Hoth Therapeutics, Inc., a clinical-stage biopharmaceutical company, reported its financial results for the nine months ended September 30, 2024. The company continues to focus on developing therapies for unmet medical needs, with key product candidates including HT-001 for cancer treatment side effects and HT-KIT for mast-cell derived cancers.

For the third quarter of 2024, Hoth Therapeutics recorded net revenues of $0, consistent with the same period in 2023. Total operating expenses increased slightly to $2.1 million from $2.0 million year-over-year. The loss from operations for Q3 2024 was $(2.1 million), compared to $(2.1 million) in Q3 2023. The net loss for the quarter was approximately $(2.1 million), or $(0.31) per share, a decrease from a net loss of $(2.2 million), or $(0.60) per share, in the prior year.

For the nine months ended September 30, 2024, the company reported a net loss of $(5.8 million), or $(0.96) per share, compared to a net loss of $(6.1 million), or $(1.99) per share, for the same period in 2023. This reflects a reduction in losses, attributed to a decrease in research and development expenses, which totaled approximately $1.9 million for the nine months, down from $2.6 million in 2023. The decrease was primarily due to reduced spending on HT-KIT and other projects.

General and administrative expenses for the nine months increased to approximately $3.9 million, up from $3.4 million in 2023, largely due to higher compensation and related expenses. Stock-based compensation also rose significantly, reflecting the issuance of stock options to executives and board members.

As of September 30, 2024, Hoth Therapeutics had cash and cash equivalents of $8.0 million, down from $11.8 million at the end of the previous fiscal year. The company reported total assets of $8.3 million and total liabilities of $813,033, resulting in stockholders' equity of $7.5 million. The accumulated deficit stood at approximately $58.7 million.

In terms of financing activities, the company generated approximately $3.7 million from the exercise of warrants during the nine months ended September 30, 2024, a significant increase from $11.3 million in the same period of 2023. Hoth Therapeutics also entered into an At The Market Offering Agreement on November 8, 2024, allowing for the sale of up to $2.7 million in common stock.

Overall, Hoth Therapeutics continues to navigate its financial landscape while focusing on its development pipeline, with significant future funding needs anticipated to support its long-term business strategy.