ProtoKinetix, Incorporated has reported its financial results for the first quarter of 2025, revealing a net loss of $97,690, compared to a loss of $92,026 in the same period of 2024. The company's total operating expenses increased to $97,690 from $92,026, primarily driven by higher professional fees, which rose by $6,511 to $36,470 due to increased auditing and legal costs. General and administrative expenses remained relatively stable, increasing slightly from $14,125 to $14,748, while research and development costs decreased from $36,625 to $33,810.
In terms of financial position, ProtoKinetix reported total assets of $528,625 as of March 31, 2025, up from $466,137 at the end of 2024. The increase in assets was largely attributed to a rise in cash reserves, which improved to $49,477 from a negative balance of $4,697. The company’s liabilities also increased, with total current liabilities rising to $152,225 from $124,047. Stockholders' equity increased to $376,400, reflecting the issuance of 13,200,000 shares of common stock during a private placement that generated $132,000 in gross proceeds.
Operationally, ProtoKinetix continues to focus on the development of its AAGP® (Anti-Freeze Glycoproteins) technology, which is aimed at advancing human health care. The company is actively seeking additional working capital through equity financing to support its research initiatives. As of March 31, 2025, the company had 388,580,152 shares of common stock outstanding, reflecting its ongoing efforts to raise funds through private placements.
Looking ahead, ProtoKinetix acknowledges the need for additional funding to sustain its operations and continue its research activities. The company has expressed concerns regarding its ability to secure sufficient capital, which could adversely affect its liquidity and operational plans. Management is currently engaged in discussions with potential investors and partners to enhance its financial position and support the commercialization of its AAGP® technology.
Overall, while ProtoKinetix has made progress in its financial standing and operational focus, the company remains in a development stage and faces significant challenges in securing the necessary funding to achieve its long-term objectives.
About ProtoKinetix, Inc.
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