Agentix Corp., a clinical-stage biotechnology company focused on developing therapeutic agents for metabolic diseases such as Type 2 diabetes, obesity, NAFLD, and NASH, has released its Form 10-Q report for the third quarter of 2023. The report provides a detailed overview of the company's financial performance and operational activities during the period.
Financial Highlights
- Revenue: No revenues recorded during the three months and nine months ended December 31, 2023 and 2022.
- Net Income (Loss): $6,374 for the three months ended December 31, 2023, compared to $(353,638) for the same period in 2022. For the nine months ended December 31, 2023, the net loss was $(582,156) compared to $(942,622) for the same period in 2022.
- Net Income (Loss) Per Share: $0.00 for the three months ended December 31, 2023, compared to $(0.01) for the same period in 2022. For the nine months ended December 31, 2023, it was $(0.01) compared to $(0.02) for the same period in 2022.
- Operating Expenses: Total operating expenses were $15,846 for the three months ended December 31, 2023, compared to $353,638 for the same period in 2022. For the nine months ended December 31, 2023, total operating expenses were $770,136 compared to $942,622 for the same period in 2022.
- Professional Fees: $78,040 for the three months ended December 31, 2023, compared to $139,821 for the same period in 2022. For the nine months ended December 31, 2023, professional fees were $315,347 compared to $296,673 for the same period in 2022.
- Research and Development Expenses: Negative $87,304 for the three months ended December 31, 2023, compared to $192,032 for the same period in 2022. For the nine months ended December 31, 2023, R&D expenses were $129,244 compared to $527,676 for the same period in 2022.
- General and Administrative Expenses: $25,110 for the three months ended December 31, 2023, compared to $21,785 for the same period in 2022. For the nine months ended December 31, 2023, these expenses were $325,545 compared to $118,273 for the same period in 2022.
- Interest Expense: $3,214 for the three months ended December 31, 2023. No interest expense was recorded for the same period in 2022. For the nine months ended December 31, 2023, interest expense was $13,603.
- Foreign Exchange Gain: $25,434 for the three months ended December 31, 2023. No foreign exchange gains or losses were recorded for the same period in 2022. For the nine months ended December 31, 2023, foreign exchange gain was $3,212.
- R&D Credits: Received R&D credits totaling $198,371 related to R&D efforts at Agentix Australia Pty Ltd during the nine months ended December 31, 2023.
Business Highlights
- Company Overview: Agentix Corp., a clinical-stage biotechnology company, focuses on developing therapeutic agents for metabolic diseases such as Type 2 diabetes, obesity, NAFLD, and NASH.
- COVID-19 Impact: The company continues to assess the potential negative effects of the COVID-19 pandemic on its operations, though specific impacts remain indeterminable.
- Research and Development: Significant reduction in R&D expenses for the nine months ended December 31, 2023, primarily due to voided billing and decreased consulting and patent maintenance costs.
- Professional Fees: Increase in professional fees for the nine months ended December 31, 2023, attributed to higher consulting fees.
- General and Administrative Expenses: Notable increase due to a royalty fee related to patents, which was not present in the previous year.
- Foreign Exchange Gains: The company reported foreign exchange gains for the three and nine months ended December 31, 2023, which were not present in the previous year.
- Interest Expense: Increase in interest expense due to loan activities during the reporting period.
- R&D Credits: Received R&D credits totaling $198,371 related to efforts at Agentix Australia Pty Ltd.
- Liquidity and Capital Resources: The company faces substantial doubt about its ability to continue as a going concern due to an accumulated deficit, lack of revenue, and negative cash flow from operations.
- Future Outlook: The company plans to raise funds through equity or debt financing to support operations and development activities over the next 12 months.
SEC Filing: