Cell Source, Inc. Releases Q3 2023 10-Q Report Highlighting Financial and Operational Developments
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Cell Source, Inc., a biotechnology company specializing in immune system management technology, has released its Form 10-Q report for the third quarter of 2023. The report provides a detailed overview of the company's financial performance and significant business developments, including advancements in clinical trials and strategic initiatives.
Financial Highlights
- Net Loss: $(1,338,138) million for the three months ended September 30, 2023, compared to $(1,252,306) million for the same period in 2022, reflecting an increase in operating expenses and interest expenses.
- Net Loss Applicable to Common Stockholders: $(1,647,288) million for the three months ended September 30, 2023, compared to $(1,552,133) million for the same period in 2022, due to dividends attributable to preferred stockholders.
- Net Loss Per Common Share - Basic and Diluted: $(0.04) for the three months ended September 30, 2023, consistent with the same period in 2022.
- Net Loss: $(4,271,309) million for the nine months ended September 30, 2023, compared to $(3,830,475) million for the same period in 2022, primarily due to increased general and administrative expenses.
- Net Loss Applicable to Common Stockholders: $(5,178,825) million for the nine months ended September 30, 2023, compared to $(4,700,190) million for the same period in 2022.
- Net Loss Per Common Share - Basic and Diluted: $(0.14) for the nine months ended September 30, 2023, consistent with the same period in 2022.
Business Highlights
- Research and Development: The company has been actively involved in developing proprietary immune system management technology, focusing on Veto Cell technology for immunotherapy. This technology aims to improve outcomes in hematopoietic stem cell transplantation (HSCT) by inducing sustained tolerance of transplanted cells, potentially reducing the need for aggressive immune suppression.
- Clinical Trials and Preclinical Results: The Phase 1/2 clinical trial at the University of Texas MD Anderson Cancer Center has successfully treated 12 patients using Anti-viral Veto Cells. The trial aims to achieve engraftment without severe GvHD under a mild immune suppression regimen. Preclinical results have shown that Veto Cells can extend the persistence of genetically modified T cells and exhibit anti-tumor activity.
- Future Outlook: The company plans to submit a clinical protocol for allogeneic VETO CAR-T HSCT combined therapy for blood cancer treatment in 2023. This novel treatment could significantly impact stem cell transplantation by improving safety and efficacy, potentially leading to broader use and better long-term survival rates.
- Private Placement of Series B Convertible Preferred Stock: In October 2023, the company initiated a private placement offering, selling units consisting of Series B Convertible Preferred Stock and warrants. This initiative aims to raise capital for ongoing operations and development activities.
- Human Capital Resources: The company currently operates with a lean structure, employing independent contractors and consultants on a contract basis, with the CEO being the only full-time employee.
- Recent Developments: The company has shifted its research focus from Yeda Research & Development Company Limited to MD Anderson, reflecting a strategic move to leverage MD Anderson's capabilities in advancing its clinical trials and research initiatives.