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Guided Therapeutics Inc (GTHP). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on the commercialization of the LuViva Advanced Cervical Scan, a non-invasive cervical cancer detection device. The device uses biophotonics technology to identify cervical cancers and precancers.
The company reported a net loss of $2.4 million for the year ended December 31, 2024, compared to a net loss of $3.5 million in the previous year. The decrease in net loss is attributed to reduced general and administrative expenses.
Revenue from the sale of LuViva devices and disposables was $6,940 in 2024, compared to $97,706 in 2023. The company has deferred revenue of $848,917 as of December 31, 2024, which will be recognized upon shipment of products.
Research and development expenses increased to $525,650 in 2024 from $228,132 in 2023, primarily due to increased clinical trial costs.
Guided Therapeutics is actively pursuing regulatory approval for LuViva in the United States and China. The company is conducting a clinical trial in the U.S. and has filed for approval with the Chinese National Medical Product Administration.
The company has identified a material weakness in its internal controls over financial reporting due to a lack of resources to properly research and account for complex transactions.
Guided Therapeutics continues to work with international distributors to expand the market for LuViva, focusing on large screening populations in China and Europe.
The company has a negative working capital of approximately $5.0 million and an accumulated deficit of $153.7 million as of December 31, 2024. It plans to raise additional capital to fund operations and regulatory approval processes.
Guided Therapeutics acknowledges the risks associated with international operations, including potential impacts from geopolitical events such as the conflict between Russia and Ukraine.
The filing also details various agreements with partners and distributors, including a significant agreement with Shandong Yaohua Medical Instrument Corporation for the manufacture and distribution of LuViva in China.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Guided Therapeutics Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.