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Eterna Therapeutics Inc. (ERNA) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $44.5 million for the year, compared to a net loss of $21.7 million in 2023. The increase in net loss is primarily attributed to a $22.4 million non-cash charge for loss on extinguishment of debt.
Revenue for the year was $582,000, up from $68,000 in 2023. This increase was largely due to the recognition of deferred revenue related to an agreement with Lineage Cell Therapeutics, which was assigned to Factor Bioscience.
Research and development expenses decreased to $4.6 million from $5.9 million in the previous year, primarily due to reduced professional fees and payroll-related expenses.
General and administrative expenses were $13.1 million, down from $14.6 million in 2023. The decrease was mainly due to lower professional fees and insurance expenses.
The company reported a gain on lease termination of $1.6 million after terminating a sublease for office and laboratory space in Somerville, Massachusetts.
Eterna raised $3.9 million through the issuance of bridge notes and $1.1 million from a private placement of common stock and pre-funded warrants. These transactions were part of a series of financing activities conducted during the year.
The company ended the year with $1.7 million in cash, down from $7.6 million at the end of 2023. Eterna anticipates needing additional capital to fund operations for the next 12 months.
Eterna's management has expressed substantial doubt about the company's ability to continue as a going concern due to insufficient cash to meet operational needs over the next year.
The company continues to focus on developing its synthetic allogeneic iMSC therapy platform and is seeking strategic partnerships to advance its product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eterna Therapeutics Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.