Summary by Moomoo AI
Alzamend Neuro reported a reduced net loss of $974,411 for Q1 FY2025 ended July 31, 2024, compared to a $3.5 million loss in the same period last year. Revenue remained at zero while operating expenses decreased 73% to $962,405, primarily due to lower research and development costs of $206,571, down from $2.4 million. The company ended the quarter with cash of $1.2 million, up from $376,048 at April 30, 2024.The company strengthened its financial position through several equity transactions, including the sale of Series A Convertible Preferred Stock to Orchid Finance for $2.5 million and Series B Convertible Preferred Stock arrangements. These financings are crucial as management believes current cash is insufficient to fund planned operations through the next year, creating substantial doubt about continuing as a going concern.Alzamend continues to advance its...Show More
