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IR-Med Inc (IRME0.00%). has submitted its 10-K annual report filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing a net loss of $1,899,000 for the year, compared to a net loss of $4,909,000 in the previous year. The decrease in loss is attributed to reduced research and development expenses and cost-cutting measures.
Research and development expenses were $710,000, a decrease from $2,061,000 in 2023, primarily due to the completion of the PressureSafe™ device development and a grant from the Israel Innovation Authority.
Marketing expenses decreased to $220,000 from $822,000 in 2023, reflecting a reduction in professional services and stock-based compensation.
General and administrative expenses also decreased to $1,011,000 from $2,028,000, due to reduced stock-based compensation and payroll expenses.
IR-Med reported cash and cash equivalents of $129,000 as of December 31, 2024, down from $767,000 at the end of 2023.
The company raised $755,000 through private placements of common stock and warrants during the year.
IR-Med's PressureSafe™ device received FDA listing certification in April 2024, and the company plans to launch it commercially in the second half of 2025.
The company acknowledges substantial doubt about its ability to continue as a going concern and plans to seek additional financing to support its operations.
IR-Med's operations are impacted by the ongoing multi-front war in Israel, which may affect its ability to secure financing and continue operations as planned.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IR-Med Inc annual 10-K report dated April 4, 2025. To report an error, please email earnings@qz.com.