CervoMed (CRVO) - 2024 Q3 - Quarterly Results

Financial Performance - CervoMed reported a net loss of approximately $4.8 million for Q3 2024, compared to a net income of approximately$2.2 million in Q3 2023[4]. - The net loss for the three months ended September 30, 2024, was $(4,753,541), a decrease from a net income of$2,150,362 in the same period of 2023[7]. - Net loss per share of common stock, diluted, was $(0.55) for the three months ended September 30, 2024, compared to$(0.70) for the same period in 2023[7]. - Total comprehensive loss for the three months ended September 30, 2024, was $(4,610,677), compared to a comprehensive income of$2,150,362 in the prior year[7]. Revenue and Income - Grant revenue for Q3 2024 was approximately $1.9 million, an increase from approximately$1.5 million in Q3 2023, attributed to more active trial sites[4]. - Grant revenue for the three months ended September 30, 2024, was $1,939,751, an increase of 27.1$1,526,482 for the same period in 2023[7]. - Interest income for the three months ended September 30, 2024, was $646,172, significantly higher than$47,667 in the same period of 2023[7]. - The company reported total other income, net, of $642,732 for the three months ended September 30, 2024, compared to$4,825,491 in the same period of 2023[7]. Expenses - Research and Development (R&D) expenses increased to approximately $5.1 million in Q3 2024, up from approximately$1.8 million in the same period in 2023[4]. - Total operating expenses for the three months ended September 30, 2024, were $7,336,024, up 74.5$4,201,611 in the prior year[7]. - Research and development expenses increased to $5,125,097 for the three months ended September 30, 2024, compared to$1,791,487 in the same period last year, reflecting a growth of 186.5%[7]. - Total operating expenses for the nine months ended September 30, 2024, were $18,562,282, an increase of 86.1$9,986,739 in the same period of 2023[7]. - General and Administrative (G&A) expenses were approximately $2.2 million in Q3 2024, slightly down from approximately$2.4 million in Q3 2023[4]. Cash and Liabilities - Cash position as of September 30, 2024, was approximately $46.7 million, down from approximately$50.9 million as of June 30, 2024[4]. - Total liabilities as of September 30, 2024, were approximately $3.2 million, compared to approximately$2.6 million at the end of 2023[6]. Clinical Trials and Recognition - CervoMed completed the last patient visit in its RewinD-LB Phase 2b clinical trial in October 2024, with topline data expected in December 2024[2]. - The RewinD-LB trial enrolled 159 patients and is funded by a $21.3 million grant from the NIA[5]. - CervoMed plans to initiate a Phase 2a trial for neflamapimod in ischemic stroke patients in Q1 2025[2]. - CervoMed was recognized as "Best Startup" in the 2024 Prix Galien USA Award by the Galien Foundation[3].