BioCorRx Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company generated no revenue during the third quarter, a stark decline from $10,145 in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $7,665, down 89% from $70,222 in the prior year. This decline is attributed to a decrease in patient treatments at licensed clinics and the cessation of a new revenue stream in January 2023.

Operating expenses for the third quarter increased to $1,659,721, compared to $972,013 in the same quarter of 2023. This rise was driven by higher stock-based compensation, accounting and legal fees, and research and development expenses. The net loss for the third quarter was $(1,513,010), up from $(867,348) in the previous year. For the nine-month period, the net loss reached $(3,984,469), compared to $(2,801,481) in 2023.

The company’s cash position deteriorated significantly, with only $90 in cash as of September 30, 2024, down from $156,409 a year earlier. The working capital deficit also widened to $(7,871,228). Despite these challenges, BioCorRx received a substantial grant of $11,029,977 from the National Institute on Drug Abuse for ongoing research on its lead product candidate, BICX104, an implantable naltrexone pellet aimed at treating opioid use disorder.

In terms of strategic developments, the company has been actively restructuring its debt. During the nine months ended September 30, 2024, it issued several unsecured promissory notes and engaged in multiple amendments to existing notes, which included issuing shares as part of debt settlements. The company also reported a loss on the settlement of debt amounting to $123,563 for the third quarter.

Management changes were noted, with Brady Granier resigning as President and CEO effective January 31, 2024. The company has also identified material weaknesses in its internal controls over financial reporting, which could impact its financial condition moving forward.

Overall, BioCorRx continues to face significant operational and financial hurdles, raising doubts about its ability to sustain operations without additional capital. The company plans to seek further financing through common stock placements or other means to support its business objectives.