Kiromic Biopharma, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on allogeneic Gamma Delta T-cell therapy for solid tumors, continues to operate without generating revenue, maintaining an accumulated deficit of $143.3 million, up from $122.9 million at the end of 2023.

As of September 30, 2024, Kiromic's cash and cash equivalents stood at $2.9 million, a decrease from $3.2 million at the end of 2023. Total current assets also fell to $4.3 million from $4.4 million, while total assets decreased from $12.2 million to $10.2 million. Current liabilities decreased to $19.1 million from $20.4 million, indicating some improvement in the company's financial obligations.

Operating expenses for the three months ended September 30, 2024, rose to $6.6 million, compared to $5.6 million in the same period of 2023, marking a 19% increase. Research and development expenses surged by 58% to $4.2 million, driven by increased employee-related costs, laboratory supplies, and outsourced research activities. The net loss for the quarter was $7.4 million, a substantial increase from $4.2 million in the prior year, reflecting a 77% rise.

For the nine months ended September 30, 2024, total operating expenses reached $18.1 million, up 24% from $14.6 million in 2023. The net loss for this period was $20.4 million, compared to $16.3 million in the same period of the previous year, representing a 26% increase. The company reported a negative cash flow from operations of $15.8 million, slightly down from $15.8 million in 2023.

Kiromic's strategic focus remains on advancing its clinical programs, particularly the Deltacel product, which is in Phase 1 trials. The company has activated the expansion phase of the Deltacel-01 trial and received Fast-Track Designation from the FDA, which may expedite its development process. However, the company faces liquidity challenges, with management indicating that existing cash resources may not suffice to meet operational needs beyond December 2024 without additional financing.

In terms of funding, Kiromic has relied on equity and debt financing, with proceeds from senior secured convertible notes totaling $16 million for the nine months ended September 30, 2024, down from $19.6 million in 2023. The company is exploring options for further financing, including potential public equity offerings, while also considering cost reduction measures, including workforce reductions and delays in R&D expenditures.