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Algernon Pharmaceuticals Inc. C.AGN

Alternate Symbol(s):  AGNPF

Algernon Pharmaceuticals Inc. is a clinical-stage drug development company. The Company is focused on developing repurposed therapeutic drugs in the areas of non-alcoholic steatohepatitis (NASH), a type of liver disease, chronic kidney disease (CKD), inflammatory bowel disease (IBD), idiopathic pulmonary fibrosis (IPF) and chronic cough as well as advancing a stroke program using N, N-Dimethyltryptamine (DMT). The Company operates through two segments, which includes the development of repurposed therapeutic drugs in Canada and the facilitation of the Company’s lead drug candidates into off-label phase II clinical trials (humans) in Australia. The Company's pipeline includes NP-251 (Repirinast) and AP-188 (DMT). The Company, through its subsidiary, Algernon NeuroScience Inc., is developing AP-188 (DMT) as a potential treatment for stroke and traumatic brain injury (TBI) recovery. Its NP-251 is being developed as a potential treatment for kidney inflammation and fibrosis.


CSE:AGN - Post by User

Post by Whalewatcher1on Feb 13, 2023 9:31am
394 Views
Post# 35282796

Algernon's financials?

Algernon's financials?What are others thoughts on the Algernon’s financial statements issued a few weeks ago? I keep wonder how these guys stay alive.  As of Nov 30 had $2.2M current payables, burning $1.8M per quarter and had $700K in cash. Thus from my calcs they have -$3.3M in payables and basically zero cash today. last quarter they only spent $350K out of $1.8M on R&D, but close to double on marketing and shareholder communications?  Are there any near term milestones that could trigger investor interest?  Otherwise who’s going to want to fund a company with over $3M in payables and needing millions to fund a clinical trial? They's former CSO Mark Williams left AGN for a new repurposing biotech Marvel bio and they are in same situation with building up large payables that are also beyond cash on hand. What am I missing here, how do they find new investors to cover past expenses and raise $ to actaully run trials?
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