As of September 30, 2024, Chromocell Therapeutics Corporation reported total assets of $2,139,888, a substantial increase from $96,391 at the end of 2023. This growth in assets is accompanied by a notable rise in current liabilities, which included a loan payable of $2,155,719, compared to $202,279 at the end of the previous year.
The company’s stockholders’ deficit improved to $(1,427,494) as of September 30, 2024, from $(6,444,552) at the end of 2023. This improvement is primarily attributed to an increase in additional paid-in capital, which rose from $7,074,646 to $18,120,176.
For the three months ended September 30, 2024, Chromocell reported total operating expenses of $2,048,333, reflecting a 59% increase from $1,291,726 in the same period of 2023. Research and development expenses saw a significant surge, reaching $414,639 compared to $49,132 in the prior year, marking a 744% increase.
The net loss for the three months ended September 30, 2024, was $(1,694,655), an increase of 19% from $(1,421,732) for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $(6,028,604), compared to $(3,341,640) for the same period in 2023, representing an 80% increase in losses.
Chromocell's cash position improved significantly, with cash at the end of the reporting period amounting to $1,254,903, up from $22,786 at the end of 2023, indicating enhanced liquidity. However, net cash used in operating activities for the nine months ended September 30, 2024, was $(5,122,219), a considerable increase from $(624,224) in the same period of 2023.
On a positive note, net cash provided by financing activities was $6,280,731 for the nine months ended September 30, 2024, compared to $591,936 in the prior year, highlighting successful capital-raising efforts by the company.
About Channel Therapeutics Corp
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