Vicapsys Life Sciences Reports No Revenue and Increased Losses for Six Months Ended June 30, 2024

Vicapsys Life Sciences, Inc. reported no revenue for the three and six months ended June 30, 2024, consistent with the same periods in 2023. The company incurred total operating expenses of $181,841 for the three months and $386,097 for the six months, representing an increase from $135,693 and $346,970, respectively, in the prior year. The rise in expenses was primarily driven by a significant increase in professional fees, which rose to $106,500 and $213,048 for the three and six months ended June 30, 2024, compared to $51,467 and $164,253 in the same periods of 2023. Personnel costs remained stable, while general and administrative expenses decreased due to the cancellation of a directors and officers insurance policy.

The company reported a net loss of $190,091 for the three months and $517,164 for the six months ended June 30, 2024, compared to losses of $135,693 and $346,970 in the same periods of 2023. The net loss per share for the second quarter was $(0.01), slightly higher than $(0.00) in the previous year. As of June 30, 2024, Vicapsys had a working capital deficit of $2,445,846 and an accumulated deficit of $16,817,238, raising concerns about its ability to continue as a going concern.

In terms of strategic developments, Vicapsys has been focusing on its proprietary product line, VICAPSYN™, which is aimed at transplantation therapies. The company has not generated any revenue from product sales and is currently negotiating extensions for various obligations under its license agreement with MGH, which includes significant financial commitments. The company has also entered into several promissory note agreements, including a $95,000 note in July 2024 and a $55,000 note in August 2024, to support its operations.

Operationally, Vicapsys has not reported any significant changes in customer counts or user statistics, as it has yet to launch any products commercially. The company continues to face challenges in raising capital, having raised only $100,000 from a private offering in April 2023, out of a targeted $300,000. The company’s cash position remains precarious, with a negative cash balance of $86 as of June 30, 2024, and it anticipates needing to raise an additional $1 million to sustain operations over the next year.

Looking ahead, Vicapsys acknowledges the need for substantial additional funding to complete necessary preclinical and clinical testing. The company is exploring various financing options, including equity or debt securities, but faces uncertainty regarding its ability to secure such funding on favorable terms. The management has indicated that failure to generate revenue or raise sufficient funds could jeopardize the company's operations, potentially leading to a complete loss for investors.