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Net Loss of $4.9 Million
BioCell Therapeutics Corp. has reported a net loss of $4.9 million for the quarter ending April 30, 2023. The company’s financial statements demonstrate a decrease in shareholders’ equity, with total equity of $(5,892,342) as of April 30, 2023, compared to $(10,015,573) in the previous year. This decrease is primarily due to the net loss incurred during the period.
Decrease in Cash and Cash Equivalents
During the nine-month period ending April 30, 2023, BioCell Therapeutics Corp. experienced a decrease in cash and cash equivalents, with a decrease of $12,871,553, bringing the total cash and cash equivalents to $28,170,099. This decrease in cash can be attributed to operating activities, including research and development, as well as general operating expenses.
Composition of Shareholders’ Equity
The financial statements also provide information about the composition of shareholders’ equity, with share capital amounting to $65,591,784 and an additional paid-in capital of $6,888,134 as of April 30, 2023. The accumulated deficit stood at $(78,233,576), representing the cumulative losses incurred by the company over the years.
Research and Development Activities
BioCell Therapeutics Corp. is committed to its research and development activities, primarily focused on advancing its targeted immunotherapy program, including a Phase II clinical trial with Bria-IMT™ in combination with an immune checkpoint inhibitor. The company acknowledges that these activities have resulted in operating losses and anticipates that these losses will continue in the foreseeable future.
Impact of COVID-19 Pandemic
The COVID-19 pandemic has also affected the company’s operations. BioCell Therapeutics Corp. recognizes that there may be difficulties in recruiting or retaining patients in its clinical trials due to concerns about visiting or traveling to clinical trial sites during a pandemic. The execution of the company’s clinical trials and research programs were delayed by at least one quarter as a result of COVID-19.
In terms of legal proceedings, the company settled a claim made by an investor during the reporting period, requiring a payment of $230,000 to the investor to resolve all existing claims.
Looking forward, BioCell Therapeutics Corp. plans to finance its operations using existing and future working capital resources. The company also intends to explore additional sources of capital and financing.
In summary, BioCell Therapeutics Corp.’s quarterly report highlights a net loss of $4.9 million, a decrease in shareholders’ equity, and a decrease in cash and cash equivalents. The company remains dedicated to its research and development activities and acknowledges the impact of the COVID-19 pandemic on its operations. Despite the challenges, the company is focused on advancing its targeted immunotherapy program and finding avenues for funding its operations.
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