BioVie(US:BIVI)2024-05-14 21:06Financial Performance - Total operating expenses for the three months ended March 31, 2024, were approximately $7.7 million, a decrease of approximately $6.1 million compared to $13.8 million for the same period in 2023[243]. - For the nine months ended March 31, 2024, total operating expenses were approximately $27.4 million, down from $34.1 million in 2023, with a decrease in research and development expenses of approximately $4.0 million[247]. - The net loss for the three months ended March 31, 2024, was approximately $8.1 million, a decrease of $6.9 million compared to a net loss of $15.0 million for the same period in 2023[265]. - For the nine months ended March 31, 2024, the net loss was approximately $27.2 million, down $13.9 million from a net loss of $41.1 million for the same period in 2023[268]. Research and Development - Research and development expenses for the three months ended March 31, 2024, were approximately $5.7 million, down from $11.2 million in 2023, primarily due to the completion of clinical trials[244]. - Research and development expenses decreased by approximately $5.5 million for the three months and $4.0 million for the nine months ended March 31, 2024, compared to the same periods in 2023[265][268]. - The company is finalizing protocol designs for a Phase 3 study of BIV201 for the treatment of ascites due to chronic liver cirrhosis, following guidance from the FDA[241]. - The Phase 2 study of bezisterim for Parkinson's Disease met its primary and secondary objectives, but the initiation of the Phase 3 study is currently on hold pending additional funding[237]. - Bezisterim (NE3107) has been approved as the non-proprietary name for the investigational drug, which targets inflammation-driven insulin resistance and may represent a new approach to treating Alzheimer's and Parkinson's diseases[256]. Expenses and Costs - Selling, general and administrative expenses decreased to approximately $2.0 million for the three months ended March 31, 2024, from $2.5 million in 2023, reflecting a decline in investor relations and legal expenses[245]. - Selling, general and administrative expenses decreased by approximately $546,000 for the three months and $2.8 million for the nine months ended March 31, 2024, compared to the same periods in 2023[265][268]. Funding and Capital - As of March 31, 2024, the company had working capital of approximately $18.1 million and cash and cash equivalents totaling approximately $30.4 million[251]. - The company closed a public offering on March 6, 2024, raising approximately $21.0 million before expenses, by offering 15,000,000 shares of common stock[252]. - The company sold approximately 3.3 million shares of its Common Stock, generating total net proceeds of approximately $9.3 million after commissions and offering costs[271]. - The company has not generated any revenue and does not expect to do so in the foreseeable future, relying on ongoing development and commercialization efforts for future operations[272]. - Management anticipates future funding sources may include equity sales, loans, or other strategic transactions[272]. Other Income - The company reported a net increase in other income of approximately $7.2 million for the nine months ended March 31, 2024, primarily driven by a change in fair value of derivative liabilities[250]. - The change in the fair value of derivative liabilities contributed approximately $475,000 for the three months and $6.0 million for the nine months ended March 31, 2024[265][268].