As of September 30, 2024, Lipella Pharmaceuticals Inc. reported total assets of $2,160,105 and total liabilities of $701,186. The company's cash and cash equivalents saw a significant decrease, falling from $3,293,738 on December 31, 2023, to $1,353,734.
For the three months ended September 30, 2024, Lipella's total revenues were $80,380, a decline from $104,051 in the same period of 2023. The net loss for this quarter was $(1,444,637), which is a slight increase from the net loss of $(1,323,570) reported in the prior year. In contrast, for the nine months ended September 30, 2024, total revenues increased to $362,691, up from $328,775 for the same period in 2023. The net loss for the nine-month period improved to $(3,574,592) compared to $(3,930,081) in the previous year.
Research and development expenses for the three months ended September 30, 2024, rose to $1,047,000, up from $833,000 in the same quarter of 2023. Conversely, general and administrative expenses decreased to $493,000 from $628,000 in the same period last year.
As of September 30, 2024, Lipella Pharmaceuticals had an accumulated deficit of $13,898,436. The cash used in operating activities for the nine months ended September 30, 2024, was $(2,960,334), an increase in cash outflow compared to $(2,422,462) for the same period in 2023. However, net cash provided by financing activities for the nine months ended September 30, 2024, was $1,020,332, a notable improvement from the net cash used of $(275,000) in the same period of the previous year.
About LIPELLA PHARMACEUTICALS INC.
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