OS Therapies Incorporated reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company, focused on the development of treatments for Osteosarcoma, experienced a notable increase in current assets, which rose to $1.97 million from $790,032 at the end of 2023. Cash reserves also saw a substantial increase, reaching $1.86 million compared to just $39,000 at the end of the previous fiscal year.

Despite these improvements in liquidity, OS Therapies continued to face challenges in profitability. The company reported a net loss of $2.88 million for the three months ended September 30, 2024, compared to a loss of $1.97 million for the same period in 2023. For the nine-month period, the net loss was $5.89 million, a slight improvement from $6.33 million in the prior year. The basic and diluted loss per share for the third quarter was $(0.18), down from $(0.38) in the same quarter of 2023.

Operating expenses increased significantly, with research and development (R&D) expenses for the third quarter rising to $1.21 million from $454,505 in the prior year. General and administrative expenses also surged to $1.23 million from $167,703. For the nine months ended September 30, 2024, total operating expenses were $3.85 million, compared to $3.19 million in the same period of 2023.

A key strategic development for OS Therapies was the completion of its initial public offering (IPO) on August 2, 2024, which raised $6.4 million in gross proceeds from the sale of 1.6 million shares at $4.00 per share. This IPO facilitated the conversion of approximately $4.58 million in convertible notes into common stock, significantly reducing the company's debt obligations.

The company’s total liabilities decreased to $2.68 million as of September 30, 2024, down from $24.81 million at the end of 2023, primarily due to the conversion of convertible notes into equity. The total stockholders’ deficit improved to $(707,127) from $(24.02 million) at the end of the previous fiscal year.

OS Therapies continues to rely on additional capital for future operations, as it has incurred net losses since inception and has negative operating cash flows. The company is currently engaged in a clinical trial for its lead product candidate, OST-HER2, with topline results expected in Q4 2024.