Pluri Inc. (formerly Pluristem Therapeutics Inc.) reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on biotechnology and cell-based technology platforms for regenerative medicine, food technology, and agricultural technology, experienced a notable increase in revenues, reporting $326,000 for the quarter compared to $54,000 in the same period of 2023. This growth is attributed to services provided to contract development and manufacturing organization (CDMO) clients and collaborations in the agtech sector.
Despite the revenue increase, Pluri Inc. reported a net loss of $6,036,000 for the quarter, widening from a loss of $5,098,000 in the prior year. The net loss attributed to shareholders also increased to $(5,882,000) from $(4,961,000) year-over-year, resulting in a basic and diluted net loss per share of $(1.08), compared to $(0.96) in the previous year. The company’s total current assets decreased to $27,032,000 from $31,107,000 as of June 30, 2024, while total assets fell to $35,442,000 from $39,527,000.
Pluri's long-term liabilities rose to $30,922,000, primarily due to an increase in loans from the European Investment Bank (EIB), which amounted to $25,365,000 as of September 30, 2024, up from $24,027,000 in June 2024. The company’s total shareholders’ equity showed a significant deficit of $(5,283,000), a stark decline from a positive equity of $96,000 in the previous quarter.
Operationally, Pluri implemented a cost reduction plan in 2024, which included a reduction in R&D headcount from 99 to 90 employees. R&D expenses slightly decreased to $2,889,000 from $2,993,000, while general and administrative expenses increased to $2,509,000 from $2,438,000, primarily due to salary reinstatements and performance bonuses for the CEO.
In terms of strategic developments, Pluri launched a new business division, PluriCDMO™, which is generating revenues from client agreements. The company also signed a three-year contract worth $4.2 million with the U.S. National Institute of Allergy and Infectious Diseases (NIAID) to advance its PLX-R18 cell therapy. Additionally, Pluri's subsidiary, Ever After Foods, raised $10 million in a private placement to support its technology platform, with Pluri maintaining a 69% ownership stake.
As of September 30, 2024, Pluri Inc. had cash and cash equivalents of $3,198,000, down from $6,783,000 at the end of June 2024. The company is actively seeking additional liquidity resources to support its commercialization efforts and maintain R&D activities, with funding sources including licensing agreements, joint ventures, and equity sales.
About Pluri Inc.
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