Summary of Financial Results for Three and Six Months Ended September 30, 2024
For the three months ended September 30, 2024 and 2023, the Company incurred net losses of $2.8 million and $6.0 million, respectively.
General and administrative expense was $1.7 million for the three months ended September 30, 2024 compared to $0.8 million for the same period in 2023. This $0.9 million increase was driven primarily by increases in officer and employee compensation and benefits of $0.4 million, as we expanded our management team, stock-based compensation of $0.2 million, insurance expense of $0.1 million, franchise tax of $0.1 million, and other expenses of $0.1 million.
Research and development expense was $1.2 million for the three months ended September 30, 2024 compared to $0.5 million for the same period in 2023. The increase in research and development expenses during the current quarter was mainly attributed to our clinical trial and product development costs.
For the six months ended September 30, 2024 and 2023, the Company incurred net losses of $5.5 million and $6.9 million, respectively.
General and administrative expense was $3.5 million for the six months ended September 30, 2024 compared to $1.3 million for the same period in 2023. This $2.2 million increase was driven primarily by increases in officer and employee compensation and benefits of $1.0 million, as we expanded our management team, stock-based compensation of $0.6 million, legal and professional fees of $0.2 million, insurance expense of $0.2 million, franchise tax of $0.2 million, and board of directors compensation of $0.1 million, offset by a decrease in advertising expense of $0.1 million.
Research and development expense was $2.1 million for the six months ended September 30, 2024 compared to $0.8 million for the same period in 2023. The increase in research and development expenses during the current year was mainly attributed to our clinical trial and product development costs.
As of September 30, 2024 the Company had cash of $5.2 million.