Summary by Futu AI
Aditxt, Inc., a biotech company focused on immune modulation and personalized medicine, reported a net loss of $29,472,886 for the quarter ended September 30, 2024. The company's revenue for the quarter was $6,854, a significant decrease from the $124,486 reported in the same period in 2023. The cost of goods sold was $467,536, contributing to a gross loss of $460,682. Operating expenses included $3,718,804 in general and administrative costs, $491,552 in research and development, and $30,000 in sales and marketing. The company's financial situation raises substantial doubt about its ability to continue as a going concern, with a working capital deficit of $(22,280,585) and cash reserves of $328,596. Aditxt is actively seeking additional funding to continue operations and clinical trials. The company's obligations to secured creditors total approximately $7.7 million, with a weekly payment requirement of $277,800. Aditxt's stock is at risk of being delisted from the Nasdaq due to non-compliance with minimum bid price requirements, which could further impact its financial stability and operations.
