MyMD Pharmaceuticals, Inc., now known as TNF Pharmaceuticals, Inc., reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which is not classified as an emerging growth company, has seen its total current assets rise to $12.0 million from $5.8 million at the end of 2023, primarily due to an increase in marketable securities, which grew to $9.4 million from $2.2 million. However, cash reserves decreased to $1.2 million from $2.7 million during the same period.
The company reported a net loss of $1.9 million for Q3 2024, a notable decline from a net income of $4.0 million in Q3 2023. For the nine months ended September 30, 2024, the net loss attributable to common stockholders was $24.0 million, compared to a loss of $3.3 million for the same period in 2023. The basic and diluted net loss per share for Q3 2024 was $(1.11), a stark contrast to earnings of $1.84 per share in Q3 2023.
Operating expenses for Q3 2024 totaled $1.8 million, down from $3.8 million in Q3 2023, reflecting cost-cutting measures including personnel reductions. General and administrative expenses decreased to $1.1 million from $1.3 million, while research and development expenses fell to $707,747 from $1.9 million, largely due to the completion of a Phase II study for sarcopenia.
Strategically, the company has undergone significant changes, including a 1-for-30 reverse stock split executed in February 2024, which reduced the number of authorized shares from 500 million to 16.7 million. Following this, authorized shares were increased to 250 million in July 2024. The company also completed private placements of Series F-1 and Series G Preferred Stock, raising approximately $12.5 million net of offering costs.
Management changes included the termination of Dr. Chris Chapman, with a severance package totaling $150,000. The company has also engaged new placement agents for its private placements and appointed Dr. Mitchell Glass to the board.
As of September 30, 2024, total liabilities increased to $7.0 million from $5.1 million at the end of 2023, while total stockholders’ equity rose to $16.8 million from $12.4 million. The company continues to focus on the development of its therapeutic platforms, MYMD-1 and Supera-CBD, with no revenue expected until successful clinical development and regulatory approval.
About TNF Pharmaceuticals, Inc.
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