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Aspire Biopharma Holdings Inc. (ASBP+11.32%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Aspire Biopharma completed its business combination with PowerUp Acquisition Corp. on February 17, 2025. The company is focused on developing novel sublingual delivery mechanisms for known drugs.
Aspire Biopharma has not yet commenced revenue-generating operations and reported a net loss of $12,537,472 for the year ended December 31, 2024. The loss is primarily attributed to operating expenses and changes in the fair value of financial instruments.
As of December 31, 2024, Aspire Biopharma had $6,668,522 in its trust account, which is intended to be used for a business combination or to repurchase or redeem its ordinary shares.
The company has entered into various agreements to support its business operations, including non-redemption agreements and subscription agreements to secure funding.
Aspire Biopharma's management has identified material weaknesses in its internal controls over financial reporting, which it plans to address to ensure compliance with applicable regulations.
The company continues to focus on the development of its lead product candidate, a high-dose sublingual aspirin, and plans to conduct clinical trials to support regulatory approval.
Aspire Biopharma is subject to various risks, including those related to its limited operating history, the need for additional capital, and the competitive landscape in the biopharmaceutical industry.
The company is committed to maintaining high standards of cybersecurity to protect its systems and data from potential threats.
Aspire Biopharma's board of directors is comprised of experienced individuals with diverse backgrounds, and the company has established audit and compensation committees to oversee its governance practices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aspire Biopharma Holdings Inc. annual 10-K report dated April 7, 2025. To report an error, please email earnings@qz.com.