LIGHTBRIDGE Corp 10-Q for FY2024 Q3

LIGHTBRIDGE Corp (LTBR)

10-Q 2024-11-01 For: 2024-09-30

Added on April 11, 2026

About this 10-Q

LIGHTBRIDGE Corp filed this 10-Q on November 1, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $2.66M; compared with a net loss of $1.84M a year earlier

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	September 30,		December 31,
	2024		2023
Trade payables	$	0.1	$	0.1
Accrued research and development expenses		0.2		—
Accrued legal and consulting expenses		0.1		0.4
Accrued bonus		0.8		—
Total	$	1.2	$	0.5

Title of Each Class:		Trading Symbol(s):		Name of Each Exchange on Which Registered:
Common Stock, $0.001 par value		LTBR		The Nasdaq Stock Market LLC

Large Accelerated Filer	☐	Accelerated Filer	☐
Non- accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

Class of Securities		Shares Outstanding
Common Stock, $0.001 par value		15,766,902

		Page

PART I - FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements (unaudited)	3
	Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	3
	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023	4
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2024 and 2023	5
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
	Forward-Looking Statements	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	28
Item 6.	Exhibits	29

SIGNATURES		30

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023

Revenue	$	—		$	—		$	—		$	—

Operating Expenses
General and administrative		1,676,209			1,609,142			5,626,567			5,071,889
Research and development		1,298,601			552,751			3,232,036			1,367,650
Total Operating Expenses		2,974,810			2,161,893			8,858,603			6,439,539

Other Operating Income
Contributed services - research and development		—			—			—			31,028
Total Other Operating Income		—			—			—			31,028
Operating Loss		(2,974,810	)		(2,161,893	)		(8,858,603	)		(6,408,511	)

Other Income
Interest income		318,649			322,065			1,008,224			869,879
Total Other Income		318,649			322,065			1,008,224			869,879

Net Loss Before Income Taxes		(2,656,161	)		(1,839,828	)		(7,850,379	)		(5,538,632	)
Income taxes		—			—			—			—
Net Loss	$	(2,656,161	)	$	(1,839,828	)	$	(7,850,379	)	$	(5,538,632	)

Net Loss Per Common Share
Basic and Diluted	$	(0.19	)	$	(0.15	)	$	(0.57	)	$	(0.47	)

Weighted Average Number of Common Shares Outstanding
Basic and Diluted		14,189,787			12,252,342			13,871,756			11,902,010

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

					Additional						Total
	Common Stock				Paid-in			Accumulated			Stockholders’
	Shares		Amount		Capital			Deficit			Equity

Balance - January 1, 2023		11,900,217	$	11,900	$	173,595,385		$	(144,489,130	)	$	29,118,155
Shares issued - registered offerings - net of offering costs		169,978		170		730,882			—			731,052
Shares issued to consultant and directors for services		55,835		56		214,944			—			215,000
Stock-based compensation		—		—		284,360			—			284,360
Net loss for the three months ended March 31, 2023		—		—		—			(2,026,580	)		(2,026,580	)
Balance - March 31, 2023		12,126,030	$	12,126	$	174,825,571		$	(146,515,710	)	$	28,321,987

Shares issued - registered offerings - net of offering costs		320,023		320		1,583,010			—			1,583,330
Shares issued pursuant to restricted stock awards		35,088		35		(35	)		—			—
Shares issued to consultant for services		3,658		4		14,996			—			15,000
Stock-based compensation		—		—		316,798			—			316,798
Net loss for the three months ended June 30, 2023		—		—		—			(1,672,224	)		(1,672,224	)
Balance - June 30, 2023		12,484,799	$	12,485	$	176,740,340		$	(148,187,934	)	$	28,564,891

Shares issued - registered offerings - net of offering costs		446,850		447		2,166,657			—			2,167,104
Shares issued to consultant for services		2,577		2		14,998			—			15,000
Stock-based compensation		—		—		300,729			—			300,729
Net loss for the three months ended September 30, 2023		—		—		—			(1,839,828	)		(1,839,828	)
Balance - September 30, 2023		12,934,226	$	12,934	$	179,222,724		$	(150,027,762	)	$	29,207,896

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Assets		Level I				Level II				Level III
Treasury Bills		$	—			$	20.0			$	—

