Atossa Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing innovative treatments for breast cancer, experienced a decrease in cash and cash equivalents, which fell to $74.8 million from $88.5 million at the end of 2023. Total current assets also declined to $77.1 million, down from $92.2 million, while total assets decreased to $79.5 million from $96.3 million. Conversely, total current liabilities increased to $5.8 million from $5.2 million, indicating a rise in financial obligations.

For the three months ended September 30, 2024, Atossa reported total operating expenses of $6.4 million, a decrease from $7.5 million in the same period of 2023. The operating loss for the quarter was $6.4 million, with a net loss of $7.2 million, compared to a net loss of $6.2 million in the prior year. For the nine months ended September 30, 2024, total operating expenses were $20.5 million, down from $22.4 million, with a net loss of $19.2 million compared to $22.3 million in the same period of 2023. The decrease in losses was attributed to reduced spending on clinical trials and lower stock-based compensation expenses.

The company has not yet established a consistent source of revenue to cover its operating costs and plans to raise additional capital to support its business strategy, which includes advancing clinical programs and potentially acquiring new programs. As of September 30, 2024, Atossa had a working capital of $71.3 million, which management believes is sufficient to fund operations for at least the next 12 months.

Atossa's research and development efforts continue to focus on its lead drug candidate, (Z)-endoxifen, which is being developed for breast cancer treatment. The company has completed several clinical studies and is currently conducting multiple Phase 2 trials. However, the FDA has indicated that further studies may be necessary to establish a correlation between (Z)-endoxifen's effects on mammographic breast density and breast cancer incidence.

In terms of strategic developments, the company has faced challenges, including an impairment charge of $1.7 million related to its investment in Dynamic Cell Therapies, Inc. (DCT), reflecting concerns about DCT's financial viability. Additionally, Atossa's stockholders approved an increase in authorized shares and a share repurchase program, although no shares were repurchased in the recent quarter.

Overall, Atossa Therapeutics continues to navigate a challenging financial landscape while advancing its clinical programs and managing operational costs.