NOMAD Power Solutions (NMAD) Q3 2024 earnings summary

Executive summary

• Focused on developing LB-100, a protein phosphatase inhibitor, for cancer therapy, with ongoing clinical trials in metastatic colon cancer, soft tissue sarcoma, and ovarian clear cell carcinoma.

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

• Net loss for Q3 2024 was $986,030, and for the nine months ended September 30, 2024, was $2,968,271, reflecting continued investment in R&D and administrative costs.

• Cash balance at September 30, 2024, was $1,637,627, with working capital of $1,360,008.

Financial highlights

• No revenues reported for Q3 or the nine-month period.

• Q3 2024 net loss: $986,030, compared to $1,018,760 in Q3 2023.

• Nine months ended September 30, 2024 net loss: $2,968,271, compared to $4,054,774 in the prior year period.

• General and administrative costs for Q3 2024: $621,627, down 30.3% year-over-year; for nine months: $2,267,890, down 31.6%.

• Research and development costs for Q3 2024: $361,630, up 173% year-over-year; for nine months: $691,402, down 7.7%.

• Cash used in operations for nine months: $2,565,861.

Outlook and guidance

• Existing cash expected to fund operations through Q1 2025; additional capital needed to continue clinical programs and maintain Nasdaq listing.

• Management is pursuing equity offerings and other strategies to regain Nasdaq compliance and fund future operations.

• No expectation of sustainable operating revenues in the next several years.