LadRx Corporation reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company experienced a drastic decline in cash and cash equivalents, which fell to $57,256 from $2,070,075 at the end of the previous fiscal year. Total current assets also decreased sharply to $70,813 from $2,261,858, while total assets dropped to $74,374 from $2,307,882. Conversely, total current liabilities decreased to $1,828,838 from $2,200,528, but the company reported a total stockholders’ equity deficit of $(1,754,464), a significant decline from a positive equity of $107,354 at the end of 2023.

For the three months ended September 30, 2024, LadRx reported a loss from operations of $(827,713), slightly improved from $(840,313) in the same period of 2023. The net loss for the quarter was $(824,540), compared to $(815,989) in the prior year. For the nine-month period, the company recorded a net loss of $(1,920,793), a stark contrast to a net income of $1,258,479 for the same period in 2023. The loss attributable to common stockholders for the nine months was also $(1,920,793), compared to a profit of $1,189,670 in the previous year. The basic and diluted loss per share for the nine months was $(3.88), compared to earnings of $2.59 in 2023.

The company’s revenue from the sale of royalty and milestone rights significantly decreased to $1,000,000 for the nine months ended September 30, 2024, down from $4,167,219 in the prior year. Net cash used in operating activities was $(2,012,819) for the nine months, compared to a positive cash flow of $1,877,227 in 2023.

Strategically, LadRx announced the FDA approval of arimoclomol in September 2024, with commercial launch activities expected in Q4 2024. The company anticipates a $1 million milestone payment upon the first commercial sale of arimoclomol. Additionally, a reverse stock split of 1-for-100 was executed on May 17, 2023, to adjust share amounts.

The company is facing challenges, including a substantial doubt about its ability to continue as a going concern, as highlighted by its independent auditors. The management's focus remains on securing necessary financing to support its operations and development of its LADR™ technology platform.