Greenwich LifeSciences (GLSI) Q1 2025 earnings summary

Executive summary

• Focused on Phase III clinical trial Flamingo-01 for GLSI-100, an immunotherapy to prevent breast cancer recurrence; expanding trial to Europe with up to 150 global sites.

• No revenue generated to date; net losses driven by R&D and administrative costs.

• Net loss for Q1 2025 was $3.26 million, up from $2.47 million in Q1 2024, primarily due to increased stock-based compensation.

Financial highlights

• Cash balance at March 31, 2025 was $2.75 million, down from $4.09 million at December 31, 2024.

• Net loss per share was $(0.25) for Q1 2025, compared to $(0.19) for Q1 2024.

• Operating expenses rose to $3.28 million in Q1 2025 from $2.54 million in Q1 2024.

• Research and development expenses increased 19% year-over-year to $2.60 million.

• General and administrative expenses nearly doubled to $681,210, mainly due to option grants.

Outlook and guidance

• Expects continued significant expenses and operating losses as clinical development and commercialization efforts expand.

• Additional capital will be required to meet long-term operating needs; plans to raise funds through equity or debt offerings.