Creative Medical Technology Holdings, Inc. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable decline in revenue, generating no revenue for the three months ended September 30, 2024, compared to $6,000 for the same period in 2023. For the nine months ended September 30, 2024, total revenues were $8,000, slightly up from $6,000 in the prior year.
The company's total assets decreased to $6,887,919 as of September 30, 2024, down from $10,715,190 at the end of 2023. Total stockholders' equity also fell to $6,557,011 from $10,343,796 during the same period. The accumulated deficit increased to $(62,737,839) as of September 30, 2024, reflecting ongoing financial challenges.
Operating losses for the three months ended September 30, 2024, were $(1,109,674), an improvement from $(1,546,785) in the same quarter of 2023. For the nine-month period, the operating loss was $(3,858,127), slightly higher than $(3,848,293) in the previous year. The net loss for the three months was $(1,040,135), compared to $(1,453,952) in 2023, while the nine-month net loss was $(3,639,407), up from $(3,608,000) year-over-year.
Research and development expenses for the three months ended September 30, 2024, were $581,796, down 41% from $992,722 in the same period of 2023. Selling, general, and administrative expenses also decreased to $498,607 from $531,042. For the nine-month period, R&D expenses increased to $1,928,937 from $1,621,231, while SG&A expenses decreased to $1,846,177 from $2,161,599.
Cash balances improved significantly, with an ending cash balance of $6,260,438 as of September 30, 2024, compared to $3,466,867 at the end of 2023. The net cash used in operating activities decreased to $(3,351,756) from $(6,132,902) in the prior year, primarily due to a large payment made in the previous fiscal period.
Strategically, the company continues to focus on its core products, including CaverStem® and FemCelz®, while also pursuing clinical trials and research initiatives in various therapeutic areas. The company has made significant investments in patent acquisitions and clinical trials, including a recent Phase 1-2 trial for Type 1 Diabetes and a program for chronic lower back pain.
About CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC.
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