Summary by Moomoo AI
ZyVersa Therapeutics, Inc. (ZyVersa), a clinical stage biopharmaceutical company, reported its financial performance for the quarter ended September 30, 2024. The company has not generated any revenue to date and continues to incur significant operating losses. ZyVersa's net losses for the quarter were approximately $2.4 million, a decrease from the $2.9 million net loss in the same period the previous year. Research and development expenses decreased by 35.3% to $436,043, primarily due to reduced manufacturing and pre-clinical costs for its product candidates IC 100 and VAR 200. General and administrative expenses also saw a reduction of 17.7% to $1,833,578, attributed to decreased professional fees, insurance costs, and stock-based compensation. The company's total assets stood at $19.4 million, while total liabilities were approximately $11.5 million, resulting in a working capital deficit of $11.2 million. ZyVersa's future plans include continuing the development of VAR 200 and IC 100, with the expectation of increased research and development expenses. The company's strategy involves seeking additional funding through equity or debt financing to support ongoing operations and development initiatives.
