SciSparc Ltd., a specialty clinical-stage pharmaceutical company, reported its unaudited consolidated interim financial statements for the six months ended June 30, 2024. The report, filed with the SEC in November 2024, includes management's discussion and analysis of financial condition and results of operations. SciSparc, which focuses on cannabinoid therapies, has not generated significant revenue from its drug development segment and does not anticipate doing so within the next year. As of June 30, 2024, the company had an accumulated deficit of approximately $72 million and cash resources of $2.624 million, which are not expected to suffice for future operations. The company has engaged in several financial activities, including a Standby Equity Purchase Agreement with YA II PN, LTD for up to $20 million in ordinary shares...Show More

SciSparc Ltd., a specialty clinical-stage pharmaceutical company, reported its unaudited consolidated interim financial statements for the six months ended June 30, 2024. The report, filed with the SEC in November 2024, includes management's discussion and analysis of financial condition and results of operations. SciSparc, which focuses on cannabinoid therapies, has not generated significant revenue from its drug development segment and does not anticipate doing so within the next year. As of June 30, 2024, the company had an accumulated deficit of approximately $72 million and cash resources of $2.624 million, which are not expected to suffice for future operations. The company has engaged in several financial activities, including a Standby Equity Purchase Agreement with YA II PN, LTD for up to $20 million in ordinary shares, of which 925,159 shares have been sold as of June 30, 2024. SciSparc also entered into a Merger Agreement with AutoMax Motors Ltd., and a non-binding letter of intent to spin off its pharmaceutical portfolio and equity stake in SciSparc Nutraceuticals. Additionally, the company signed a license agreement with Polyrizon Ltd. for the out-licensing of its SCI-160 program and a non-binding letter of intent to sell its ownership interest in MitoCareX Bio Ltd. The company's total comprehensive loss for the six months ended June 30, 2024, was $3.7 million, a 25% increase from the previous year.