Unicycive 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 treatments for kidney disease, experienced a notable increase in cash and cash equivalents, rising from $9.7 million at the end of 2023 to $32.3 million by September 30, 2024. Total current assets also surged from $13.4 million to $37.7 million during the same period, while total assets increased from $14.2 million to $38.6 million.

Despite these improvements in liquidity, Unicycive continued to incur losses. The net loss for the three months ended September 30, 2024, was $4.1 million, a slight decrease from a loss of $4.3 million in the same quarter of the previous year. For the nine months ended September 30, 2024, the net loss was $15.2 million, down from $22.7 million in the prior year, reflecting a 33% improvement. The net loss per share attributable to common stockholders also improved, decreasing from $(1.12) to $(0.30) for the nine-month period.

Operating expenses for the nine months ended September 30, 2024, rose to $22.9 million, up from $15.1 million in the previous year, primarily driven by a $6.1 million increase in research and development costs. General and administrative expenses also increased by 26%, totaling $8.1 million for the nine-month period. The company reported no licensing revenue during the nine months ended September 30, 2024, compared to $675,000 in the same period of 2023.

Strategically, Unicycive has been active in raising capital to support its operations. In March 2024, the company entered into a securities purchase agreement that raised $50 million through the issuance of Series B-1 Convertible Preferred Stock. This followed a previous agreement in March 2023 that provided up to $130 million in gross proceeds. The company’s accumulated deficit increased to $79.7 million as of September 30, 2024.

Unicycive is also preparing for the potential commercialization of its key drug candidate, Oxylanthanum Carbonate (OLC), for treating hyperphosphatemia in chronic kidney disease patients. The company submitted a New Drug Application (NDA) to the FDA on September 3, 2024, which was accepted on November 11, 2024, with a target action date set for June 28, 2025.

The company continues to face challenges, including a material weakness in internal controls over financial reporting, which management is addressing by hiring additional accounting personnel. Furthermore, Unicycive received notice from Nasdaq regarding non-compliance with listing rules due to its stock price falling below $1.00, necessitating corrective actions by January 2025 to avoid potential delisting.