Q/C Technologies (QCLS) Q2 2024 earnings summary

Executive summary

• Focused on developing MYMD-1 (clinical-stage TNF-α inhibitor for age-related and autoimmune diseases) and Supera-CBD (synthetic CBD analog for pain, epilepsy, and neuroinflammation).

• Completed Phase II trial for MYMD-1 in sarcopenia; positive safety and efficacy data support further development.

• Significant cost reductions implemented, including workforce reductions and executive compensation adjustments.

• No product revenue; operations funded by equity and preferred stock offerings.

Financial highlights

• Net loss attributable to common stockholders for six months ended June 30, 2024: $21.3 million, up from $6.2 million in the prior year period.

• Operating expenses for six months: $6.2 million, down from $8.4 million year-over-year, driven by lower R&D and G&A costs.

• Cash and marketable securities as of June 30, 2024: $13.1 million.

• Working capital at June 30, 2024: $8.6 million; stockholders' equity: $97,805.

• No revenue recognized in the period.

Outlook and guidance

• Management believes current financial resources are sufficient to fund operations and obligations for at least the next twelve months.

• Plans to advance MYMD-1 and Supera-CBD through further clinical development and regulatory submissions.

• Exploring non-dilutive funding and partnership opportunities.