CNS Pharmaceuticals, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in cash and cash equivalents, rising to $6.97 million from $548,721 at the end of 2023. Total current assets also surged to $7.39 million, compared to $1.59 million at the end of the previous fiscal year. Total assets reached $7.41 million, up from $1.70 million, while total current liabilities decreased to $4.06 million from $6.13 million, resulting in total stockholders' equity improving to $3.35 million from a deficit of $4.43 million.

For the three months ended September 30, 2024, CNS Pharmaceuticals reported total operating expenses of $5.63 million, an increase from $4.53 million in the same period of 2023. The loss from operations for Q3 2024 was $(5.63 million), compared to $(4.53 million) in Q3 2023. The net loss for the quarter was $(5.61 million), up from $(4.52 million) year-over-year. For the nine months ended September 30, 2024, the net loss was $(11.68 million), a decrease from $(13.48 million) in the prior year, attributed to reduced research and development expenses.

CNS Pharmaceuticals raised substantial capital through various financing activities, generating net proceeds of approximately $18.37 million from the sale of common stock and warrants during the nine months ended September 30, 2024, compared to $2.10 million in the same period of 2023. The company reported a net cash increase of $6.42 million for the nine months, contrasting with a decrease of $(9.15 million) in the previous year.

Strategically, the company entered into an Exclusive License Agreement with Cortice Biosciences, Inc. for the compound TPI 287, which included milestone payments and royalties. Additionally, CNS Pharmaceuticals terminated its license agreement with Houston Pharmaceuticals, Inc. for WP744 due to unmet commercial diligence milestones. The company also faced compliance issues with Nasdaq regarding its stock price, receiving a temporary exception to regain compliance until March 2025.

CNS Pharmaceuticals continues to focus on its lead drug candidate, Berubicin, which is in a pivotal trial for treating glioblastoma. The company anticipates releasing final top-line data for this trial in the first half of 2025 and estimates needing to raise an additional $4 million to support the near-term development of TPI 287.