Carmell Corporation, a bio-aesthetics company focused on skincare and haircare products, reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company experienced a drastic decline in total current assets, which fell to $1.9 million from $62.9 million at the end of 2023. Total assets also decreased to $2.4 million from $63.9 million, while total liabilities dropped to $6.5 million from $39.2 million. The accumulated deficit increased to $(67.96 million) from $(58.50 million) at the end of 2023, reflecting ongoing financial challenges.
For the three months ended September 30, 2024, Carmell reported gross sales of $58,915 and net sales of $20,519, with a gross profit of $15,679. However, total operating expenses surged to $1.4 million, leading to a loss from operations of $(1.42 million). The net loss for the quarter was $(2.88 million), consistent with a net loss per share of $(0.14). Comparatively, for the nine months ended September 30, 2024, net sales reached $32,839, a 100% increase from the previous year, while the net loss improved to $(9.74 million) from $(16.20 million) in 2023.
Strategically, the company has undergone significant restructuring, including the acquisition of Axolotl Biologix, Inc. in August 2023, and the subsequent disposition of AxoBio in March 2024. The AxoBio sale resulted in a non-cash gain of $1.53 million. Following these transactions, Carmell has refocused its efforts on cosmetic skincare products, launching 12 new products in 2024 and exploring haircare product development.
Carmell's operational expenses have seen a notable reduction, with total operating expenses for the nine months ending September 30, 2024, decreasing by 28% to $4.02 million. This reduction is attributed to cost-saving measures implemented through the elimination of non-core areas and overlapping functions. However, general and administrative expenses increased to $2.96 million from $1.66 million in the prior year.
The company is currently navigating financial difficulties, with management expressing substantial doubt about its ability to continue as a going concern within the next year. As of September 30, 2024, Carmell had cash of $1.14 million and outstanding debt of $362,967. The company is actively seeking additional capital to support its operations and future growth initiatives.
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