Total Revenue

0.0 million USD in Q1 2025 vs 0.005 million USD in Q1 2024 " "

Total Revenue remained essentially flat, reflecting minimal to no growth from the previous period, likely due to the continued absence of significant revenue-generating activities compared to the very small revenue recorded in Q1 2024. " "

Net Loss

(4,822) thousand USD in Q1 2025 vs (9,437) thousand USD in Q1 2024 (approx. 49% reduction) " "

Net Loss narrowed significantly by nearly 49%, driven by improvements in overall expense management and non-operating factors, while enhanced share issuance diluted the per‐share loss from (3.38) USD to (0.49) USD. " "

Research and Development Expenses

2,951 thousand USD in Q1 2025 vs 1,106 thousand USD in Q1 2024 (approx. 166% increase) " "

R&D expenditures surged as the company increased investments in research initiatives and product development, reflecting a strategic decision to scale its pipeline despite the challenging revenue environment. " "

General and Administrative Expenses

2,907 thousand USD in Q1 2025 vs 1,220 thousand USD in Q1 2024 (approx. 138% increase) " "

G&A expenses increased markedly, signifying higher operating costs such as elevated salaries, augmented stock‐based compensation, and increased consulting and administrative expenses needed to support the expanding corporate functions. " "

Weighted Average Common Shares Outstanding

9,756 thousand in Q1 2025 vs 2,790 thousand in Q1 2024 " "

Shares outstanding increased dramatically due to new equity issuances and the exercise of stock options, which diluted the per‐share loss from (3.38) USD to (0.49) USD, reflecting capital-raising efforts and a restructuring of the capital base. " "

Cash Position

4,267 thousand USD in Q1 2025 vs 8,706 thousand USD in Q1 2024 (approx. 51% decrease) " "

The cash balance weakened by about 51%, primarily because increased operating cash outflows and investments were only partially offset by financing activities, leading to a significant reduction from the previous period. " "

Total Liabilities

5,172 thousand USD in Q1 2025 vs 15,165 thousand USD in Q1 2024 " "

Total liabilities decreased substantially, suggesting that the company deleveraged through conversions or repayments, as part of a broader restructuring that lowered debt levels from the prior period. " "

Total Stockholders’ Equity

1,559 thousand USD in Q1 2025 vs (4,309) thousand USD in Q1 2024 " "

Stockholders’ equity turned positive due to equity injections from new stock issuances and the conversion of liabilities into equity components, which improved the balance sheet from a negative position in Q1 2024. " "

Operating Cash Flow

(4,322) thousand USD in Q1 2025 vs (1,577) thousand USD in Q1 2024 " "

Operating cash flow deteriorated further, with net cash used in operations increasing by over 2.7 million USD, driven by heightened operating expenses and less efficient management of working capital compared to Q1 2024. " "

Financing Activities

4,917 thousand USD in Q1 2025 vs 2,728 thousand USD in Q1 2024 " "

Financing activities improved significantly, with net cash provided nearly doubling, reflecting robust capital-raising measures such as the issuance of common stock that supported the company’s operations in Q1 2025. " "