Summary by Moomoo AI
Aditxt, Inc., a biotech innovation company, reported financial results for the quarter ended March 31, 2024. The company generated revenue of $79,680, a decrease from $218,415 in the same period last year. Cost of goods sold was $65,799, resulting in a gross profit of $13,881. Operating expenses totaled $11,549,527, with general and administrative expenses at $3,363,748, research and development costs at $8,145,266, and sales and marketing expenses at $40,513. The company incurred a net loss of $14,868,694 for the quarter. Aditxt's financial situation raises doubt about its ability to continue as a going concern, with an accumulated deficit of $142,575,090 and working capital of $(15,706,647). The company is seeking additional funding to continue operations and clinical trials. Aditxt's obligations to certain creditors are secured by assets, and default could lead to...Show More