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

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 there was no cash flow from investing activities. The company did not engage in financing activities during the quarter. Conduit's management is actively seeking additional funding to support operations and research and development efforts, acknowledging the need for substantial capital to continue as a going concern. The company's future plans include advancing clinical assets through Phase II trials and exploring licensing opportunities with large biotech or pharmaceutical companies.