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PharmaCyte Biotech, Inc. (NASDAQ:PMCB), a biotechnology company based in Nevada with a market capitalization of $12 million, announced a change in its independent registered accounting firm. According to InvestingPro data, the company maintains strong financial health with a "GREAT" overall score, making this transition particularly noteworthy. On Monday, the company’s previous accountant, Marcum LLP, resigned following the acquisition of its attest business by CBIZ (NYSE:CBZ) CPAs P.C. on November 1, 2024.
The Audit Committee of PharmaCyte Biotech’s Board of Directors accepted Marcum’s resignation and appointed CBIZ CPAs P.C. as the new independent registered public accounting firm on the same day. Marcum’s reports on PharmaCyte Biotech’s financial statements for the fiscal year ending April 30, 2024, were free of any adverse opinions or disclaimers and did not require any modifications regarding accounting principles or audit scope. The company’s strong financial position is reflected in its impressive return on assets of 34% and a healthy current ratio of 4.47, indicating robust liquidity management.
However, the fiscal year did note material weaknesses in internal controls, specifically citing insufficient segregation of duties of the Chief Financial Officer and a lack of adequate management review controls. These issues did not result in disagreements with Marcum that would have warranted mention in their reports. With the company’s next earnings report scheduled for March 18, 2025, InvestingPro subscribers can access additional insights and analysis about the company’s financial health and future prospects.
PharmaCyte Biotech has confirmed that during the fiscal years ended April 30, 2024, and April 30, 2023, as well as the interim period up to February 21, 2025, there were no consultations with CBIZ CPAs P.C. regarding accounting principles or transactions that might affect the audit opinion on the company’s financial statements.
Marcum LLP has agreed with the statements made by PharmaCyte Biotech regarding their resignation, as indicated in a letter to the Securities and Exchange Commission dated today. This shift in certifying accountant is documented in the company’s latest 8-K filing based on a press release statement.
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