Synaptogenix appoints new auditor as Morison Cogen exits

Synaptogenix, Inc. (NASDAQ:SNPX), a pharmaceutical company, announced a change in its certifying accountant on September 30, 2024. The company's previous independent registered public accounting firm, Morison Cogen LLP, resigned as it ceased providing audit services to publicly traded companies. The resignation was not due to any disagreements or reportable events as defined by SEC regulations.

The company's financial statements for the years ending December 31, 2023, and December 31, 2022, audited by Morison Cogen, contained no adverse opinions or modifications. Synaptogenix confirmed that there were no disagreements or issues that would have required mention in Morison Cogen's audit reports for those periods.

Following the resignation of Morison Cogen, Synaptogenix has appointed Stephano Slack LLC as its new independent registered public accounting firm, effective October 4, 2024. The engagement is for the fiscal year ending December 31, 2024. Prior to this appointment, Synaptogenix had not consulted with Stephano Slack on any accounting principles or transactions, nor had there been any disagreements or reportable events involving the new firm.

In other recent news, Synaptogenix, Inc. has announced a series of significant developments. The company has secured $5 million in preferred stock financing, which will reportedly fund strategic opportunities, including potential acquisitions and innovative research. Synaptogenix also created a new series of preferred stock, the Series C Convertible Preferred Stock, offering investors a 5% annual dividend which can increase to 15% under certain conditions.

The company has extended the maturity date of its Series B Convertible Preferred Stock, showcasing its financial maneuvering. In partnership with the Neuroscience Center of Excellence at LSU Health New Orleans, Synaptogenix has initiated pre-clinical trials for polyunsaturated fatty acid (PUFA) analogs, targeting spinal cord injuries. The PUFA compounds have been granted a patent by the US Patent and Trademark Office, indicating their potential in treating neurodegenerative disorders.

Synaptogenix has also received FDA authorization to proceed with a clinical trial for Bryostatin-1, a potential treatment for multiple sclerosis. The trial will be conducted at the Mellen Center for Multiple Sclerosis, part of the Cleveland Clinic Neurological Institute. Lastly, Synaptogenix has regained compliance with Nasdaq's minimum bid price requirement through a 1-for-25 reverse stock split, ensuring its continued listing on the Nasdaq Capital Market.

InvestingPro Insights

As Synaptogenix, Inc. (NASDAQ:SNPX) navigates through this auditor transition, it's crucial to consider the company's financial health and market performance. According to InvestingPro data, SNPX's market capitalization stands at a modest $3.81 million, reflecting its status as a small-cap pharmaceutical company. The stock's recent performance has been challenging, with a one-year price total return of -69.93% as of the latest data.

InvestingPro Tips highlight that SNPX holds more cash than debt on its balance sheet, which could provide some financial flexibility during this transition period. However, the company is also quickly burning through cash and is not profitable over the last twelve months, factors that investors should carefully consider.

The stock is currently trading near its 52-week low, with the price at 28.29% of its 52-week high. This pricing, combined with the fact that SNPX does not pay a dividend to shareholders, underscores the speculative nature of the investment at this stage.

For those seeking a deeper understanding of SNPX's financial position and prospects, InvestingPro offers 5 additional tips that could provide valuable insights for investment decision-making.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.