Genprex, Inc., a clinical-stage gene therapy company focused on developing therapies for oncology and diabetes, reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company had 8,508,068 shares of common stock outstanding, following a 1-for-40 reverse stock split executed on February 2, 2024.
As of September 30, 2024, Genprex's cash and cash equivalents totaled $1.5 million, a substantial decrease from $6.7 million at the end of 2023. Total current assets also fell to $1.9 million from $7.5 million, while total assets decreased to $3.9 million from $10.7 million. The company's total stockholders' equity dropped to $1.7 million from $7.4 million, reflecting ongoing financial challenges.
Operating expenses for the three months ended September 30, 2024, were $4.3 million, down 44% from $7.8 million in the same period of 2023. For the nine-month period, operating expenses decreased to $16.8 million from $25.1 million year-over-year. The net loss for Q3 2024 was $4.3 million, a 44% reduction from $7.7 million in Q3 2023, while the nine-month net loss decreased to $16.8 million from $24.9 million. The net loss per share for Q3 2024 was $(1.23), compared to $(5.36) in Q3 2023.
The company reported a net cash used in operating activities of $13.3 million for the nine months ended September 30, 2024, down 33% from $19.8 million in the prior year. Financing activities provided $8.0 million in net proceeds, a decrease from $10.6 million in the same period of 2023. Genprex's accumulated deficit reached $150.5 million, with no revenue generated from product sales.
Strategically, Genprex is advancing its oncology platform, particularly the Reqorsa® (quaratusugene ozeplasmid) drug candidate, which is currently in clinical trials for non-small cell lung cancer and small cell lung cancer. The Acclaim-3 trial is enrolling patients, with the first patient dosed in May 2024. The company is also focusing on its diabetes program, with plans to potentially spin out its diabetes clinical development into a new subsidiary by the end of 2024.
The workforce has been reduced from 30 employees in September 2023 to 19 employees as of September 30, 2024. The company has acknowledged material weaknesses in its internal controls over financial reporting and is implementing remediation efforts, including new accounting software and enhanced review procedures.
About Genprex, Inc.
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