Avenue Therapeutics reported a significant increase in accounts payable and accrued expenses, rising from $287,000 at the end of December 2023 to $647,000 by March 31, 2024. This increase is reflected in the growth of accounts payable from $78,000 to $310,000, accrued employee compensation from $11,000 to $94,000, and accrued contracted services and other from $198,000 to $243,000. The company has no current leases or litigation against it as of the reporting date. Avenue Therapeutics has authorized 2,000,000 shares of Preferred Stock, with 250,000 designated as Class A Preferred Stock. The Class A Preferred Stock has a conversion ratio of 1,125 to one share of Common Stock following reverse stock splits in September 2022 and April 2024. The company increased its authorized common stock from 75,000,000 to 200,000,000 shares in early 2024. Avenue Therapeutics has also engaged in capital...Show More

Avenue Therapeutics reported a significant increase in accounts payable and accrued expenses, rising from $287,000 at the end of December 2023 to $647,000 by March 31, 2024. This increase is reflected in the growth of accounts payable from $78,000 to $310,000, accrued employee compensation from $11,000 to $94,000, and accrued contracted services and other from $198,000 to $243,000. The company has no current leases or litigation against it as of the reporting date. Avenue Therapeutics has authorized 2,000,000 shares of Preferred Stock, with 250,000 designated as Class A Preferred Stock. The Class A Preferred Stock has a conversion ratio of 1,125 to one share of Common Stock following reverse stock splits in September 2022 and April 2024. The company increased its authorized common stock from 75,000,000 to 200,000,000 shares in early 2024. Avenue Therapeutics has also engaged in capital raising activities, with approximately $24.9 million of securities remaining available for sale under the 2021 Shelf as of March 31, 2024. In January 2024, the company induced the exercise of existing warrants, resulting in net proceeds of approximately $4.5 million after expenses. The company's future plans include the potential issuance of undesignated Preferred Stock in various series as determined by the Board of Directors.