Pressure BioSciences, Inc. reported significant financial developments in its 10-Q filing for the quarter ending March 31, 2024. The company’s total assets surged to $6,991,529, a notable increase from $1,049,676 as of December 31, 2023. Current assets also rose to $957,257, up from $760,055 at the end of the previous year. However, current liabilities experienced a substantial increase, climbing to $45,118,325 from $33,803,505, indicating a rise in financial obligations. This resulted in a total stockholders' deficit of $(38,126,796) as of March 31, 2024, compared to $(32,753,829) at the end of 2023.

In terms of revenue, Pressure BioSciences reported total revenue of $349,257 for the three months ended March 31, 2024, reflecting a 53% decline from $740,600 in the same period of 2023. Despite the drop in revenue, total operating costs decreased significantly to $1,833,815 from $4,378,345 in Q1 2023. This led to an operating loss of $(1,484,558) for Q1 2024, which represents a 59% improvement compared to the $(3,637,745) loss reported in Q1 2023.

The net loss attributable to common shareholders for Q1 2024 was $(8,706,476), or $(0.22) per share, compared to $(7,289,641), or $(0.46) per share, in Q1 2023. Additionally, net cash used in operating activities increased significantly to $(1,859,560) from $(422,211) in the prior year. Conversely, net cash provided by financing activities rose to $1,781,501 in Q1 2024, compared to $660,369 in Q1 2023.

A strategic development during this period includes the completion of the acquisition of Uncle Bud’s Health & Wellness in January 2024, which is anticipated to enhance the company’s product offerings and market reach.