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Kiromic BioPharma Inc. (KRBP0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $26.9 million for the year, compared to a net loss of $20.9 million in the previous year. The increase in net loss is attributed to higher clinical trials expenses, which rose to $8.1 million from $2.7 million due to the activation of the Deltacel-01 clinical trial.
Research and development expenses slightly decreased to $6.9 million from $7.0 million in the previous year, with a focus on the development of the Deltacel product candidate.
General and administrative expenses decreased to $8.9 million from $10.3 million in the previous year, primarily due to a reduction in professional fees and legal expenses.
The company raised $18.4 million through financing activities, primarily from the issuance of convertible notes, to support its operations.
Kiromic BioPharma continues to focus on the development of its allogeneic Gamma Delta T-cell therapy products, with Deltacel currently in a Phase 1 clinical trial.
The company acknowledges the need for additional funding to continue its operations and meet financial obligations beyond March 2025, as current cash resources are insufficient.
Kiromic BioPharma has identified substantial doubt about its ability to continue as a going concern and is actively seeking additional financing to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kiromic BioPharma Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.