In This Story
BioCorRx Inc (BICX0.00%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, highlighting a net loss of $5,106,124 for the year, compared to a net loss of $3,766,913 in the previous year.
Total revenues for the year decreased to $7,665 from $89,160 in 2023, primarily due to reduced sales and project support income.
Operating expenses increased to $5,130,170 from $3,876,956, driven by higher research and development costs and increased stock-based compensation.
BioCorRx Pharmaceuticals Inc., a majority-owned subsidiary, received a grant of $11,029,977 from the National Institutes of Health for the development of BICX104, a naltrexone implant for treating methamphetamine use disorder.
The company's cash position improved slightly, with cash on hand of $88,033 as of December 31, 2024, compared to $65,222 at the end of 2023.
BioCorRx continues to focus on developing addiction treatment solutions, including the BioCorRx Recovery Program and the UnCraveRx Weight Loss Management Program.
The company acknowledges the substantial doubt about its ability to continue as a going concern due to its historical net losses and the need for additional capital.
BioCorRx plans to address its financial challenges through additional equity or debt financing and by managing expenses.
The filing also highlights ongoing legal proceedings, including a judgment in favor of Pellecome, LLC, resulting in a liability of $332,503 for costs and attorneys' fees.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BioCorRx Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.