NOMAD Power Solutions (NMAD) Q1 2025 earnings summary

Executive summary

• Focused on developing cancer therapies, primarily the protein phosphatase 2A inhibitor LB-100, with ongoing early-stage clinical trials in colorectal, ovarian, and soft tissue sarcoma cancers.

• No revenue-generating operations; relies on equity financing and stock-based compensation for funding and employee compensation.

• Substantial doubt exists about the ability to continue as a going concern beyond September 2025 without additional capital.

• Nasdaq granted an extension to regain compliance with minimum equity requirements by July 3, 2025.

Financial highlights

• Net loss for Q1 2025 was $709,555, an improvement from a net loss of $971,322 in Q1 2024.

• Research and development costs decreased 23.2% year-over-year to $91,457.

• General and administrative costs decreased 27.4% year-over-year to $615,483.

• Cash used in operations was $568,483; cash balance at March 31, 2025 was $1,384,697.

• Net proceeds of $914,228 were raised from a registered direct offering in February 2025.

Outlook and guidance

• Existing cash is expected to fund operations through September 2025; significant additional capital is needed by mid-2025 to continue operations and clinical development.

• No sustainable operating revenues are expected in the next several years.

• Failure to secure additional funding may require scaling back or discontinuing clinical trials and development efforts.