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Gaxos.ai Inc. (GXAI+0.38%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenues of $4,027 for the year, primarily from the sale of health coaching packages. This represents an increase from $256 in the previous year.
Operating expenses for the year totaled $3,707,632, down from $4,015,541 in 2023. The decrease is attributed to a reduction in general and administrative expenses.
Research and development expenses increased to $996,487 from $915,818, reflecting ongoing development efforts for Gaxos Health and Gaxos Games.
The company recorded a net loss of $3,424,283, compared to a net loss of $3,948,097 in the previous year.
Gaxos.ai Inc. held cash and short-term investments totaling $16,565,518 as of December 31, 2024, with a working capital of $16,427,618.
The company completed several capital raises during the year, including a registered direct offering and private placements, resulting in net proceeds of over $16 million.
Gaxos.ai Inc. continues to develop its AI-powered platforms, including Gaxos Labs and Gaxos Health, with a focus on enhancing user experience in gaming and health optimization.
The company acknowledges the need for additional funding to sustain operations and support its growth strategy.
Gaxos.ai Inc. has identified various risks, including competition, regulatory changes, and technological advancements, that could impact its future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gaxos.ai Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.