NexImmune, a clinical-stage biotechnology company, reported a net loss of $3.1 million for the three months ended March 31, 2024, a significant improvement from the $9.6 million net loss in the same period in 2023. The basic and diluted net loss per common share was $2.46 for the first quarter of 2024, compared to $9.17 in the first quarter of 2023. The company's research and development expenses decreased to $744,000 from $6.1 million year-on-year, reflecting a strategic shift in operations, including a reduction in force and a pause in clinical enrollment for certain product candidates. General and administrative expenses also decreased to $2 million from $3.7 million in the previous year. NexImmune has not generated any revenue from product sales and has relied on equity offerings and other financing...Show More

NexImmune, a clinical-stage biotechnology company, reported a net loss of $3.1 million for the three months ended March 31, 2024, a significant improvement from the $9.6 million net loss in the same period in 2023. The basic and diluted net loss per common share was $2.46 for the first quarter of 2024, compared to $9.17 in the first quarter of 2023. The company's research and development expenses decreased to $744,000 from $6.1 million year-on-year, reflecting a strategic shift in operations, including a reduction in force and a pause in clinical enrollment for certain product candidates. General and administrative expenses also decreased to $2 million from $3.7 million in the previous year. NexImmune has not generated any revenue from product sales and has relied on equity offerings and other financing activities to fund operations. In February 2024, the company raised approximately $3.7 million in gross proceeds through a registered direct offering and concurrent private placement. As of March 31, 2024, NexImmune had cash and cash equivalents of $4.5 million, which is expected to fund activities through the second quarter of 2024. The company is exploring strategic alternatives and additional financing to continue operations beyond that time. NexImmune's AIM technology platform remains a core focus, with the potential to rapidly customize new therapeutics for various diseases. However, the company faces delisting from Nasdaq if it cannot regain compliance with listing rules by May 28, 2024.