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Accustem Sciences (ACUT+22.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing and commercializing genomic tests, particularly the MSC test for lung nodules and the StemPrintER test for breast cancer. These tests aim to improve diagnostic accuracy and patient outcomes.
Accustem reported a net loss of $1,505,102 for the year, with an accumulated deficit of $8,027,047 as of December 31, 2024. The company anticipates continued operating losses as it progresses with its research and development efforts.
The company plans to achieve several milestones before launching its tests, including transferring the MSC and StemPrintER assays to a commercial laboratory and obtaining CLIA certification to report results for clinical use.
Accustem's revenue is expected to be derived from third-party and government medical insurance coverage and reimbursement models. However, the company has not generated any revenue to date.
The filing highlights the company's dependence on additional funding to continue its operations and research activities. Accustem is actively pursuing equity financing to support its initiatives.
Accustem's management acknowledges the existence of material weaknesses in internal control over financial reporting, primarily due to a lack of accounting resources. The company plans to address these issues by recruiting skilled accounting personnel.
The company operates in a highly competitive market and faces competition from other companies developing diagnostic tests for cancer. Accustem's success depends on its ability to secure market acceptance for its products.
Accustem's board of directors consists of five members, including the CEO and four non-executive directors. The company has established audit, compensation, and nomination committees to oversee various aspects of its operations.
The filing also provides information on executive compensation, director independence, and related party transactions, including agreements with executive officers and directors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Accustem Sciences annual 10-K report dated April 3, 2025. To report an error, please email earnings@qz.com.