Invizyne Technologies Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which operates in the biotechnology sector, recorded total operating income of $0 for both the three and nine months ended September 30, 2024, maintaining the same level as the previous year. However, total operating costs surged to $1.6 million for the third quarter, a 311.3% increase from $391,846 in Q3 2023. For the nine-month period, operating costs reached $3.9 million, up 347.7% from $881,944 in the same period of 2023.
The net loss for the third quarter was $(1.7 million), compared to $(520,596) in Q3 2023, reflecting a 218.2% increase. For the nine months ended September 30, 2024, the net loss escalated to $(4.0 million), a substantial rise from $(939,825) in the same period of 2023. This resulted in a net loss per share of $(0.64) for the nine months, compared to $(0.15) in the prior year.
The company's cash and cash equivalents increased significantly to $233,935 as of September 30, 2024, from $66,533 at the end of 2023. Total current assets also rose to $1.4 million, up 17.2% from $1.2 million at year-end 2023. However, total liabilities surged to $7.2 million, an 81.6% increase from $3.9 million at the end of 2023, primarily due to increased operational costs and related party loans.
Research and development expenses for the nine months ended September 30, 2024, were $3.0 million, compared to $2.3 million in the same period of 2023, driven by higher salaries and lab expenses. General and administrative costs also rose sharply to $888,239 in Q3 2024, up 144.1% from $363,910 in Q3 2023, attributed to increased staffing and consulting costs related to operations and IPO expenses.
On November 11, 2024, Invizyne completed an IPO, selling 1,875,000 shares for gross proceeds of $15 million, netting approximately $14.3 million. The proceeds are earmarked for expanding production capabilities, staffing, research and development, and repaying intercompany loans totaling approximately $4.4 million.
As of September 30, 2024, Invizyne's accumulated deficit stood at $(10.1 million), up from $(6.1 million) at the end of 2023. The company continues to rely on grants and strategic alliances for funding, with 64% of its grant reimbursements coming from the Department of Energy and 36% from the NIH.
About Invizyne Technologies Inc
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