Operating Income

–46% (from $1,407K in Q1 2024 to $753K in Q1 2025)

Operating Income dropped significantly due to a reduced recognition of revenue and lower research tax credits compared to prior periods, reflecting the impact of previous deferred revenue adjustments that no longer applied in the current period. " "

Net Loss

–1% improvement (from $27,345K in Q1 2024 to $27,079K in Q1 2025)

Net Loss improved slightly as partial reductions in operating and administrative expenses helped temper the impact of high R&D and clinical trial costs, although the underlying loss drivers continued from the previous period. " "

Cash & Cash Equivalents

–87% (from $101,525K in Q1 2024 to $12,962K in Q1 2025)

The steep decline in Cash & Cash Equivalents is primarily due to aggressive operating cash outflows driven by major spending on clinical trial activities, combined with minimal cash inflows from financing compared to the relatively stronger cash position in the prior period. " "

Total Assets

–65% (from $145,895K in Q1 2024 to $50,562K in Q1 2025)

Total Assets fell mainly because the dramatic reduction in cash, the largest asset component, was not offset by other asset categories, leading to a much lower asset base relative to the previous period. " "

Total Shareholders’ Equity

–97% (from $111,654K in Q1 2024 to $2,873K in Q1 2025)

The near collapse of Shareholders’ Equity reflects the cumulative effect of large net losses carried from prior periods and dilution from share issuances, which together substantially eroded the equity base compared to the previous period. " "

Liabilities

+39% (from $34,241K in Q1 2024 to $47,688K in Q1 2025)

Total Liabilities increased as rising trade payables and additional lease obligations—reflecting mounting operating costs and cash flow challenges—added to the liabilities base, contrasting with a lower base in the prior period. " "

Trade Payables

+89% (from $18,076K in Q1 2024 to $34,146K in Q1 2025)

The surge in Trade Payables indicates a pronounced buildup of accrued supplier liabilities, likely as a result of cash constraints and deferred payments in light of high operational expenses, compared to the previous period. " "

Shares Outstanding

+6.7% (weighted average from 96.18M in Q1 2024 to 102.62M in Q1 2025)

The moderate increase in Shares Outstanding is driven by ongoing issuances related to employee stock plans and warrant exercises, continuing the trend seen in previous periods as the company uses equity to support compensation and financing activities. " "