Genelux Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $40.3 million, up from $27.9 million at the end of 2023. Current assets also rose to $36.0 million, primarily driven by a substantial increase in short-term investments, which grew to $28.0 million from $13.8 million. However, cash and cash equivalents decreased to $6.1 million from $9.4 million.

Despite these asset increases, Genelux reported no revenue for the three months ended September 30, 2024, and only $8,000 for the nine-month period, a sharp decline from $170,000 in the same period of the previous year. The company continues to focus on research and development, with expenses for the nine months rising to $12.5 million from $8.6 million in 2023. This increase was attributed to higher employee compensation, stock-related compensation, and clinical trial expenses.

Total operating expenses for the nine months ended September 30, 2024, reached $22.0 million, compared to $17.3 million in the prior year. The net loss for the nine months was $20.9 million, a slight improvement from a loss of $21.5 million in the same period of 2023. The loss per share for the nine months was $(0.69), compared to $(0.91) in the previous year.

The company’s total liabilities decreased to $5.6 million from $6.6 million, while total shareholders’ equity rose to $33.1 million from $24.0 million. The increase in equity was bolstered by net proceeds of $27.7 million from a public offering completed in May 2024, where 7.5 million shares were sold at $4.00 each.

Genelux is actively engaged in developing oncolytic viral immunotherapies, with its lead product candidate, Olvi-Vec, currently in clinical trials. The company has reported that it expects its cash reserves to last until the first quarter of 2026, allowing it to continue funding its research and development activities. The company has also noted that it anticipates increased expenses related to ongoing clinical trials and potential commercialization efforts.

Overall, while Genelux has made strides in asset growth and equity, it continues to face challenges in generating revenue and managing operational losses as it advances its clinical programs.