Artelo Biosciences, Inc., a clinical-stage biopharmaceutical company focused on developing therapeutics targeting lipid-signaling pathways, reported its financial results for the third quarter and nine months ended September 30, 2024. The company’s total current assets decreased to $4.986 million from $10.980 million at the end of 2023, primarily due to funding operating activities. Total assets also fell to $7.136 million from $13.043 million during the same period. However, cash and cash equivalents increased to $4.357 million from $2.815 million, reflecting improved liquidity.

For the three months ended September 30, 2024, Artelo reported operating expenses of $1.195 million, a significant reduction from $2.614 million in the same period of 2023. This decrease was attributed to a rise in research and development tax credits from the UK government, which amounted to $1.349 million in 2024 compared to $1.206 million in 2023. The loss from operations for the quarter improved to $(1.195) million from $(2.614) million year-over-year. The net loss for the quarter was $(1.132) million, down from $(2.449) million in the prior year.

For the nine months ended September 30, 2024, total operating expenses were $6.296 million, a slight decrease from $6.690 million in 2023. The net loss for this period was $(6.048) million, compared to $(6.216) million in the same period of the previous year. The basic and diluted loss per share improved to $(1.88) from $(2.15).

The company’s financing activities showed a notable increase, with net cash provided by financing activities reaching $55.535 million for the nine months ended September 30, 2024, compared to $(0.480) million in 2023. This was primarily due to proceeds from the issuance of common stock. Artelo has entered into an equity line agreement allowing for the sale of up to $20 million worth of common stock over 36 months, with 372,012 shares issued for proceeds of $622 thousand as of September 30, 2024.

Artelo continues to focus on its product candidates, including ART27.13, ART26.12, and ART12.11, with ongoing clinical trials and regulatory submissions. The company has emphasized the need for additional funding to support its research and development activities, as well as to manage operational costs. As of September 30, 2024, total stockholders' equity stood at $6.361 million, down from $11.752 million at the end of 2023.