Bellevue Life Sciences Acquisition Corp. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company experienced a net loss of $230.9 thousand for the three months ended September 30, 2024, compared to a net income of $78.2 thousand for the same period in 2023. For the nine months ended September 30, 2024, the net loss totaled $388.7 thousand, a stark contrast to the net income of $490.0 thousand reported in the prior year.
General and administrative expenses increased to $454.1 thousand for the three months ended September 30, 2024, up from $410.4 thousand in the same period of 2023. For the nine-month period, these expenses rose to $1.38 million from $968.8 thousand in the previous year. Interest earned on investments held in the Trust Account also declined, totaling $269.2 thousand for the three months ended September 30, 2024, compared to $618.5 thousand in 2023.
As of September 30, 2024, the company reported total current assets of $39.6 million, a significant increase from $22.6 million at the end of 2023. However, total assets decreased to $20.9 million from $36.6 million, primarily due to cash withdrawals from the Trust Account for stockholder redemptions, which amounted to $17.0 million during the nine months ended September 30, 2024. The Trust Account balance was $20.9 million as of September 30, 2024, down from $36.6 million at the end of 2023.
The company’s accumulated deficit increased to $(5.8) million as of September 30, 2024, compared to $(3.9) million at the end of 2023. The total stockholders’ deficit also widened to $(5.8) million from $(3.9) million.
Strategically, Bellevue Life Sciences has been actively managing its business combination timeline. The deadline for completing a business combination was extended to February 14, 2025, with stockholder approval. The company has also faced compliance challenges with Nasdaq listing rules but regained compliance in June 2024 after addressing issues related to director resignations.
In terms of liquidity, the company reported $12.2 thousand in cash as of September 30, 2024, down from $15.4 thousand at the end of 2023, and a working capital deficit of $3.9 million. Management expressed concerns about the company’s ability to continue as a going concern, citing insufficient working capital to meet operational needs through the anticipated business combination date.
About Bellevue Life Sciences Acquisition Corp.
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