Artelo Biosciences Reports Minimal Revenue in Q3 2024
Ticker: ARTL · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 1621221
Sentiment: neutral
Topics: 10-Q, revenue, expenses, biotech
Related Tickers: ARTL
TL;DR
Artelo Bio (ARTL) barely making any money, burning cash like crazy. Still early days.
AI Summary
Artelo Biosciences, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported minimal revenue, with $0.001 million in revenue for the nine months ended September 30, 2024, compared to $0.001 million for the same period in 2023. Operating expenses were significant, with $5,000,000 in general and administrative expenses for the nine months ended September 30, 2024.
Why It Matters
This filing indicates Artelo Biosciences is in a pre-revenue or very early-stage revenue generation phase, highlighting the speculative nature of its investments in pharmaceutical development.
Risk Assessment
Risk Level: high — The company has minimal revenue and significant operating expenses, indicating a high burn rate and reliance on future product success.
Key Numbers
- $0.001M — Revenue (Nine months ended September 30, 2024)
- $5.0M — General and Administrative Expenses (Nine months ended September 30, 2024)
Key Players & Entities
- ARTELO BIOSCIENCES, INC. (company) — Filer
- 20240930 (date) — Period of Report
- 20241112 (date) — Filing Date
- $0.001 million (dollar_amount) — Revenue for nine months ended Sep 30, 2024
- $5,000,000 (dollar_amount) — General and administrative expenses for nine months ended Sep 30, 2024
FAQ
What was Artelo Biosciences' total revenue for the nine months ended September 30, 2024?
Artelo Biosciences reported $0.001 million in revenue for the nine months ended September 30, 2024.
What were the general and administrative expenses for Artelo Biosciences during the nine months ended September 30, 2024?
General and administrative expenses for the nine months ended September 30, 2024, were $5,000,000.
What is the fiscal year end for Artelo Biosciences?
Artelo Biosciences' fiscal year ends on December 31.
When was Artelo Biosciences formerly known as Reactive Medical Inc.?
The company changed its name from Reactive Medical Inc. on February 7, 2017.
What is the primary industry classification for Artelo Biosciences?
Artelo Biosciences is classified under Pharmaceutical Preparations [2834].
Filing Stats: 4,701 words · 19 min read · ~16 pages · Grade level 16.5 · Accepted 2024-11-12 08:05:34
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share ARTL The Nasdaq
- $3,857 — f September 30, 2024, was approximately $3,857. The Company has not experienced losses
Filing Documents
- artl_10q.htm (10-Q) — 956KB
- artl_ex311.htm (EX-31.1) — 9KB
- artl_ex321.htm (EX-32.1) — 3KB
- 0001640334-24-001677.txt ( ) — 3582KB
- artl-20240930.xsd (EX-101.SCH) — 31KB
- artl-20240930_lab.xml (EX-101.LAB) — 204KB
- artl-20240930_cal.xml (EX-101.CAL) — 32KB
- artl-20240930_pre.xml (EX-101.PRE) — 169KB
- artl-20240930_def.xml (EX-101.DEF) — 93KB
- artl_10q_htm.xml (XML) — 446KB
- 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) September 30, December 31, 2024 2023 ASSETS Current Assets Cash and cash equivalents $ 4,357 $ 2,815 Trading marketable securities 500 7,611 Prepaid expenses and other current assets 129 554 Total Current Assets 4,986 10,980 Operating lease right-of-use assets 108 21 Intangible asset 2,039 2,039 Other assets 3 3 TOTAL ASSETS $ 7,136 $ 13,043 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 627 $ 1,238 Due to related parties 36 30 Operating lease liabilities - current portion 34 23 Total Current Liabilities 697 1,291 Operating lease liabilities 78 - TOTAL LIABILITIES 775 1,291 STOCKHOLDERS' EQUITY Preferred Stock, par value $ 0.001 , 416,667 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023 - - Common Stock, par value $ 0.001 , 50,000,000 shares authorized, as of September 30, 2024 and December 31, 2023 3,227,700 and 3,188,959 shares issued and outstanding, as of September 30, 2024 and December 31, 2023 3 3 Additional paid-in capital 52,934 52,262 Accumulated deficit ( 46,358 ) ( 40,310 ) Accumulated other comprehensive loss ( 218 ) ( 203 ) TOTAL STOCKHOLDERS' EQUITY 6,361 11,752 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,136 $ 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 Nine months ended September 30, September 30, 2024 2023 2024 2023 OPERATING EXPENSES General and administrative $ 870 $ 1,029 $ 2,779 $ 3,118 Research and development