Summary by Moomoo AI
On November 14, 2024, ZyVersa Therapeutics, Inc., a clinical-stage specialty biopharmaceutical company, reported its financial results for the third quarter ended September 30, 2024, and provided a business update. The company announced the upcoming Phase 2a clinical trial for VAR 200 in diabetic kidney disease, expected to begin in Q1-2025, and the formation of a new Scientific Advisory Board to support the development of IC 100 for obesity with metabolic complications. Two proof-of-concept studies for IC 100 are planned, with at least one study commencing in Q4-2024. An IND submission for IC 100 is targeted for Q2-2025, followed by a Phase 1 clinical trial. ZyVersa raised approximately $3.9 million from the beginning of Q3-2024 to the present. The company reported a net loss of $2.4 million for the quarter, a 17.3% improvement compared to the same period in the previous year. Research and development expenses decreased by 35.3%, and general and administrative expenses decreased by 17.7%. ZyVersa will require additional financing to continue operations and meet its milestones, and plans to seek funds through various sources, including equity or debt financings, collaborations, or warrant exercises.