Cell Source, Inc. (CSI), a biotechnology firm focused on cell therapy and immunotherapy, reported its financial results for the three and nine months ended September 30, 2024. The company experienced a net loss of approximately $4.2 million for the nine-month period, a slight improvement from a net loss of $4.3 million in the same period of 2023. For the third quarter, the net loss was $1.4 million, compared to $1.3 million in the prior year.

Total operating expenses for the three months ended September 30, 2024, decreased to $831,625 from $995,380 in 2023. Research and development expenses also saw a reduction, falling to $346,357 from $500,005 year-over-year. General and administrative expenses slightly decreased to $470,768 from $480,875. Despite these reductions, the company reported a loss from operations of $831,625 for the third quarter, compared to $995,380 in the same period last year.

As of September 30, 2024, the company’s total assets increased to $264.7 million from $195.2 million at the end of 2023. However, total liabilities rose significantly to $19.2 million from $15.8 million, contributing to an accumulated deficit of approximately $45.8 million, up from $41.7 million at the end of 2023. The total stockholders’ deficiency also increased to $18.9 million from $15.6 million.

Cash at the end of the reporting period was $22,992, a slight increase from $22,203 at the end of 2023. The company reported net cash used in operating activities of approximately $1.9 million for the nine months ended September 30, 2024, compared to $1.6 million for the same period in 2023. In contrast, net cash provided by financing activities increased to approximately $1.9 million from $1.4 million year-over-year.

CSI is actively negotiating to raise additional capital through debt and equity financings, as its financial condition raises substantial doubt about its ability to continue as a going concern for at least one year from the date of the financial statements. The company has also reported past due notes payable totaling approximately $5.7 million and $1.9 million as of September 30, 2024.

In terms of strategic developments, the company continues to advance its patented Veto Cell technology aimed at treating various cancers and organ diseases. The company plans to submit a clinical protocol for allogeneic VETO CAR-T HSCT combined therapy for blood cancer treatment in 2025.