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                            GAIN THERAPEUTICS, INC. 
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
                                  (unaudited) 
 
                         Three Months Ended       Nine Months Ended September 
                           September 30,                      30, 
                     --------------------------  ------------------------------ 
                         2024          2023          2024            2023 
                     ------------  ------------  -------------  --------------- 
Revenues: 
  Collaboration 
   revenues          $        --   $        --   $         --   $     55,180 
  Other income                --            --             --             -- 
                      ----------    ----------    -----------    ----------- 
Total revenues       $        --   $        --   $         --   $     55,180 
                      ----------    ----------    -----------    ----------- 
 
Operating 
expenses: 
  Research and 
   development        (2,621,722)   (2,367,482)    (9,566,259)    (9,146,630) 
  General and 
   administrative     (1,837,242)   (2,517,523)    (7,453,229)    (8,754,453) 
                      ----------    ----------    -----------    ----------- 
Total operating 
 expenses             (4,458,964)   (4,885,005)   (17,019,488)   (17,901,083) 
                      ----------    ----------    -----------    ----------- 
 
Loss from 
 operations          $(4,458,964)  $(4,885,005)  $(17,019,488)  $(17,845,903) 
                      ----------    ----------    -----------    ----------- 
 
Other 
income/(expense): 
  Interest income, 
   net                   105,405       106,000        305,239        387,964 
  Foreign exchange 
   gain/(loss), 
   net                  (121,139)       82,198        103,362        (20,839) 
                      ----------    ----------    -----------    ----------- 
Loss before income 
 tax                 $(4,474,698)  $(4,696,807)  $(16,610,887)  $(17,478,778) 
                      ----------    ----------    -----------    ----------- 
 
  Income tax             (10,994)      (21,456)       (32,077)       (64,773) 
 
Net loss             $(4,485,692)  $(4,718,263)  $(16,642,964)  $(17,543,551) 
                      ==========    ==========    ===========    =========== 
 
Net loss per 
shares: 
Net loss per share 
 attributable to 
 common 
 stockholders - 
 basic and diluted   $     (0.17)  $     (0.37)  $      (0.78)  $      (1.42) 
Weighted average 
 common shares - 
 basic and diluted    26,531,747    12,701,401     21,273,422     12,342,031 
 
 
 
 
                      GAIN THERAPEUTICS, INC. 
                CONDENSED CONSOLIDATED BALANCE SHEETS 
                             (unaudited) 
 
                                      September 30,   December 31, 
                                          2024            2023 
                                      -------------  --------------- 
Assets 
Current assets: 
  Cash and cash equivalents           $ 12,049,522   $ 11,794,949 
  Marketable securities - current               --      4,999,704 
  Tax credits                              373,726        242,577 
  Prepaid expenses and other current 
   assets                                1,318,092        741,638 
                                       -----------    ----------- 
Total current assets                  $ 13,741,340   $ 17,778,868 
                                       -----------    ----------- 
 
Non-current assets: 
  Property and equipment, net         $    119,610   $    125,962 
  Internal-use software                    156,256        193,375 
  Operating lease - right of use 
   assets                                  281,578        459,215 
  Restricted cash                           33,873         34,021 
  Long-term deposits and other 
   non-current assets                       33,007         17,890 
                                       -----------    ----------- 
Total non-current assets                   624,324        830,463 
                                       -----------    ----------- 
Total assets                          $ 14,365,664   $ 18,609,331 
                                       -----------    ----------- 
 
Liabilities and stockholders' 
equity 
Current liabilities: 
  Accounts payable                    $  1,098,453   $  1,318,965 
  Operating lease liability - 
   current                                 178,781        229,693 
  Other current liabilities              2,491,254      2,160,366 
  Deferred income - current                708,027      1,122,138 
  Loans - current                          118,280        118,797 
                                       -----------    ----------- 
Total current liabilities             $  4,594,795   $  4,949,959 
                                       -----------    ----------- 
 
Non-current liabilities: 
  Defined benefit pension plan        $    323,266   $    307,454 
  Operating lease liability - 
   non-current                              96,222        229,855 
  Deferred income - non-current             65,869         94,786 
  Loans - non-current                      376,130        449,053 
                                       -----------    ----------- 
Total non-current liabilities              861,487      1,081,148 
                                       -----------    ----------- 
Total liabilities                     $  5,456,282   $  6,031,107 
                                       -----------    ----------- 
 
Stockholders' equity 
  Preferred stock, $0.0001 par 
  value; 10,000,000 shares 
  authorized; nil shares issued and 
  outstanding as of September 30, 
  2024 and December 31, 2023.                   --             -- 
  Common stock, $0.0001 par value: 
   50,000,000 shares authorized; 
   25,962,246 issued and outstanding 
   as of September 30, 2024; 
   16,206,680 issued and outstanding 
   as of December 31, 2023.                  2,596          1,621 
  Additional paid-in capital            86,090,657     73,113,079 
  Accumulated other comprehensive 
   income                                  242,810        247,241 
  Accumulated deficit                  (60,783,717)   (38,516,197) 
  Loss for the period                  (16,642,964)   (22,267,520) 
                                       -----------    ----------- 
  Total stockholders' equity             8,909,382     12,578,224 
                                       -----------    ----------- 
Total liabilities and stockholders' 
 equity                               $ 14,365,664   $ 18,609,331 
                                       ===========    =========== 
 
 

(END) Dow Jones Newswires

November 14, 2024 16:05 ET (21:05 GMT)