Vicapsys Life Sciences Reports No Revenue and Increased Losses for Q3 and Nine Months Ended September 30, 2024

Vicapsys Life Sciences, Inc. reported no revenue for the three and nine months ended September 30, 2024, consistent with the same periods in 2023. The company’s total operating expenses increased to $198,862 for the third quarter and $584,958 for the nine-month period, compared to $175,423 and $519,771, respectively, in the prior year. The rise in expenses was primarily driven by a significant increase in professional fees, which rose to $128,500 for the third quarter and $341,549 for the nine months, up from $76,050 and $240,303 in the same periods of 2023. Personnel costs remained stable, while general and administrative expenses decreased significantly due to the cancellation of a directors and officers insurance policy.

The company reported a net loss of $235,507 for the third quarter and $752,670 for the nine months ended September 30, 2024, compared to losses of $240,340 and $587,309 in the same periods of 2023. The loss per share remained unchanged at $(0.01) for the third quarter and $(0.02) for the nine-month period. As of September 30, 2024, Vicapsys had a working capital deficit of $2,645,728 and an accumulated deficit of $17,052,745, indicating ongoing financial challenges.

In terms of operational developments, Vicapsys has not generated any revenue from its proprietary product line, VICAPSYN™, which is aimed at transplantation therapies. The company continues to focus on its research and development efforts, incurring $3,746 and $14,090 in related expenses for the three and nine months ended September 30, 2024, respectively. This is a slight decrease from $3,267 and $15,267 in the same periods of 2023. The company is also in default on several convertible notes and is negotiating extensions with its noteholders.

Looking ahead, Vicapsys anticipates needing substantial additional funding to support its operations and development activities. The company plans to raise at least $1 million through equity or debt financing to sustain its operations over the next 12 months. However, management has expressed uncertainty regarding its ability to secure this funding on favorable terms, which could impact its ability to continue operations. The company’s management is also focused on addressing its internal control weaknesses and ensuring compliance with regulatory requirements as it operates as a publicly traded entity.