Summary by Moomoo AI
Alzamend Neuro reported financial results for Q2 FY2024 ended October 31, with cash of $4.1 million and working capital of $3.5 million. Operating expenses decreased to $1.4 million from $2.9 million year-over-year, primarily due to lower research and development costs. Net loss improved to $1.4 million compared to $2.9 million in Q2 FY2023.The company made significant progress in its clinical programs, announcing positive data from AL001's Phase IIA trial and identifying a maximum tolerated dose. Alzamend partnered with Massachusetts General Hospital to conduct five clinical trials evaluating AL001's efficacy in treating Alzheimer's, bipolar disorder, major depressive disorder and PTSD. A nonclinical study demonstrated AL001's improved brain bioavailability compared to lithium carbonate.During the quarter, Alzamend strengthened its financial position through multiple funding initiatives. The company raised $5.5 million through Series A Convertible Preferred Stock sales to Orchid Finance, launched a $6.5 million at-the-market offering program, and sold common stock for proceeds of $1.2 million. Management believes current funding will support planned operations and clinical development activities in the near term.
