Oklo Inc., a company focused on developing advanced fission power plants, reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company, which completed a business combination with AltC Acquisition Corp. on May 9, 2024, has seen a substantial increase in its financial position, with total assets rising to $293.8 million from $14.9 million at the end of 2023. Cash and cash equivalents surged to $91.8 million, up from $9.9 million, reflecting a strong liquidity position.

Despite these improvements, Oklo reported a net loss of $63.3 million for the nine months ended September 30, 2024, compared to a loss of $17.9 million for the same period in 2023, marking a 254.7% increase in losses. The loss from operations also increased significantly to $37.4 million, up from $11.4 million year-over-year. The company’s accumulated deficit worsened to $124.8 million from $61.5 million at the end of 2023.

Operating expenses for the nine months ended September 30, 2024, totaled $37.4 million, a 229.6% increase from $11.4 million in the prior year. This rise was driven by a substantial increase in research and development expenses, which reached $19.4 million, up 256% from $5.5 million in 2023. General and administrative expenses also rose sharply to $18 million, reflecting a 205.2% increase.

The company’s strategic developments include securing a site use permit from the U.S. Department of Energy for its planned power plants and entering into a letter of intent for a 20-year power purchase agreement. Additionally, Oklo has engaged in partnerships to enhance its fuel recycling capabilities and has received non-binding letters of intent for energy supply from various potential customers.

In terms of stock performance, Oklo's Class A common stock began trading on the NYSE under the symbol "OKLO" on May 10, 2024, following the business combination. The company has also issued a significant number of shares, including 43.1 million shares in connection with the business combination and additional shares for future equity awards.

Overall, while Oklo has made strides in its financial position and strategic initiatives, it continues to face substantial operating losses as it invests heavily in its growth and development of advanced nuclear technologies.