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eXoZymes Inc. (EXOZ-4.69%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $5,861,335 for the year, compared to a net loss of $2,038,389 in the previous year. The increase in net loss is attributed to higher operating costs, including a significant increase in compensation and professional fees.
The company completed its initial public offering on November 11, 2024, raising net proceeds of approximately $15,206,543. These funds are intended to support production expansion, staffing, research and development, and repayment of related party loans.
eXoZymes focuses on developing a synthetic biology platform for scalable chemical production. The company is in a pre-revenue stage and relies on grants and equity financing to fund its operations.
As of December 31, 2024, eXoZymes had cash and cash equivalents of $9,719,310, an increase from $66,533 at the end of 2023. The increase is primarily due to the proceeds from the IPO.
The company acknowledges substantial doubt about its ability to continue as a going concern due to anticipated funding shortfalls and its pre-revenue status. Management is exploring additional financial support options.
eXoZymes has received grants totaling $13,639,011 from various sources, including the Department of Energy and the National Institutes of Health, to advance its technology and research.
The company operates from a single facility in Monrovia, California, and plans to expand its personnel and manufacturing capabilities.
eXoZymes is subject to various risks, including competition in the synthetic biology sector, regulatory hurdles, and the need for additional capital to support its growth.
The company's board of directors consists of six members, with committees for audit, compensation, and nominations. eXoZymes has adopted a code of business conduct and ethics and a clawback policy for executive compensation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the eXoZymes Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.