Synaptogenix, Inc. (SNPX), a biopharmaceutical company focused on developing Bryostatin-1 for Alzheimer's disease and other neurodegenerative conditions, reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a net loss of $5.7 million for the third quarter of 2024, a stark contrast to a net income of $763,203 in the same period of 2023, marking an increase in losses of approximately 852.4%. For the nine months ended September 30, 2024, the net loss rose to $7.2 million, up 43.2% from $5.0 million in the prior year.
Total operating expenses for the third quarter decreased by 4.9% to $1.36 million, down from $1.43 million in Q3 2023. Research and development expenses increased slightly to $222,897, while general and administrative expenses decreased by 6.6% to $1.14 million. For the nine-month period, total operating expenses fell by 25.1% to $4.63 million, driven by a 15.9% reduction in research and development costs and a 27.7% decrease in general and administrative expenses.
The company’s cash and cash equivalents decreased to approximately $19.6 million as of September 30, 2024, down from $28.7 million at the end of 2023. This decline reflects a net cash used in operating activities of $3.7 million for the nine months ended September 30, 2024, compared to $4.1 million in the same period of 2023. The company reported net proceeds of $4.5 million from the issuance of Series C Convertible Preferred Stock during the nine months, a new financing activity not present in the previous year.
Significant strategic developments include the completion of the Phase 2 clinical trial for Bryostatin-1 in December 2023, although the trial did not achieve statistical significance on its primary endpoint. The company is currently evaluating future development programs for Bryostatin-1. Additionally, Synaptogenix entered into a Series C Purchase Agreement on September 10, 2024, to sell 5,000 shares of Series C Preferred Stock, which includes a registered direct offering and a concurrent private placement.
The company’s total liabilities increased to $9.7 million as of September 30, 2024, compared to $5.5 million at the end of 2023, while total stockholders’ equity decreased to $12.8 million from $24.3 million. The company also reported a significant increase in the fair value of its warrant liabilities, which rose to approximately $3.3 million, reflecting changes in market conditions and the company's financial structure.
Overall, Synaptogenix continues to navigate a challenging financial landscape while focusing on its clinical development efforts and strategic financing initiatives.