Quarterly ResultJun 4, 2026, 06:07 AM
Greenwich LifeSciences Cash Jumps to $10.5M; Raises $9.03M via ATM
AI Summary
Greenwich LifeSciences reported a net loss of $5.66 million for the first quarter of 2026, significantly wider than the $2.74 million loss in Q1 2025, primarily due to a 129% increase in research and development expenses. Despite ongoing losses and a going concern warning, the company's cash position improved to $10.51 million as of March 31, 2026, up from $6.18 million at year-end 2025, largely driven by $9.03 million in net proceeds from At The Market (ATM) offerings. The company also disclosed material weaknesses in its internal controls.
Key Highlights
- Cash increased to $10.51 million as of March 31, 2026, from $6.18 million at December 31, 2025.
- Net loss widened to $5.66 million for the three months ended March 31, 2026, from $2.74 million in Q1 2025.
- Research and development expenses increased by 129% to $5.21 million in Q1 2026.
- Net cash used in operating activities was $4.70 million for Q1 2026, up from $1.83 million in Q1 2025.
- Raised $9.03 million in net proceeds from At The Market (ATM) offerings between January 1 and March 31, 2026.
- Identified material weaknesses in internal control over financial reporting as of March 31, 2026.
- Company continues to operate on a going concern basis, dependent on obtaining additional capital.
- Subsequent to quarter-end, raised an additional $310,664 net from ATM offerings by April 15, 2026.
Price Impact
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