Silexion Therapeutics Ltd. (formerly Silenseed Ltd.) reported significant financial challenges in its latest 10-Q filing for the six months ended June 30, 2024. The company, focused on developing innovative treatments for pancreatic cancer, has not yet generated revenue and remains in the clinical development stage.
As of June 30, 2024, Silexion's cash and cash equivalents decreased to $1,697,000 from $4,595,000 at the end of 2023. Total current assets also fell to $2,315,000, down from $4,979,000. Total assets were reported at $2,525,000, a decline from $5,256,000 at the end of the previous fiscal year. Current liabilities increased to $2,364,000 from $2,196,000, contributing to a total liabilities rise to $2,372,000 compared to $2,255,000 at the end of 2023. The total capital deficiency worsened to $(18,257,000) from $(15,476,000).
Operating expenses for the six months ended June 30, 2024, rose to $2,635,000, compared to $2,222,000 for the same period in 2023. The operating loss for the six months was $2,635,000, an increase from $2,222,000 year-over-year. The loss before income tax also increased to $2,905,000 from $2,599,000. The net loss for the six months ended June 30, 2024, was $2,912,000, compared to $2,619,000 for the same period in 2023. Loss per share for the six months was $11.31, up from $9.61 in the prior year.
Research and development expenses decreased to $1,727,000 for the six months ended June 30, 2024, from $1,916,000 in 2023. The company reported negative operating cash flows of $2,817,000 for the six-month period, compared to $2,587,000 in the previous year.
Strategically, Silexion is in the process of a business combination with Moringa Acquisition Corp, which is expected to close on August 15, 2024. This merger will result in Silexion becoming a wholly-owned subsidiary of a new public company, with Silexion shareholders retaining approximately 61.55% of the voting interests. The company has also established a subsidiary in China, although it has not commenced significant operations.
Management has expressed substantial doubt regarding the company's ability to continue as a going concern for at least 12 months from the issuance date of the financial statements.
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