Panbela Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s current assets increased to $5.2 million from $3.1 million at the end of 2023, while total assets decreased from $11.8 million to $5.2 million over the same period. Cash and cash equivalents saw a sharp decline, dropping to $142,000 from $2.6 million, reflecting ongoing operational losses.

Total liabilities rose to $23.3 million, up from $16.5 million, with current liabilities increasing from $12.3 million to $20.1 million. The accumulated deficit also widened to $(146.9 million) from $(125.5 million) at the end of 2023, indicating continued financial strain.

For the three months ended September 30, 2024, Panbela reported an operating loss of $(7.2 million), a slight improvement from $(7.8 million) in the same quarter of 2023. However, for the nine-month period, the operating loss increased to $(22.0 million) from $(18.6 million) year-over-year. The net loss for the three months was $(7.2 million), down from $(7.8 million) in the prior year, while the nine-month net loss rose to $(21.4 million) from $(18.8 million).

The company generated a gain of $775,000 from the sale of intellectual property during the nine months ended September 30, 2024, compared to $400,000 in the same period of 2023. Total operating expenses for the quarter decreased by 8.7% to $7.2 million, with research and development costs declining by 10.2% to $6.1 million. General and administrative expenses remained relatively stable.

Panbela's financing activities included a public offering that raised approximately $8.1 million and the issuance of promissory notes totaling $2.2 million. However, net cash provided by financing activities decreased significantly from $21.4 million in the previous year to $9.3 million. The company is actively seeking additional capital to support its operations and clinical trials, with no assurance of obtaining financing on favorable terms.

Strategically, Panbela has faced challenges, including the termination of its contract research organization for the ASPIRE trial due to payment issues, although the trial continues under the company's management. On October 22, 2024, Panbela entered into a Note Purchase Agreement with Nant Capital, LLC, issuing a Senior Convertible Promissory Note for $2.85 million, with plans for an additional $9.15 million note by mid-November 2024. The company’s stock was delisted from Nasdaq in March 2024 and is now quoted on OTCQB, with efforts underway to relist on Nasdaq.