Qrons Inc. reported significant financial developments in its 10-Q filing for the nine months ended September 30, 2024. The company continues to face challenges, including a lack of revenue generation since its inception. As of September 30, 2024, Qrons had cash and cash equivalents of $2,138, a substantial increase from $420 at the end of 2023. Total current liabilities decreased to $1,142,472 from $1,323,715, while total liabilities fell to $1,262,800 from $1,488,713.

For the three months ended September 30, 2024, Qrons reported a net loss of $(63,298), a significant improvement compared to a net loss of $(529,667) for the same period in 2023. Total operating expenses for Q3 2024 were $58,167, down from $439,555 in Q3 2023. The reduction in expenses was primarily due to a decrease in research and development costs, which fell to $24,448 from $378,678 year-over-year. For the nine months ended September 30, 2024, the net loss was $(215,180), compared to $(610,871) for the same period in 2023.

The company’s total operating expenses for the nine months ended September 30, 2024, were $223,794, down from $499,915 in the prior year. This decline was attributed to reduced amortization of stock-based compensation and lower professional fees. Research and development expenses for the nine-month period also decreased to $138,736 from $375,795 in 2023.

Qrons has continued to rely on related party advances, raising $61,000 in the nine months ended September 30, 2024, compared to $52,500 in the same period in 2023. The company has expressed substantial doubt about its ability to continue as a going concern, primarily due to ongoing net losses and a lack of revenue.

Strategically, Qrons entered into a Term Sheet for a reverse triangular merger with First Person Ltd., expected to close by December 16, 2024. This merger is anticipated to result in Qrons having approximately 18 million shares outstanding, with FP stockholders receiving 80.51% of Qrons' common stock on a fully diluted basis. Additionally, Qrons terminated a License Agreement with Professors Sredni and Albeck and Dr. Merfeld on October 28, 2024, as part of its restructuring efforts.

Overall, Qrons Inc. is navigating a challenging financial landscape while pursuing strategic partnerships and operational efficiencies to enhance its prospects in the biotechnology sector.