Predictive Oncology Inc ( (POAI) ) has released its Q3 earnings. Here is a breakdown of the information Predictive Oncology Inc presented to its investors.
Predictive Oncology Inc., a company utilizing artificial intelligence to advance cancer treatment development, recently released its earnings report for the quarter ending September 30, 2024. The company, known for its proprietary biobank of cancer tumor samples, operates in the biotechnology sector with a focus on enhancing oncology drug discovery and offering medical fluid waste management systems.
In the latest quarterly earnings report, Predictive Oncology Inc. highlighted significant operational challenges, marked by a notable decrease in cash reserves and an accumulated deficit of $178.3 million as of September 30, 2024. Revenues for the quarter were $345,686, a decrease from $676,626 in the same period last year, contributing to a net loss of $3.1 million for the quarter and $10.5 million for the first nine months of the year.
The company’s financial performance was impacted by substantial operating expenses, totaling $2.5 million for the quarter, which overshadowed the gross profit of $148,767. The discontinuation of the Birmingham segment also added to the challenges, resulting in a loss from discontinued operations of $811,277 for the quarter. Despite these hurdles, Predictive Oncology managed to raise $4.1 million through financing activities, though it still faces liquidity pressures.
Looking ahead, Predictive Oncology Inc. faces ongoing financial challenges that raise concerns about its ability to continue as a going concern. The company is actively exploring various financing options to bolster its financial position and sustain operations. Management remains focused on leveraging its AI-driven platform and proprietary tumor biobank to improve drug development processes, despite the uncertain financial outlook.
