Vicapsys Life Sciences Reports No Revenue and Increased Net Loss in Q1 2024

Vicapsys Life Sciences, Inc. reported no revenue for the first quarter of 2024, consistent with the same period in 2023. The company incurred a net loss of $327,072 for the three months ended March 31, 2024, compared to a loss of $211,277 in the prior year. This increase in loss is attributed to higher interest expenses and a loss on debt extinguishment, which totaled $122,817 in the current quarter. Operating expenses decreased slightly to $204,255 from $211,277 year-over-year, with personnel costs remaining stable and a notable rise in general and administrative expenses due to new insurance costs.

The company's financial position has deteriorated, with total current liabilities increasing to $2,255,753 as of March 31, 2024, up from $1,968,337 at the end of 2023. This includes a significant rise in accounts payable, which reached $1,047,655, compared to $961,708 previously. Vicapsys reported a working capital deficit of $2,255,754, reflecting ongoing financial challenges. The accumulated deficit also grew to $16,627,147, indicating the company's struggle to achieve profitability.

Strategically, Vicapsys continues to focus on its proprietary product line, VICAPSYN™, aimed at transplantation therapies. However, the company has not yet initiated any clinical trials as required by its licensing agreement with MGH, which has led to defaults on certain pre-sales diligence requirements. The company is currently negotiating extensions for these obligations. Additionally, Vicapsys has entered into several promissory note agreements to secure funding, including a $95,000 note in July 2024 and a $55,000 note in August 2024, both of which carry interest rates of 10%.

Operationally, Vicapsys has not reported any significant changes in customer counts or product adoption rates, as it has yet to generate revenue. The company’s employee headcount remains unchanged, with 32,071,299 shares of common stock issued and outstanding. The management has indicated that substantial additional funding will be necessary to continue operations and advance product development, with an estimated need for $1 million in the next 12 months. The outlook remains uncertain, as the company must secure financing to sustain its operations and meet its strategic goals.