ASP Isotopes Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in cash and total assets, with cash rising to $51.6 million from $7.9 million at the end of 2023, and total assets increasing to $84.1 million from $27.5 million. This growth was primarily driven by successful capital raises, including a public offering that generated approximately $34.5 million in July 2024 and another offering in November 2024 that raised about $17.1 million.

Revenue for the three months ended September 30, 2024, was reported at $1.1 million, a significant increase from zero revenue in the same period of the previous year, attributed to the acquisition of 51% of PET Labs, which began generating revenue from nuclear medical doses for PET scanning. For the nine months ended September 30, 2024, total revenue reached $2.95 million, compared to no revenue for the same period in 2023.

Despite the revenue growth, ASP Isotopes reported substantial net losses, with a net loss of $7.3 million for Q3 2024, compared to a loss of $4.2 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $25.9 million, up from $12.1 million in the prior year. The increase in losses was largely due to higher operating expenses, which rose to $5.7 million for Q3 2024 from $3.9 million in Q3 2023, driven by increased research and development costs and selling, general, and administrative expenses.

The company’s total liabilities also increased significantly, reaching $42.1 million as of September 30, 2024, compared to $8.7 million at the end of 2023. This rise was influenced by the issuance of convertible notes payable, which totaled approximately $31.8 million.

Strategically, ASP Isotopes has made significant advancements in its operations, including the completion of an isotope enrichment plant for C-14 in South Africa, expected to commence commercial supply in Q1 2025. The company is also developing a multi-isotope enrichment plant, anticipated to be completed in Q4 2024, and has initiated production of Yb-176, with commercial sales expected in 2025.

The company has acknowledged the need for additional capital to sustain operations and plans to explore further equity and debt financing options. Additionally, ASP Isotopes is addressing internal control weaknesses identified in its financial reporting processes, with plans to enhance its accounting resources.