	Three and Nine Months Ended
	September 30,
	2024		2023
Stock options outstanding		547,362		503,843
Restricted stock awards outstanding		545,992		451,404
Total		1,093,354		955,247

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Research and development expenses	$	0.1	$	—	$	0.2	$	0.1
General and administrative expenses	$	0.3	$	0.3	$	1.0	$	0.8
Total stock-based compensation expense	$	0.4	$	0.3	$	1.2	$	0.9

	·	those concerning market and business segment growth, demand, and acceptance of our nuclear fuel technology and other steps toward the commercialization of Lightbridge Fuel™;

	·	any projections of sales, earnings, revenue, margins, or other financial items;

	·	any statements of the plans, strategies, and objectives of management for future operations and the timing and outcome of the development of our nuclear fuel technology;

	·	any statements regarding future economic conditions or performance;

	·	any statements about future financings and liquidity;

	·	the Company’s anticipated financial resources and position; and

	·	all assumptions, expectations, predictions, intentions, or beliefs about future events and other statements that are not historical facts.

	·	our ability to commercialize our nuclear fuel technology, including risks related to the design and testing of nuclear fuel incorporating our technology and the degree of market adoption of the Company’s product and service offerings;

	·	dependence on strategic partners;

	·	any adverse changes to our agreements or relationship with the U.S. government and its national laboratories;

	·	our ability to fund our future operations, including general corporate overhead and outside research and development (R&D) expenses, and continue as a going concern;

	·	the future market and demand for our fuel for nuclear reactors and our ability to attract customers;

	·	our ability to manage the business effectively in a rapidly evolving market;

	·	our ability to employ and retain qualified employees and consultants that have experience in the nuclear industry;

	·	competition and competitive factors in the markets in which we compete, including from accident tolerant fuels (ATFs);

	·	the availability of nuclear test reactors and the risks associated with unexpected changes in our nuclear fuel development timeline;

	·	the increased costs associated with metallization of our nuclear fuel;

	·	uncertainties related to conducting business in foreign countries;

	·	public perception of nuclear energy generally;

	·	changes in laws, rules, and regulations governing our business;

	·	changes in the political environment;

	·	development and utilization of, and challenges to, our intellectual property domestically and abroad;

	·	the trading price of our securities is likely to be volatile, and purchasers of our securities could incur substantial losses; and

	·	the other risks and uncertainties identified in Item 1A. Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the period ended March 31, 2024, and this Quarterly Report on Form 10-Q for the period ended September 30, 2024.

	·	Overview of Our Business and Development of Lightbridge Fuel™ - a general overview of our business and updates;

	·	Critical Accounting Estimates - a discussion of critical judgments and estimates;

	·	Operations Review - an analysis of our consolidated results of operations for the periods presented in our condensed consolidated financial statements; and

	·	Liquidity, Capital Resources, and Financial Position - an analysis of our cash flows and an overview of our financial position.

	·	continue to execute SPPA/CRADA work at INL leading to casting and extrusion of unclad fuel material samples using enriched uranium and their subsequent insertion for irradiation testing in the ATR;

	·	complete a feasibility study for the use of our nuclear fuel in CANDU heavy water reactors; and

	·	commence manufacturing efforts relating to co-extrusion of cladded rodlets for loop irradiation testing.

	September 30,			December 31,
	2024			2023
ASSETS
Current Assets
Cash and cash equivalents	$	26,634,951		$	28,598,445
Prepaid expenses and other current assets		403,922			207,063
Total Current Assets		27,038,873			28,805,508
Other Assets
Prepaid project costs and other long-term assets		472,875			483,000
Trademarks		108,865			108,865
Total Assets	$	27,620,613		$	29,397,373

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	1,159,566		$	486,326
Total Current Liabilities		1,159,566			486,326

Commitments and contingencies - Note 5

Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 authorized shares, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023		—			—
Common stock, $0.001 par value, 25,000,000 authorized, 15,276,331 shares and 13,698,274 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		15,276			13,698
Additional paid-in capital		186,693,926			181,295,125
Accumulated deficit		(160,248,155	)		(152,397,776	)
Total Stockholders’ Equity		26,461,047			28,911,047
Total Liabilities and Stockholders’ Equity	$	27,620,613		$	29,397,373

