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Channel Therapeutics Corporation (CHRO-3.15%) 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 new therapeutics to alleviate pain, specifically targeting the sodium ion-channel NaV1.7.
Channel Therapeutics is advancing three programs: CT2000 for eye pain, CT3000 for post-operative pain, and CC8464 for neuropathic pain.
For the fiscal year 2024, the company reported a net loss of approximately $8.0 million, compared to a net loss of $7.4 million in 2023.
Operating expenses increased to $7.6 million, driven by higher general and administrative costs, while research and development expenses decreased.
Channel Therapeutics completed its initial public offering in February 2024, raising approximately $5.7 million in net proceeds.
The company has entered into a licensing agreement with Benuvia for spray formulations, diversifying its pipeline of non-opioid pain treatment therapies.
Channel Therapeutics is pursuing regulatory approvals and plans to conduct clinical trials in Australia to leverage tax credits.
The company acknowledges the need for additional funding to continue its development programs and meet future obligations.
Channel Therapeutics faces risks related to regulatory approval, competition, and intellectual property protection, as detailed in the 'Risk Factors' section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Channel Therapeutics Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.