Gain Therapeutics Inc

NASDAQ:GANXUnited States

Nov 14, 2024

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• Gain Therapeutics Reports Financial Results for Third Quarter 2024 and Provides Corporate Update, from 4:05PM ET on Thursday Nov 14, 2024 by Dow Jones

  4:05PM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: GANX
  
  (760) 846-9256
  GAIN THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Nine Months Ended September September 30, 30, -------------------------- ------------------------------ 2024 2023 2024 2023 ------------ ------------ ------------- --------------- Revenues: Collaboration revenues $ -- $ -- $ -- $ 55,180 Other income -- -- -- -- ---------- ---------- ----------- ----------- Total revenues $ -- $ -- $ -- $ 55,180 ---------- ---------- ----------- ----------- Operating expenses: Research and development (2,621,722) (2,367,482) (9,566,259) (9,146,630) General and administrative (1,837,242) (2,517,523) (7,453,229) (8,754,453) ---------- ---------- ----------- ----------- Total operating expenses (4,458,964) (4,885,005) (17,019,488) (17,901,083) ---------- ---------- ----------- ----------- Loss from operations $(4,458,964) $(4,885,005) $(17,019,488) $(17,845,903) ---------- ---------- ----------- ----------- Other income/(expense): Interest income, net 105,405 106,000 305,239 387,964 Foreign exchange gain/(loss), net (121,139) 82,198 103,362 (20,839) ---------- ---------- ----------- ----------- Loss before income tax $(4,474,698) $(4,696,807) $(16,610,887) $(17,478,778) ---------- ---------- ----------- ----------- Income tax (10,994) (21,456) (32,077) (64,773) Net loss $(4,485,692) $(4,718,263) $(16,642,964) $(17,543,551) ========== ========== =========== =========== Net loss per shares: Net loss per share attributable to common stockholders - basic and diluted $ (0.17) $ (0.37) $ (0.78) $ (1.42) Weighted average common shares - basic and diluted 26,531,747 12,701,401 21,273,422 12,342,031 GAIN THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) September 30, December 31, 2024 2023 ------------- --------------- Assets Current assets: Cash and cash equivalents $ 12,049,522 $ 11,794,949 Marketable securities - current -- 4,999,704 Tax credits 373,726 242,577 Prepaid expenses and other current assets 1,318,092 741,638 ----------- ----------- Total current assets $ 13,741,340 $ 17,778,868 ----------- ----------- Non-current assets: Property and equipment, net $ 119,610 $ 125,962 Internal-use software 156,256 193,375 Operating lease - right of use assets 281,578 459,215 Restricted cash 33,873 34,021 Long-term deposits and other non-current assets 33,007 17,890 ----------- ----------- Total non-current assets 624,324 830,463 ----------- ----------- Total assets $ 14,365,664 $ 18,609,331 ----------- ----------- Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,098,453 $ 1,318,965 Operating lease liability - current 178,781 229,693 Other current liabilities 2,491,254 2,160,366 Deferred income - current 708,027 1,122,138 Loans - current 118,280 118,797 ----------- ----------- Total current liabilities $ 4,594,795 $ 4,949,959 ----------- ----------- Non-current liabilities: Defined benefit pension plan $ 323,266 $ 307,454 Operating lease liability - non-current 96,222 229,855 Deferred income - non-current 65,869 94,786 Loans - non-current 376,130 449,053 ----------- ----------- Total non-current liabilities 861,487 1,081,148 ----------- ----------- Total liabilities $ 5,456,282 $ 6,031,107 ----------- ----------- Stockholders' equity Preferred stock, $0.0001 par value; 10,000,000 shares authorized; nil shares issued and outstanding as of September 30, 2024 and December 31, 2023. -- -- Common stock, $0.0001 par value: 50,000,000 shares authorized; 25,962,246 issued and outstanding as of September 30, 2024; 16,206,680 issued and outstanding as of December 31, 2023. 2,596 1,621 Additional paid-in capital 86,090,657 73,113,079 Accumulated other comprehensive income 242,810 247,241 Accumulated deficit (60,783,717) (38,516,197) Loss for the period (16,642,964) (22,267,520) ----------- ----------- Total stockholders' equity 8,909,382 12,578,224 ----------- ----------- Total liabilities and stockholders' equity $ 14,365,664 $ 18,609,331 =========== ===========
  

