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GlucoTrack Inc. (GCTK+4.62%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing an implantable continuous blood glucose monitor (CBGM) for individuals with Type 1 and insulin-dependent Type 2 diabetes. The company has made significant progress, including completing preclinical studies and preparing for human trials.
GlucoTrack reported a net loss of $22.6 million for 2024, compared to a net loss of $7.1 million in 2023. The increase in net loss is attributed to higher research and development expenses, which rose to $9.5 million from $4.7 million the previous year.
General and administrative expenses also increased to $4.7 million from $2.3 million in 2023, due to higher legal and professional fees, personnel costs, and placement agent fees.
The company raised approximately $15 million through public offerings and debt issuances during 2024, which were subsequently converted to equity. Despite this, the company reported a stockholders' deficit of $13 million as of December 31, 2024.
GlucoTrack's future plans include financing operations through the sale of equity and/or debt securities. However, management has expressed substantial doubt about the company's ability to continue as a going concern due to its recurring losses and negative cash flows.
Significant transactions during the year included the exercise of pre-funded warrants and the issuance of convertible promissory notes. The company also engaged in a series of private placements to raise capital.
The company's executive team, led by CEO Paul V. Goode, continues to focus on advancing the development and commercialization of the GlucoTrack CBGM, with the aim of achieving regulatory approval and market entry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GlucoTrack Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.