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Hoth Therapeutics Inc. (HOTH+3.03%) has submitted its 10-K filing for the fiscal year ended December 31, 2024, restating its previously issued financial statements.
The restatement was necessary due to errors in accounting for prepaid expenses and the timing of research and development expenses. These errors resulted in an understatement of prepaid assets and an overstatement of research and development expenses in previous periods.
The company reported a net loss of $8.2 million for the year ended December 31, 2024, compared to a net loss of $8.1 million in the previous year. The restatement did not impact the total operating cash flows, investing activities, or financing activities.
Hoth Therapeutics' primary focus remains on developing therapies for unmet medical needs, including treatments for cancer side effects, mast-cell derived cancers, and neuroinflammatory diseases.
The company continues to rely on third-party manufacturers for its clinical supplies and has engaged several contract research organizations to conduct its clinical trials.
Hoth Therapeutics acknowledges the material weakness in its internal control over financial reporting and is implementing measures to enhance its review procedures and augment its staff.
The company does not anticipate paying cash dividends on its common stock in the foreseeable future, as it plans to retain future earnings to fund development and expansion.
Hoth Therapeutics is exploring additional funding options to support its operations and product development, including potential equity and debt financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hoth Therapeutics Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.