Summary by Moomoo AI
ZyVersa Therapeutics reported a net loss of $2.8 million for Q2 2024, compared to a $78.5 million loss in Q2 2023. Revenue remained at zero while research and development expenses decreased 41.9% to $0.7 million, and general and administrative costs fell 48% to $2.0 million. The company ended the quarter with $119,486 in cash, down from $3.1 million at year-end 2023.Management implemented cost reduction initiatives, including decreased manufacturing costs for IC 100 and lower payroll expenses due to employee attrition. The decline in G&A expenses was primarily driven by reduced professional fees, marketing costs, and insurance expenses. The company raised $2.7 million from warrant exercises during the quarter to support operations.The company faces substantial doubt about its ability to continue as a going concern, with current cash only sufficient to fund operations on a month-to-month basis. Management is actively seeking additional financing through equity or debt offerings to advance its clinical programs for VAR 200 and IC 100. On August 1, 2024, the company received approximately $0.8 million from warrant exercises to extend its runway.
