Cell Source, Inc. Releases Q2 2023 10-Q Report Highlighting Financial and Operational Developments
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Cell Source, Inc., a biotechnology company specializing in cell therapy treatments based on immune tolerance management, has released its Form 10-Q report for the second quarter of 2023. The report provides a detailed overview of the company's financial performance and operational progress, including advancements in clinical trials and strategic initiatives.
Financial Highlights
- Net Loss: $2.933 million. The company reported a net loss for the six months ended June 30, 2023, which increased from the previous year's loss of $2.578 million. This increase is primarily due to higher general and administrative expenses.
- Net Loss Applicable to Common Stockholders: $3.532 million. This figure reflects the net loss after accounting for dividends attributable to preferred stockholders.
- Net Loss Per Common Share - Basic and Diluted: $0.10. This metric indicates the loss per share for common stockholders, which increased from $0.09 in the prior year.
- Total Operating Expenses: $2.321 million. Operating expenses increased compared to the previous year, driven by higher general and administrative costs.
- Interest Expense: $373,052. Interest expenses increased slightly due to additional convertible notes and related warrant obligations.
- Amortization of Debt Discount: $281,025. The amortization of debt discount increased significantly due to new convertible notes issued during the period.
Business Highlights
- Research and Development Focus: The company is focused on developing cell therapy treatments based on immune tolerance management, with its lead product being the Veto Cell immune system management technology. This technology aims to enable selective blocking of immune responses, which is crucial for treating conditions like lymphoma, leukemia, and multiple myeloma.
- Clinical Trials and Preclinical Results: The company has been conducting a Phase 1/2 clinical trial at the University of Texas MD Anderson Cancer Center using Anti-viral Veto Cells. The trial has successfully treated 10 patients, achieving primary endpoints without toxicity or adverse outcomes associated with Veto cells. Preclinical results have shown that Veto Cells can extend the persistence of genetically modified T cells and exhibit anti-tumor activity.
- Operational Strategy: The company is actively working on a clinical protocol for allogeneic VETO CAR-T HSCT combined therapy for blood cancer treatment, with plans to submit this protocol for approval in 2023. This strategy aims to provide a safer and more effective treatment for blood cancer by combining CAR-T therapy with HSCT.
- Human Capital Resources: The company currently operates with a lean structure, having only its Chief Executive Officer as a full-time employee, while relying on independent contractors and consultants for other roles.
- Future Outlook: The company plans to continue its efforts in raising additional capital through debt and equity financings to support its operations and development activities. It is also exploring the potential of its Veto Cell technology in treating other serious non-malignant diseases and enhancing the efficacy of CAR-T cell therapy.