Summary by Futu AI
TC BioPharm, a clinical-stage biopharmaceutical company, reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of £3.3 million, a significant increase from the £0.6 million net loss in the same period the previous year. This was attributed to a decrease in research and development expenses, which dropped by 33% to £1.3 million, and a decrease in administrative expenses by 4% to £2.1 million. The company's cash and cash equivalents stood at £1.0 million as of March 31, 2024. TC BioPharm's business development focused on advancing its pipeline of unmodified allogeneic GD-T therapies and next-generation GD CAR-T treatments. The company's future plans include continuing its clinical trials, expanding its manufacturing capabilities, and potentially commercializing its product candidates. However, the report indicates substantial doubt about the company's ability to continue as a going concern, with current cash reserves expected to fund operations only into July 2024. Additional funding will be necessary to sustain operations beyond that point.