Greenwich LifeSciences, Inc. reported significant financial changes in its 10-Q filing for the third quarter of 2024, reflecting ongoing challenges in its operations and strategic developments. As of September 30, 2024, the company had total assets of $5.83 million, a decrease from $6.99 million at the end of 2023. Cash reserves also fell to $5.82 million from $6.99 million, indicating a tightening liquidity position.

The company’s total current liabilities surged to $842,384, up from $294,406, while total stockholders’ equity decreased to $4.98 million from $6.70 million. This decline in equity is attributed to increased operational losses, which for the nine months ended September 30, 2024, amounted to $7.75 million, compared to $6.15 million for the same period in 2023. The net loss per share also worsened, rising to $(0.60) from $(0.48).

Research and development expenses for the third quarter of 2024 were $2.29 million, a 6% increase from $2.16 million in Q3 2023. For the nine-month period, R&D expenses rose by 27% to $6.79 million from $5.37 million. Total operating expenses for the nine months ended September 30, 2024, reached $7.93 million, compared to $6.49 million in the prior year.

The company’s net cash used in operating activities increased to $5.41 million for the nine months ended September 30, 2024, from $4.32 million in the same period in 2023. The cash balance at the end of the nine-month period was $5.82 million, down from $9.14 million a year earlier.

In terms of strategic developments, Greenwich LifeSciences incorporated Greenwich LifeSciences Europe Limited as a wholly owned subsidiary in Ireland in February 2023, aiming to expand its clinical trial efforts. The company is currently focused on its Phase III clinical trial, Flamingo-01, which evaluates GLSI-100, an immunotherapy for preventing breast cancer recurrences.

Additionally, the company completed a private placement in June 2024, issuing shares to its CEO, generating net proceeds of $2.5 million. An At The Market Offering Agreement was also entered into on October 7, 2024, allowing the company to sell up to $100 million of common stock.

Despite these efforts, the company reported material weaknesses in its internal controls over financial reporting, attributed to inadequate segregation of duties and limited personnel. Management is developing a remediation plan to address these issues. As of September 30, 2024, there were no material legal proceedings affecting the company, and no significant changes to previously disclosed risk factors.