Bioxytran Reports Improved Financials, Reduced Expenses, and Acquisition of NDPD Pharma

Bioxytran, Inc. reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company experienced a notable reduction in operating expenses, which totaled $346,204 for the third quarter of 2024, down from $985,465 in the same period of 2023. For the nine-month period, operating expenses decreased to $1,739,380 from $2,793,386 year-over-year.

The net loss before provision for income taxes also improved, with a loss of $(392,374) for the third quarter of 2024 compared to $(1,127,655) in 2023. For the nine months ended September 30, 2024, the net loss was $(1,867,737), a decrease from $(3,393,613) in the prior year. The net loss attributable to Bioxytran followed a similar trend, with losses of $(392,374) and $(1,854,413) for the respective periods.

The company’s cash position at the end of the third quarter of 2024 was $34,672, down from $80,273 a year earlier. However, the net cash used in operating activities significantly decreased to $(98,047) from $(682,749) in the same nine-month period of 2023, reflecting reduced research and development activities due to funding constraints.

Bioxytran's research and development expenses for the nine months ended September 30, 2024, were $78,000, a sharp decline from $604,771 in 2023. Payroll and related expenses also decreased to $702,120 from $1,128,259, indicating cost-cutting measures were implemented.

The company raised $63,000 from stock sales during the nine months ended September 30, 2024, compared to $505,361 in the same period of 2023. Additionally, net cash provided by financing activities fell to $124,500 from $505,361 year-over-year.

As of September 30, 2024, Bioxytran reported an accumulated deficit of $(18,298,861), up from $(15,589,288) at the end of 2023. The company is actively seeking to raise $3,700,000 to support its operations for the next 15 months.

In terms of strategic developments, Bioxytran completed the acquisition of NDPD Pharma, Inc. on October 25, 2024, issuing shares of common and preferred stock as part of the transaction. This acquisition is expected to enhance Bioxytran's portfolio in therapeutic drug development, particularly in treating viral infections.

The company continues to face challenges in raising funds, exacerbated by a deflated stock price on OTC Markets, which may lead to shareholder dilution. The management has acknowledged the need for additional capital to sustain operations and is exploring various funding opportunities.