Estrella Immunopharma reported a net loss of $2.10 million for the three months ended March 31, 2025, a significant increase compared to a net loss of $469,530 for the same period in 2024. This widening loss is primarily driven by escalating operating expenses.
Research and development expenses surged to approximately $1.41 million in Q1 2025, up from $25,000 in Q1 2024. This substantial increase is directly attributable to the progression of the STARLIGHT-1.0 clinical trial, specifically incurring higher service fees and costs associated with patient dosing.
As of March 31, 2025, the company held cash and cash equivalents of only approximately $0.40 million and had a working capital deficit of approximately $3.30 million. The company's ability to continue operations is explicitly dependent on its ability to raise additional financing, with reliance on an Equity Line facility that requires majority stockholder approval for larger drawdowns.
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