Summary by Moomoo AI
ZyVersa Therapeutics reported a net loss of $2.4 million for Q3 2024, compared to $2.9 million in Q3 2023. Research and development expenses decreased 35.3% to $0.4 million, while general and administrative expenses declined 17.7% to $1.8 million. The company ended the quarter with $0.1 million in cash.The company's operating expenses totaled $2.3 million for Q3 2024, down from $2.9 million in the prior year period. The decrease was primarily driven by reduced manufacturing and pre-clinical costs for IC 100 and VAR 200 programs, along with lower professional fees and insurance costs. Interest expense increased to $0.1 million due to vendor charges on outstanding amounts.Management expressed substantial doubt about the company's ability to continue as a going concern, citing limited cash reserves only sufficient for month-to-month operations. Subsequent to quarter end, ZyVersa raised $3.1 million through warrant exercises and its at-the-market facility. The company continues to evaluate additional financing opportunities to fund its clinical development programs.
