Artelo Biosciences Reports Q2 2024 Results
Ticker: ARTL · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 1621221
Sentiment: bearish
Topics: 10-Q, financials, biotech
TL;DR
Artelo Bio Q2: Barely any revenue, burning cash. Still in Solana Beach.
AI Summary
Artelo Biosciences, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported minimal revenue, with total revenues for the six months ended June 30, 2024, being $0.001 million. Operating expenses were $3.189 million for the same period, leading to a net loss. The company's principal executive offices are located at 505 Lomas Santa Fe, Suite 160, Solana Beach, CA 92075.
Why It Matters
This filing provides insight into Artelo Biosciences' financial performance and operational status for the second quarter of 2024, which is crucial for investors assessing the company's viability and future prospects.
Risk Assessment
Risk Level: high — The company has minimal revenue and significant operating expenses, indicating a high risk of continued financial distress.
Key Numbers
- $0.001M — Revenue (Six months ended June 30, 2024)
- $3.189M — Operating Expenses (Six months ended June 30, 2024)
- 2024-06-30 — Reporting Period End Date (Quarterly filing)
Key Players & Entities
- ARTELO BIOSCIENCES, INC. (company) — Filer
- 0001621221 (company) — Central Index Key
- 505 LOMAS SANTA FE, SUITE 160 (location) — Business Address
- SOLANA BEACH, CA 92075 (location) — Business Address
- $0.001 million (dollar_amount) — Revenue for six months ended June 30, 2024
- $3.189 million (dollar_amount) — Operating expenses for six months ended June 30, 2024
FAQ
What was Artelo Biosciences' total revenue for the six months ended June 30, 2024?
Artelo Biosciences reported total revenues of $0.001 million for the six months ended June 30, 2024.
What were the company's operating expenses for the first half of 2024?
Operating expenses for the six months ended June 30, 2024, were $3.189 million.
What is the company's principal business address?
The company's principal business address is 505 Lomas Santa Fe, Suite 160, Solana Beach, CA 92075.
What was the company's fiscal year end?
The company's fiscal year ends on December 31.
What is the SEC file number for Artelo Biosciences?
The SEC file number for Artelo Biosciences is 001-38951.
Filing Stats: 4,712 words · 19 min read · ~16 pages · Grade level 15.8 · Accepted 2024-08-13 08:06:20
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share ARTL The Nasdaq
- $381 — as of June 30, 2024, was approximately $381. The Company has not experienced losses
Filing Documents
- artl_10q.htm (10-Q) — 925KB
- artl_ex311.htm (EX-31.1) — 11KB
- artl_ex321.htm (EX-32.1) — 4KB
- 0001640334-24-001221.txt ( ) — 3636KB
- artl-20240630.xsd (EX-101.SCH) — 31KB
- artl-20240630_lab.xml (EX-101.LAB) — 207KB
- artl-20240630_cal.xml (EX-101.CAL) — 33KB
- artl-20240630_pre.xml (EX-101.PRE) — 173KB
- artl-20240630_def.xml (EX-101.DEF) — 97KB
- artl_10q_htm.xml (XML) — 476KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 3 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 17 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.
Controls and Procedures
Controls and Procedures 24
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 25 Item 1A.
Risk Factors
Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 55
SIGNATURES
SIGNATURES 56 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements ARTELO BIOSCIENCES, INC. Consolidated Balance Sheets (Unaudited) (In thousands, except share data) June 30, December 31, 2024 2023 ASSETS Current Assets Cash and cash equivalents $ 881 $ 2,815 Trading marketable securities 4,721 7,611 Prepaid expenses and other current assets 566 554 Total Current Assets 6,168 10,980 Operating lease right-of-use assets 116 21 Intangible asset 2,039 2,039 Other assets 3 3 TOTAL ASSETS $ 8,326 $ 13,043 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 863 $ 1,238 Due to related parties 44 30 Operating lease liabilities - current portion 33 23 Total Current Liabilities 940 1,291 Operating lease liabilities 87 - TOTAL LIABILITIES 1,027 1,291 STOCKHOLDERS' EQUITY Preferred Stock, par value $ 0.001 , 416,667 shares authorized, 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023 - - Common Stock, par value $ 0.001 , 50,000,000 shares authorized, as of June 30, 2024 and December 31, 2023 3,227,700 and 3,188,959 shares issued and outstanding as of June 30, 2024 and December 31, 2023 3 3 Additional paid-in capital 52,725 52,262 Accumulated deficit ( 45,226 ) ( 40,310 ) Accumulated other comprehensive loss ( 203 ) ( 203 ) TOTAL STOCKHOLDERS' EQUITY 7,299 11,752 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,326 $ 13,043 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 Table of Contents ARTELO BIOSCIENCES, INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (In thousands, except per share data) Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 OPERATING EXPENSES General and administrative $ 827 $ 1,032 $ 1,909 $ 2,089 Research and development 1,685 752 3,192 1,987