• Press Release: Gain Therapeutics Reports Financial Results for Third Quarter 2024 and Provides Corporate Update, from 4:05PM ET on Thursday Nov 14, 2024 by Dow Jones

  4:05PM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: GANX
  
  (760) 846-9256
  GAIN THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Nine Months Ended September September 30, 30, -------------------------- ------------------------------ 2024 2023 2024 2023 ------------ ------------ ------------- --------------- Revenues: Collaboration revenues $ -- $ -- $ -- $ 55,180 Other income -- -- -- -- ---------- ---------- ----------- ----------- Total revenues $ -- $ -- $ -- $ 55,180 ---------- ---------- ----------- ----------- Operating expenses: Research and development (2,621,722) (2,367,482) (9,566,259) (9,146,630) General and administrative (1,837,242) (2,517,523) (7,453,229) (8,754,453) ---------- ---------- ----------- ----------- Total operating expenses (4,458,964) (4,885,005) (17,019,488) (17,901,083) ---------- ---------- ----------- ----------- Loss from operations $(4,458,964) $(4,885,005) $(17,019,488) $(17,845,903) ---------- ---------- ----------- ----------- Other income/(expense): Interest income, net 105,405 106,000 305,239 387,964 Foreign exchange gain/(loss), net (121,139) 82,198 103,362 (20,839) ---------- ---------- ----------- ----------- Loss before income tax $(4,474,698) $(4,696,807) $(16,610,887) $(17,478,778) ---------- ---------- ----------- ----------- Income tax (10,994) (21,456) (32,077) (64,773) Net loss $(4,485,692) $(4,718,263) $(16,642,964) $(17,543,551) ========== ========== =========== =========== Net loss per shares: Net loss per share attributable to common stockholders - basic and diluted $ (0.17) $ (0.37) $ (0.78) $ (1.42) Weighted average common shares - basic and diluted 26,531,747 12,701,401 21,273,422 12,342,031 GAIN THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) September 30, December 31, 2024 2023 ------------- --------------- Assets Current assets: Cash and cash equivalents $ 12,049,522 $ 11,794,949 Marketable securities - current -- 4,999,704 Tax credits 373,726 242,577 Prepaid expenses and other current assets 1,318,092 741,638 ----------- ----------- Total current assets $ 13,741,340 $ 17,778,868 ----------- ----------- Non-current assets: Property and equipment, net $ 119,610 $ 125,962 Internal-use software 156,256 193,375 Operating lease - right of use assets 281,578 459,215 Restricted cash 33,873 34,021 Long-term deposits and other non-current assets 33,007 17,890 ----------- ----------- Total non-current assets 624,324 830,463 ----------- ----------- Total assets $ 14,365,664 $ 18,609,331 ----------- ----------- Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,098,453 $ 1,318,965 Operating lease liability - current 178,781 229,693 Other current liabilities 2,491,254 2,160,366 Deferred income - current 708,027 1,122,138 Loans - current 118,280 118,797 ----------- ----------- Total current liabilities $ 4,594,795 $ 4,949,959 ----------- ----------- Non-current liabilities: Defined benefit pension plan $ 323,266 $ 307,454 Operating lease liability - non-current 96,222 229,855 Deferred income - non-current 65,869 94,786 Loans - non-current 376,130 449,053 ----------- ----------- Total non-current liabilities 861,487 1,081,148 ----------- ----------- Total liabilities $ 5,456,282 $ 6,031,107 ----------- ----------- Stockholders' equity Preferred stock, $0.0001 par value; 10,000,000 shares authorized; nil shares issued and outstanding as of September 30, 2024 and December 31, 2023. -- -- Common stock, $0.0001 par value: 50,000,000 shares authorized; 25,962,246 issued and outstanding as of September 30, 2024; 16,206,680 issued and outstanding as of December 31, 2023. 2,596 1,621 Additional paid-in capital 86,090,657 73,113,079 Accumulated other comprehensive income 242,810 247,241 Accumulated deficit (60,783,717) (38,516,197) Loss for the period (16,642,964) (22,267,520) ----------- ----------- Total stockholders' equity 8,909,382 12,578,224 ----------- ----------- Total liabilities and stockholders' equity $ 14,365,664 $ 18,609,331 =========== ===========