	September 30,		December 31,
	2024		2023
INL Project	$	2.4	$	2.9
Romania Feasibility Study		—		0.2
Centrus Energy FEED Study		—		0.5
Total	$	2.4	$	3.6

	Nine Months Ended
	September 30,
	2024		2023
Expected volatility	75.36%-92.89%		68.13%-95.70%
Risk free interest rate	3.76%-4.54%		4.21%-4.88%
Dividend yield rate		—		—
Weighted average years	2 – 6 years		1 – 6 years
Closing price per share - common stock	$2.49 – $2.62		$4.31 - $4.35

	Three Months Ended						Increase		Increase
	September 30,						(Decrease)		(Decrease)
	2024			2023			Change $		Change %
Operating Expenses
General and administrative	$	1.7		$	1.6		$	0.1		6	%
Research and development	$	1.3		$	0.5		$	0.8		160	%
Total Operating Expenses	$	3.0		$	2.1		$	0.9		43	%

Total Operating Loss	$	(3.0	)	$	(2.1	)	$	0.9		43	%
Other Income	$	0.3		$	0.3		$	—	—		%
Net loss before Income Taxes	$	(2.7	)	$	(1.8	)	$	0.9		50	%

Net Loss	$	(2.7	)	$	(1.8	)	$	0.9		50	%

	·	equity or debt investment from third-party investors in Lightbridge;

	·	collaboration with potential industry partners; and

	·	strategic investment and/or government funding to support the remaining R&D activities required to continue the development of our fuel products and move them to a commercial stage.

Name	Title	Action	Date Adopted	Expiration Date	Aggregate # of Securities to be Purchased/Sold
Seth Grae⁽¹⁾	Chief Executive Officer and Director	Adoption	9/12/2024	12/4/2025	111,636
Larry Goldman⁽²⁾	Chief Financial Officer	Adoption	9/12/2024	12/11/2025	58,126
Andrey Mushakov⁽³⁾	Executive Vice President of Nuclear Operations	Adoption	9/13/2024	12/14/2025	117,761

(1)	Seth Grae, the Chief Executive Officer and Director, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on September 12, 2024. Mr. Grae’s plan provides for the sale, subject to certain price limits, of up to 111,636 shares of the Company’s common stock in the aggregate. The plan terminates on December 4, 2025, unless terminated sooner in accordance with its terms.
(2)	Larry Goldman, the Chief Financial Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on September 12, 2024. Mr. Goldman’s plan provides for the sale, subject to certain price limits, of up to 58,126 shares of the Company’s common stock in the aggregate. The plan terminates on December 11, 2025, unless terminated sooner in accordance with its terms.
(3)	Andrey Mushakov, the Executive Vice President of Nuclear Operations, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on September 13, 2024. Mr. Mushakov’s plan provides for the sale, subject to certain price limits, of up to 117,761 shares of the Company’s common stock in the aggregate. The plan terminates on December 14, 2025, unless terminated sooner in accordance with its terms.

Exhibit Number		Description

10.1▲		Modification No. 3 to the Project Task Statement, dated October 24, 2024, under the Strategic Partnership Project Agreement, dated December 9, 2022, as amended on May 23, 2023 and March 26, 2024, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC. (filed as Exhibit 10.1 to Lightbridge Corporation’s Current Report on Form 8-K filed on October 25, 2024, and incorporated herein by reference)

31.1*		Rule 13a-14(a)/15d-14(a) Certification - Principal Executive Officer.

31.2*		Rule 13a-14(a)/15d-14(a) Certification - Principal Financial Accounting Officer.

32*		Section 1350 Certifications.

101		Interactive data files pursuant to Rule 405 of Regulation S-T.

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

101.SCH		Inline XBRL Taxonomy Extension Schema Document.

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document.

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

	LIGHTBRIDGE CORPORATION

Date: November 1, 2024	By:	/s/ Seth Grae
	Name:	Seth Grae
	Title:	President, Chief Executive Officer, and Director
		(Principal Executive Officer)

	By:	/s/ Larry Goldman
	Name:	Larry Goldman
	Title:	Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

1.	I have reviewed this Quarterly Report on Form 10-Q of Lightbridge Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its condensed consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	1.	The Quarterly Report on Form 10-Q of Lightbridge Corporation for the quarter ended September 30, 2024, filed on the date hereof with the Securities and Exchange Commission (the Report), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Lightbridge Corporation.