Allarity Therapeutics, Inc. (Allarity), a clinical-stage pharmaceutical company, reported its financial performance for the quarter ended June 30, 2024. The company experienced a net loss of $1.629 million for the quarter, a decrease from the $2.380 million loss in the same period the previous year. Research and development expenses slightly decreased by $47 thousand year-on-year to $1.058 million, while general and administrative expenses saw a more significant drop of $738 thousand to $2.313 million. The decrease in general and administrative expenses was attributed to cost-cutting measures, including reduced staffing costs. Other income for the quarter was $1.742 million, primarily due to a fair value adjustment to derivative liabilities. For the six-month period, the net loss was $5.476 million, a slight improvement from the $5.732 million loss...Show More

Allarity Therapeutics, Inc. (Allarity), a clinical-stage pharmaceutical company, reported its financial performance for the quarter ended June 30, 2024. The company experienced a net loss of $1.629 million for the quarter, a decrease from the $2.380 million loss in the same period the previous year. Research and development expenses slightly decreased by $47 thousand year-on-year to $1.058 million, while general and administrative expenses saw a more significant drop of $738 thousand to $2.313 million. The decrease in general and administrative expenses was attributed to cost-cutting measures, including reduced staffing costs. Other income for the quarter was $1.742 million, primarily due to a fair value adjustment to derivative liabilities. For the six-month period, the net loss was $5.476 million, a slight improvement from the $5.732 million loss in the prior year. The company's cash and cash equivalents stood at $19.233 million as of June 30, 2024. Allarity's business development has been marked by its focus on advancing its lead drug candidate, Stenoparib, through clinical trials. The company's future plans include continuing clinical development efforts and seeking additional funding through equity offerings or other sources to support its operations and development programs. Allarity has also been involved in an SEC investigation related to its disclosures regarding FDA meetings, and it received a Wells Notice indicating a preliminary determination to recommend enforcement action. The company is cooperating with the SEC and intends to respond formally to the notice. Additionally, Allarity is addressing a Nasdaq delisting notification due to non-compliance with the minimum bid price requirement.