Summary by Moomoo AI
Conduit Pharmaceuticals Inc. (Conduit) reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $3.6 million, compared to a net loss of $1.7 million in the same period the previous year. Research and development expenses were $128,000, attributed to the development of co-crystals of AZD1656, a compound targeting autoimmune diseases. General and administrative expenses increased by 87% to $2.8 million, primarily due to higher salaries and stock compensation expense, as well as insurance-related costs. Other income and expenses resulted in a net expense of $597,000, mainly due to the issuance of warrants. Interest expense was reported at $119,000, related to convertible notes and deferred commission payable. Conduit's cash flow from operating activities was a net outflow of $2.4 million, while...Show More
