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Impact BioMedical Inc. (IBO) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing no revenue generated for both 2023 and 2024. The company reported a net loss of $24,770,000 for 2024, compared to a net loss of $4,407,000 in 2023.
The increase in net loss is attributed to an impairment of goodwill totaling $25,093,000, as well as an increase in selling, general, and administrative compensation costs.
Research and development expenses decreased to $278,000 in 2024 from $1,685,000 in 2023, reflecting cost-cutting measures.
The company's cash and cash equivalents increased to $1,999,000 as of December 31, 2024, from $1,000 at the end of 2023, primarily due to proceeds from an initial public offering.
Impact BioMedical's business model includes partnering and potentially direct sales for commercialization and distribution. The company focuses on biopharmaceuticals, consumer wellness offerings, and drug discovery.
The company operates through several subsidiaries, including Global BioLife, Inc., and Impact BioLife Science, Inc.
Impact BioMedical has several proprietary technologies in development, including Linebacker, Laetose, Functional Fragrance Formulation, and Equivir.
The company completed an initial public offering in September 2024, raising $3,726,000 net of issuance costs, and is listed on the NYSE American under the ticker symbol IBO.
The company has historically met its liquidity and capital requirements primarily through debt financing and is focused on monetizing its intellectual properties and controlling operating costs.
The filing also details various financial agreements, including a revolving promissory note with DSS, Inc., a related party, which accrues interest and is due in full at the maturity date of September 30, 2030.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Impact BioMedical Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.