Summary by Futu AI
Conduit Pharmaceuticals, a pharmaceutical company, reported a net loss of $0.5 million for the year ended December 31, 2023, compared to a net loss of $4.9 million in the previous year. The company also experienced an increase in cash used in operating activities, reporting $7.7 million in 2023, up from $2.3 million in 2022. Despite completing a merger and a private placement totaling $20.0 million, Conduit Pharmaceuticals ended the year with an accumulated deficit of $11.3 million and acknowledged substantial doubt about its ability to continue as a going concern. The company's future plans include seeking additional funding through equity or debt financings to support its business plan. Conduit Pharmaceuticals is subject to industry risks such as regulatory approvals and dependence on key products and customers. The company's financial statements have been prepared under the assumption that it will continue as a going concern, without adjustments that might be necessary if the company is unable to continue in operation.
