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International Stem Cell Corporation (ISCO+0.90%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that the company is engaged in research and development focused on therapeutic and biomedical product development, with no revenue generated from its principal operations in therapeutic and clinical product development.
Revenue from commercial businesses, including anti-aging and research products, totaled $9.1 million for 2024, up from $7.8 million in 2023. The increase was attributed to higher sales in the biomedical segment, particularly in media and cell products.
Cost of sales for 2024 was $3.8 million, representing 41% of sales, consistent with the previous year. The company reported a gross profit of $5.3 million, compared to $4.6 million in 2023.
General and administrative expenses were $3.5 million, similar to the prior year. Selling and marketing expenses decreased slightly to $1.2 million, while research and development expenses increased to $657,000.
The company recorded a net loss of $209,000 for 2024, compared to a net loss of $131,000 in 2023. The loss was impacted by the absence of the Employee Retention Tax Credit received in 2023.
Cash provided by operating activities was $13,000, while cash used in investing and financing activities was $171,000 and $200,000, respectively.
The company had cash of $1.2 million at the end of 2024, down from $1.6 million in 2023. It acknowledges the need for additional capital to continue operations and develop products.
The filing discusses the company's focus on developing neural stem cells for treating Parkinson's disease and other central nervous system disorders. It also highlights the company's anti-aging skin care products and research products for the biomedical market.
International Stem Cell Corporation faces risks related to its early stage of development, dependence on external funding, and competition in the biotechnology industry. The company has identified a material weakness in its internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the International Stem Cell Corporation annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.