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Achieve Life Sciences Inc. (ACHV-0.51%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net loss of $39.8 million, compared to a net loss of $29.8 million in the previous year. The increased loss is attributed to higher research and development expenses primarily due to the initiation of the ORCA-OL open label safety trial.
Research and development expenses for the year were $22.8 million, up from $15.8 million in 2023. This increase was driven by costs associated with the ORCA-OL trial, which began in May 2024.
General and administrative expenses also rose to $16.3 million from $11.4 million in the previous year, due to higher employee expenses, commercial launch preparation costs, and legal expenses.
Interest income increased to $2.4 million from $0.8 million in 2023, due to higher average cash balances and interest rates.
Interest expense decreased to $2.2 million from $2.9 million, following a refinancing transaction in July 2024.
The company reported cash, cash equivalents, and marketable securities totaling $34.4 million as of December 31, 2024, with a positive working capital balance of $29.8 million.
Achieve Life Sciences acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional financing to fund operations beyond the third quarter of 2025.
The company plans to raise capital through public or private securities offerings, debt financings, or other strategic transactions to support ongoing clinical trials and corporate activities.
Achieve Life Sciences continues to focus on the development and commercialization of cytisinicline for smoking cessation and nicotine dependence, with plans to file a New Drug Application with the FDA by the end of the second quarter of 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Achieve Life Sciences Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.