AccuStem Sciences Reports Improved Financial Results, Continues to Pursue Additional Funding

AccuStem Sciences, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

For the three months ended September 30, 2024, AccuStem recorded a net loss of $328,174, a notable improvement from the net loss of $598,525 in the same period of 2023. The loss per share for this quarter was $(0.03), compared to $(0.05) in the prior year. For the nine-month period, the net loss was $1,133,001, down from $1,804,622 in 2023, with a loss per share of $(0.10) versus $(0.16) in the previous year.

Total operating expenses for the three months ended September 30, 2024, were $328,174, significantly reduced from $598,525 in 2023. This decrease was primarily driven by a reduction in general and administrative expenses, which fell to $296,765 from $578,574 year-over-year. Research and development expenses increased to $31,409 for the quarter, up from $19,951 in the prior year, reflecting the company's ongoing investment in product development.

As of September 30, 2024, AccuStem's total current assets were $102,494, down from $129,849 at the end of 2023. The company reported total assets of $103,819, a decrease from $133,897. Total current liabilities surged to $3,297,453 from $2,245,477, resulting in a total stockholders’ equity deficit of $(3,193,634), compared to $(2,111,580) at the end of 2023. The accumulated deficit increased to $(7,654,946) from $(6,521,945).

Cash and cash equivalents at the end of the reporting period stood at $37,080, a decrease from $71,010 a year earlier. The company reported net cash used in operating activities of $(664,480) for the nine months ended September 30, 2024, an improvement from $(1,320,612) in 2023. Financing activities provided $680,079, compared to $657,644 in the previous year.

AccuStem continues to face liquidity concerns, indicating that current cash levels are insufficient to support operations for the next 12 months. The company is actively pursuing additional equity financing and has ongoing discussions with institutional investors to secure necessary funds for product promotion and research activities.

In terms of strategic developments, AccuStem is focused on advancing its primary product, StemPrintER, a prognostic assay for breast cancer, and aims to expand its platform to other tumor types. The company has partnered with EmeritusDx to process and report StemPrintER results, marking a significant milestone in its product launch efforts.