Greenwich LifeSciences Files Q1 2024 10-Q

TL;DR

GNSL filed its Q1 2024 10-Q. Financials are in.

AI Summary

Greenwich LifeSciences, Inc. filed its Q1 2024 10-Q report on May 20, 2024, detailing its financial performance for the period ending March 31, 2024. The company, operating in the pharmaceutical preparations sector, is based in Stafford, Texas. This filing provides an update on its financial position and operational activities.

Why It Matters

This filing provides investors and stakeholders with the latest financial and operational information for Greenwich LifeSciences, Inc., crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Greenwich LifeSciences faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• Greenwich LifeSciences, Inc. (company) — Filer of the 10-Q report
• 20240331 (date) — End of the reporting period
• 20240520 (date) — Filing date of the report
• Stafford, TX (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $8.9 million — sses. Our net losses were approximately $8.9 million and $7.8 million for the years ended De
• $7.8 million — ses were approximately $8.9 million and $7.8 million for the years ended December 31, 2023 a
• $2.5 million — ber 31, 2023 and 2022, respectively and $2.5 million and $2.1 million for the three months e
• $2.1 million — 2022, respectively and $2.5 million and $2.1 million for the three months ended March 31, 20
• $1,827,907 — three months ended March 31, 2024 from $1,827,907 for the three months ended March 31, 20
• $413,175 — three months ended March 31, 2024 from $413,175 for the three months ended March 31, 20
• $5,505,975 — liquidity was our cash, which totalled $5,505,975 and $6,989,424, respectively, and addit
• $6,989,424 — our cash, which totalled $5,505,975 and $6,989,424, respectively, and additional loans and
• $2,124,902 — incurred net losses of $ 2,473,195 and $2,124,902 during the three month periods ended Ma
• $1,782,565 — t cash used in operating activities was $1,782,565 for the three months ended March 31, 20
• $1,556,807 — e three months ended March 31, 2024 and $1,556,807 for the three months ended March 31, 20
• $17.08 — n stock at an average offering price of $17.08 per share for gross proceeds of $ 80,48

Filing Documents

• form10-q.htm (10-Q) — 300KB
• ex31-1.htm (EX-31.1) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-24-020710.txt ( ) — 1878KB
• glsi-20240331.xsd (EX-101.SCH) — 15KB
• glsi-20240331_cal.xml (EX-101.CAL) — 21KB
• glsi-20240331_def.xml (EX-101.DEF) — 68KB
• glsi-20240331_lab.xml (EX-101.LAB) — 140KB
• glsi-20240331_pre.xml (EX-101.PRE) — 122KB
• form10-q_htm.xml (XML) — 152KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 4 5 6

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 11 Item 4.

Controls and Procedures

Controls and Procedures 12 PART II OTHER INFORMATION 12 Item 1.

Legal Proceedings

Legal Proceedings 12 Item 1A.

Risk Factors

Risk Factors 12 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Mine Safety Disclosures 12 Item 5. Other Information 12 Item 6: Exhibits 13

SIGNATURES

SIGNATURES 14 -2- PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS GREENWICH LIFESCIENCES, INC. BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (UNAUDITED) March 31, 2024 December 31, 2023 Assets Current assets Cash $ 5,505,975 $ 6,989,424 Acquired patents, net 4,488 5,391 Total assets $ 5,510,463 $ 6,994,815 Liabilities and stockholders' equity Current liabilities Accounts payable & accrued interest $ 346,582 $ 256,317 Unreimbursed expenses 43,029 38,089 Total current liabilities 389,611 294,406 Total liabilities 389,611 294,406 Stockholders' equity Common stock, $ 0.001 par value; 100,000,000 shares authorized; 12,875,282 and 12,848,165 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 12,876 12,848 Additional paid-in capital 57,945,740 57,052,130 Accumulated deficit ( 52,837,764 ) ( 50,364,569 ) Total stockholders' equity 5,120,852 6,700,409 Total liabilities and stockholders' equity $ 5,510,463 $ 6,994,815 See accompanying notes to unaudited financial statements. -3- GREENWICH LIFESCIENCES, INC. FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED) 2024 2023 Three Months Ended March 31, 2024 2023 Revenue $ — $ — Operating expenses Research and development 2,194,513 1,827,907 General and administrative 342,688 413,175 Total operating expenses 2,537,201 2,241,082 Loss from operations ( 2,537,201 ) ( 2,241,082 ) Interest income 64,006 116,180 Net loss $ ( 2,473,195 ) $ ( 2,124,902 ) Per share information: Net loss per common share, basic and diluted $ ( 0.19 ) $ ( 0.17 ) Weighted average common shares outstanding, basic and diluted 12,859,685 12,848,165 See accompanying notes to unaudited financial statements. -4- GREENWICH LIFESCIENCES, INC. FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUD

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. Organization and Description of the Business Greenwich LifeSciences, Inc. (the "Company") was incorporated in the state of Delaware in 2006 under the name Norwell, Inc. In March 2018, Norwell, Inc. changed its name to Greenwich LifeSciences, Inc. In February 2023, Greenwich LifeSciences Europe Limited was incorporated as a wholly owned subsidiary in Ireland. The Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery. 2. Going Concern The Company has prepared its financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. However, the Company has incurred net losses since its inception and has negative operating cash flows. These circumstances raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company's ability to continue as a going concern. As of March 31, 2024, the Company had cash of $ 5,505,975 . For the foreseeable future, the Company's ability to continue its operations is dependent upon its ability to obtain additional capital. 3. Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein. In the opinion of management, all adjustments, consisting of normal recurring

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View this 10-Q filing on SEC EDGAR