Greenwich LifeSciences Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
GLSI$15.17+3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001493152-24-032278
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0001493152-24-045938
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 47 previous paragraphs and 48 current paragraphs.
34 unchanged; 8 reworded; 6 added; 4 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Research and development expenses increased by $133,873 or 6%, to $2,292,040 for the three months ended September 30, 2024 from $2,158,167 for the three months ended September 30, 2023. The increase was primarily the result of an increase in clinical expenses.
Current report
General and administrative expenses increased by $92,253, or 27%, to $437,011 for the three months ended September 30, 2024 from $344,758 for the three months ended September 30, 2023. The increase was primarily the result of an increase in finance expenses.
Current report
Research and development expenses increased by $1,428,785, or 27%, to $6,794,426 for the nine months ended September 30, 2024 from $5,365,641 for the nine months ended September 30, 2023. The increase was primarily the result of an increase in clinical expenses.
Current report
General and administrative expenses increased by $7,038, or 1%, to $1,133,230 for the nine months ended September 30, 2024 from $1,126,192 for the nine months ended September 30, 2023.
Current report
On October 7, 2024, we entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC pursuant to which we may sell up to $100 million of common stock in an “At the Market” offering through a Form S-3 shelf registration statement which was declared effective by the Securities and Exchange Agreement on October 17, 2024.
Current report
On September 18, 2024, we terminated the Open Market Sale Agreement, dated July 12, 2022 between us and Jefferies LLC.
Removed paragraphs (4)
Previous report
Research and development expenses increased by $928,306 or 67%, to $2,307,873 for the three months ended June 30, 2024 from $1,379,567 for the three months ended June 30, 2023. The increase was primarily the result of an increase in clinical and manufacturing expenses.
Previous report
General and administrative expenses decreased by $14,728, or 4%, to $353,531 for the three months ended June 30, 2024 from $368,259 for the three months ended June 30, 2023.
Previous report
Research and development expenses increased by $1,294,912, or 40%, to $4,502,386 for the six months ended June 30, 2024 from $3,207,474 for the six months ended June 30, 2023. The increase was primarily the result of an increase in clinical and manufacturing expenses.
Previous report
General and administrative expenses decreased by $85,215, or 11%, to $696,219 for the six months ended June 30, 2024 from $781,434 for the six months ended June 30, 2023.
Reworded paragraphs (8)
Previous wording
To date, we have not generated any revenue and we have incurred net losses. Our net losses were approximately $8.9 million and $7.8 million for the years ended December 31, 2023 and 2022, respectively and $5.1 million and $3.8 million for the six months ended June 30, 2024 and 2023, respectively.
Current wording
To date, we have not generated any revenue and we have incurred net losses. Our net losses were approximately $8.9 million and $7.8 million for the years ended December 31, 2023 and 2022, respectively and $7.7 million and $6.1 million for the nine months ended September 30, 2024 and 2023, respectively.
Previous wording
Results of Operations for the Six Months Ended June 30, 2024 and 2023
Current wording
Results of Operations for the Nine Months Ended September 30, 2024 and 2023
Previous wording
We will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through the sale of equity and/or debt securities; however, there is no assurance that we will be successful at raising additional capital in the future. If our plans are not achieved and/or if significant unanticipated events occur, we may have to further modify our business plan, which may require us to raise additional capital. As of June 30, 2024 and December 31, 2023, our principal source of liquidity was our cash, which totaled $7,224,875 and $6,989,424, respectively, and additional loans and accrued unreimbursed expenses from related parties. Historically, our principal sources of cash have included proceeds from the sale of common stock and preferred stock and related party loans. Our principal uses of cash have included cash used in operations. We expect that the principal uses of cash in the future will be for continuing operations, funding of research and development, including our clinical trials, and general working capital requirements. The Company’s existing cash resources are expected to provide sufficient funds to carry the Company’s planned operations over the next 12 months from the date these condensed financial statements were issued.
Current wording
We will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through the sale of equity and/or debt securities; however, there is no assurance that we will be successful at raising additional capital in the future. If our plans are not achieved and/or if significant unanticipated events occur, we may have to further modify our business plan, which may require us to raise additional capital. As of September 30, 2024 and December 31, 2023, our principal source of liquidity was our cash, which totaled $5,822,367 and $6,989,424, respectively, and additional loans and accrued unreimbursed expenses from related parties. Historically, our principal sources of cash have included proceeds from the sale of common stock and preferred stock and related party loans. Our principal uses of cash have included cash used in operations. We expect that the principal uses of cash in the future will be for continuing operations, funding of research and development, including our clinical trials, and general working capital requirements. The Company’s existing cash resources are expected to provide sufficient funds to carry the Company’s planned operations over the next 12 months from the date these condensed financial statements were issued.
Previous wording
Cash Flow Activities for the Six Months Ended June 30, 2024 and 2023
Current wording
Cash Flow Activities for the Nine Months Ended September 30, 2024 and 2023
Previous wording
We incurred net losses of $5,079,877 and $3,753,275 during the six month periods ended June 30, 2024 and 2023, respectively. The increase was primarily the result of an increase in clinical and manufacturing expenses.
Current wording
We incurred net losses of $7,748,590 and $6,145,064 during the nine month periods ended September 30, 2024 and 2023, respectively. The increase was primarily the result of an increase in clinical expenses.
Previous wording
Net cash used in operating activities was $2,830,405 for the six months ended June 30, 2024 and $2,523,784 for the six months ended June 30, 2023.
Current wording
Net cash used in operating activities was $5,414,337 for the nine months ended September 30, 2024 and $4,324,407 for the nine months ended September 30, 2023.
Previous wording
We did not use or generate cash from investing activities during the six months ended June 30, 2024 and June 30, 2023.
Current wording
We did not use or generate cash from investing activities during the nine months ended September 30, 2024 and September 30, 2023.
Previous wording
Between January 1, 2024 and June 30, 2024, the Company sold shares of its common stock pursuant to its ATM agreement with Jefferies, in which it issued and sold a total of 44,697 shares of its common stock at an average offering price of $14.07 per share for gross proceeds of $628,732 and net proceeds of $565,858, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $62,874.
Current wording
Between January 1, 2024 and September 30, 2024, the Company sold shares of its common stock pursuant to its ATM agreement with Jefferies, in which it issued and sold a total of 121,663 shares of its common stock at an average offering price of $15.96 per share for gross proceeds of $1,941,424 and net proceeds of $1,747,282, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $194,142.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Between July 1, 2024 and August 2, 2024, the Company sold shares of its common stock pursuant to its ATM agreement with Jefferies, in which it issued and sold a total of 76,966 shares of its common stock at an average offering price of $17.06 per share for gross proceeds of $1,312,692 and net proceeds of $1,181,424, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $131,269.