Silexion Therapeutics Corp reported significant financial changes in its unaudited condensed consolidated financial statements for the nine months ended September 30, 2024. The company experienced a net loss of $14.772 million, a substantial increase from the $3.428 million loss reported for the same period in 2023. The loss before income tax also rose to $14.763 million from $3.402 million year-over-year. The loss per share for the nine months ended September 30, 2024, was $5.60, compared to $3.20 in the prior year.

Total operating expenses surged to $10.671 million for the nine months ended September 30, 2024, compared to $2.953 million for the same period in 2023. This increase in expenses contributed to the overall net loss, reflecting the company's ongoing development and clinical stage operations, as it has not yet generated any revenue.

As of September 30, 2024, Silexion's cash and cash equivalents decreased to $1.973 million from $5.764 million at the same time in 2023. Total current assets also fell to $3.047 million from $4.979 million, while total assets decreased to $40.277 million, with total liabilities rising sharply to $7.666 million from $2.255 million at the end of 2023. The company reported a total capital deficiency of $(4.579) million, an improvement from $(15.476) million at the end of 2023.

A significant strategic development for Silexion was the completion of a business combination with a Special Purpose Acquisition Company (SPAC) on August 15, 2024. This transaction resulted in the conversion of preferred shares and non-controlling interests, leading to a restructuring of the company's equity. Following the merger, Silexion's shareholders hold approximately 61.55% of the outstanding voting interests in the newly formed entity, New Silexion, which is now listed on Nasdaq under the symbols “SLXN” and “SLXNW”.

The company also reported net cash used in operating activities of $(5.470) million for the nine months ended September 30, 2024, compared to $(3.272) million for the same period in 2023. However, net cash provided by financing activities increased to $2.920 million from $522,000 year-over-year, indicating a shift in funding dynamics.

Management expressed substantial doubt about the company's ability to continue as a going concern for at least 12 months from the issuance date of the financial statements, highlighting the challenges faced as Silexion continues its development efforts.