Summary by Moomoo AI
Aditxt Inc. reported Q2 2024 financial results with revenue declining to $44,276 from $220,978 in Q2 2023. The company posted a net loss of $7.6 million compared to $5.7 million loss in the prior year period. Operating expenses increased to $6.0 million, primarily due to higher research and development costs and a $1 million fee related to the Evofem merger agreement.The company's cash position remained critical at $91,223 as of June 30, 2024, with approximately $7.2 million in accounts payable over 90 days past due. To address liquidity needs, Aditxt completed several financing transactions, including a $4.2 million private placement in May 2024 and issued convertible preferred stock and warrants.Management continues to pursue strategic initiatives including potential mergers with Evofem Biosciences and Appili Therapeutics, though both transactions face funding uncertainties. The company acknowledged substantial doubt about its ability to continue as a going concern, citing the need for significant additional capital to fund operations and meet merger-related obligations.
