May. 15 at 8:48 PM
$KTTA 10k and 13G both not good
💸 Financials (Q1 2025)
• Cash:
$5.3M (down from
$6.9M in Q4)
• Net loss:
$3.56M for Q1 (vs.
$3.86M in Q1 2024)
• Revenue: None (still pre-commercial)
• R&D expense:
$1.73M
• G&A expense:
$1.95M
• ATM sales: Raised
$1.65M in Q1 through equity sales
• Ongoing burn rate: ~
$1.5M/month
⚠️ Going Concern
• Company does not have enough capital to fund 12 months of operations without additional fundraising.
🧾 Recent Offering
• May 2025: Raised
$6.3M gross by selling 3.57M shares with Series C + D warrants (both
$1.40 strike).
• 914K shares from Series D warrants were exercised immediately
• Remaining warrants are still active = dilution risk
Who Is Armistice Capital? 13G
• A New York–based hedge fund founded by Steven Boyd
• Known for investing in biotech, healthcare, and SPACs
• Frequently involved in PIPEs (Private Investment in Public Equity), toxic convertible debt, and warrant-heavy deals
Examples of Armistice Deals
•
$SBFM
•
$AVGR
•
$AYRO
•
$BNGO