Greenwich LifeSciences (GLSI) Q3 2024 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 up to 150 global sites.

• No revenue generated to date; operations funded by equity sales and private placements.

• Net losses driven by R&D and administrative costs, expected to continue as clinical development progresses.

Financial highlights

• Net loss for the three months ended September 30, 2024: $2.67 million, compared to $2.39 million in Q3 2023.

• Net loss for the nine months ended September 30, 2024: $7.75 million, up from $6.15 million for the same period in 2023.

• Cash as of September 30, 2024: $5.82 million, down from $6.99 million at December 31, 2023.

• Operating expenses for nine months ended September 30, 2024: $7.93 million, up from $6.49 million year-over-year.

• Net loss per share (basic and diluted) for nine months ended September 30, 2024: $(0.60), compared to $(0.48) in 2023.

Outlook and guidance

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

• Existing cash resources expected to fund planned operations for the next 12 months from the reporting date.

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