributed to a decrease in general and administrative costs, which fell to $3,030 from $46,455 in the prior year, largely due to the absence of non-cash stock-based compensation that had previously inflated costs.
The weighted average shares outstanding increased to 70,472,196 in Q3 2024 from 64,574,394 in Q3 2023, resulting in a loss per share of $(0.000) for the current quarter, compared to $(0.001) in the previous year. The company’s cash position improved slightly, with cash and cash equivalents rising to $4,953 as of September 30, 2024, from $4,183 at the end of June 2024. However, cash used in operating activities decreased to $(9,230) from $(17,083) year-over-year.
Total current liabilities increased to $396,704 as of September 30, 2024, up from $365,432 at the end of June 2024, contributing to a working capital deficit of $(391,751), compared to $(361,249) in the previous quarter. The company has not generated any revenue and does not anticipate revenue until drug marketing begins, indicating ongoing challenges in achieving profitability.
Nexien BioPharma has raised approximately $2.1 million in equity capital and $166,750 from debt financing since its inception. The company has ceased research and development activities due to insufficient working capital and is actively seeking additional capital or business combination opportunities. The independent auditors have expressed substantial doubt about the company's ability to continue as a going concern without further capital.
In terms of strategic developments, the company has issued various convertible notes, including a recent note to Quick Capital for $12,222, and has received advances from its CEO for working capital. The company’s total liabilities remained unchanged at $396,704 as of September 30, 2024, compared to the previous quarter. The company continues to face significant funding requirements for research, regulatory applications, and clinical trials, with no current commitments or known sources for the required funding.
About NEXIEN BIOPHARMA, INC.
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