Summary by Moomoo AI
Alzamend Neuro reported financial results for Q3 FY2025 with net loss decreasing 61% to $1.0 million compared to $2.7 million in Q3 FY2024. Total operating expenses declined to $1.0 million from $2.7 million, primarily due to lower research and development costs. Revenue remained at zero as both product candidates are still in clinical development stage.The company strengthened its financial position with cash increasing to $3.4 million as of January 31, 2025, compared to $376,000 as of April 30, 2024. This improvement was driven by $7.1 million from Series A Convertible Preferred Stock sales and $1.9 million from ATM offering proceeds. Working capital turned positive to $3.2 million from a deficit position.Management continues advancing clinical trials for AL001 and ALZN002 therapeutic candidates. The company plans to initiate five clinical trials to evaluate AL001's brain lithium levels compared to marketed lithium salts, partnering with Massachusetts General Hospital. However, management notes current cash is insufficient to fund planned operations through next year, creating substantial going concern uncertainty.
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