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Anteris Technologies Global Corp. (AVR-2.80%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Anteris is focused on the development and commercialization of its lead product, the DurAVR® THV system, which is a new class of single-piece heart valves for treating aortic stenosis.
The company reported net sales of $2.7 million for 2024, a slight decrease from $2.7 million in 2023. The decrease is attributed to lower sales volumes of tissue products.
Research and development expenses increased by 67% to $51.5 million in 2024 from $30.9 million in 2023, primarily due to activities related to the Pivotal Trial and upscaling manufacturing capabilities.
Selling, general, and administrative expenses rose by 62% to $28.2 million from $17.4 million, driven by costs related to the company's re-domicile, Nasdaq listing, and initial public offering.
Anteris recorded a net loss of $76.0 million in 2024, compared to a net loss of $46.8 million in 2023. The increase in loss is mainly due to higher R&D and administrative expenses.
The company raised $112.8 million from financing activities in 2024, including proceeds from its initial public offering and a convertible note facility.
Anteris highlights the need for additional capital to continue its operations and achieve long-term goals, with plans to raise funds through equity offerings or debt financings.
The filing notes that Anteris is a development-stage company with a focus on innovation in cardiac care, aiming to address unmet clinical needs and capture market share post-commercialization.
The company acknowledges the risks associated with its operations, including the need for regulatory approvals, competition, and reliance on third-party suppliers and manufacturers.
Anteris emphasizes its commitment to advancing its clinical trials and obtaining regulatory approvals for its products to ensure future growth and profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Anteris Technologies Global Corp. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.