ProtoKinetix, Incorporated reported its financial results for the nine months ended September 30, 2024, highlighting a net loss of $261.7 thousand, a decrease from a net loss of $303.0 thousand for the same period in 2023. The company’s total operating expenses for the nine months were $261.7 thousand, down from $303.0 thousand in the previous year, reflecting a reduction in general and administrative fees and professional fees, which decreased by $41.4 thousand and $9.9 thousand, respectively. However, research and development expenditures increased slightly by $2.7 thousand, attributed to costs related to molecule storage and study results.
As of September 30, 2024, ProtoKinetix reported cash and total current assets of $5.7 thousand and $6.7 thousand, respectively, a significant decline from $20.4 thousand and $21.5 thousand at the end of 2023. The company’s working capital deficiency also worsened, moving from $(23.2) thousand to $(81.0) thousand. Accounts payable and accrued liabilities increased to $87.7 thousand from $44.7 thousand, indicating rising short-term obligations.
The company’s cash flow from operating activities showed improvement, with net cash used decreasing to $177.8 thousand from $298.5 thousand year-over-year. Financing activities generated $216.0 thousand in cash, down from $320.0 thousand in the prior year, primarily due to a reduction in the issuance of common stock, which totaled 20.8 million shares for $216.0 thousand in 2024 compared to 16.0 million shares for $320.0 thousand in 2023.
ProtoKinetix continues to focus on the research and development of synthesized Antifreeze Glycoproteins (AFGP), trademarked as AAGP, but has not yet developed a commercially viable product. The company is actively seeking additional working capital through equity financing or related party loans to support its ongoing medical research and operational needs. As of September 30, 2024, the company had an accumulated deficit of $(48.1) million.
The company’s management has expressed substantial doubt regarding its ability to continue as a going concern, citing financial challenges and potential disruptions in global financial markets. Additionally, the company’s disclosure controls and procedures were deemed ineffective, raising concerns about timely and accurate reporting. No significant changes in internal control over financial reporting were noted during the reporting period.