FibroBiologics, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in its performance compared to the previous fiscal period. As of September 30, 2024, the company had cash and cash equivalents of $7.8 million, a decrease from $9.2 million at the end of 2023. Total assets also declined to $10.5 million from $11.8 million, while total current liabilities decreased significantly from $9.2 million to $6.7 million, resulting in total stockholders’ equity rising to $2.7 million from $1.3 million.

Operating expenses for the third quarter of 2024 were $3.4 million, up from $2.1 million in the same period of 2023, driven by increased research and development costs, which rose to $1.2 million from $0.6 million. General and administrative expenses also increased to $2.1 million from $1.5 million. Despite these rising costs, the net loss for the third quarter improved to $0.5 million from $2.2 million in the prior year. For the nine months ended September 30, 2024, the net loss was $8.1 million, compared to $6.8 million for the same period in 2023.

The company has not generated any revenue to date and does not anticipate achieving profitability in the near future. The accumulated deficit as of September 30, 2024, stood at approximately $32.4 million. FibroBiologics continues to rely on financing activities, raising $7.6 million in the nine months ended September 30, 2024, down from $13.8 million in the same period of 2023.

Strategically, FibroBiologics is focused on advancing its product candidates, including CYWC628 for wound healing and CYMS101 for multiple sclerosis, with plans for clinical trials in the coming years. The company has also filed new patent applications related to its fibroblast cell-based technology. However, it faces challenges in obtaining regulatory approvals and establishing manufacturing agreements.

In terms of corporate governance, the company identified a material weakness in its internal control over financial reporting, attributed to a lack of segregation of duties. Management plans to enhance internal controls as the company grows. Overall, FibroBiologics remains in a critical phase of development, with ongoing investments in research and development while navigating financial challenges.