Sigyn Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the period ending September 30, 2024. The company, which focuses on developing medical devices for cancer and infectious disease disorders, continues to operate without generating revenue since its inception.
As of September 30, 2024, Sigyn Therapeutics had total assets of $427.4 million, a notable increase from $321.8 million at the end of 2023. Cash reserves surged to $164.8 million from $11.7 million, reflecting a strong liquidity position. However, total liabilities also rose to $4.35 million from $3.73 million, primarily due to increased accrued payroll and payroll taxes, which climbed to $1.76 million from $791,754.
The company reported a net loss of $2.82 million for the nine months ended September 30, 2024, a slight improvement compared to a net loss of $2.97 million for the same period in 2023. The loss per share decreased to $(2.26) from $(2.83) year-over-year. Operating expenses for the nine months increased to $2.04 million, up from $1.74 million, driven by higher compensation and professional fees.
In the third quarter of 2024, operating expenses reached $808,458, a 25.8% increase from $642,814 in Q3 2023. The net loss for Q3 2024 was $1.20 million, compared to $905,726 in Q3 2023. The company’s other expenses also rose, totaling $388,465 in Q3 2024, up from $262,912 in the prior year.
Sigyn Therapeutics continues to focus on its key products, including ImmunePrep™, ChemoPrep™, ChemoPure™, and Sigyn Therapy™, which targets untreatable infectious diseases. The company is advancing its clinical studies, particularly for Sigyn Therapy™, which aims to address significant health issues such as antibiotic-resistant infections and sepsis.
Management has expressed concerns regarding the company's ability to continue as a going concern, citing the need for additional financing to support operations. The company plans to raise funds through private or public offerings or asset sales. As of September 30, 2024, the accumulated deficit stood at $14.16 million, up from $11.34 million at the end of 2023.
Overall, while Sigyn Therapeutics has made strides in asset growth and reduced its net loss, it faces ongoing challenges in achieving profitability and securing necessary funding for future operations.
About Sigyn Therapeutics, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.