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Klotho Neurosciences Inc. (KLTO+2.35%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's business operations, which focus on developing treatments for chronic diseases such as cancer, cardiovascular, and neurodegenerative disorders. Klotho Neurosciences has acquired two licensed platforms: a generic drug portfolio and a biosimilar biologics platform, alongside a proprietary gene therapy platform.
In 2024, the company completed a business combination with Redwoods Acquisition Corp., treated as a reverse acquisition for accounting purposes. This resulted in Klotho Neurosciences becoming a publicly traded entity on the Nasdaq under the symbols 'KLTO' and 'KLTOW'.
The company reported a net loss of $6,150,372 for the year, compared to a net loss of $707,458 in 2023. This increase in net loss is attributed to higher operating expenses, including stock-based compensation and professional fees related to the business combination.
Klotho Neurosciences did not generate any revenue in 2024, as it remains in the development stage. The company continues to rely on external funding to support its operations and research initiatives.
The company's cash position as of December 31, 2024, was $63,741, with total assets amounting to $2,457,365. Current liabilities were reported at $1,247,534, resulting in a working capital deficit.
Klotho Neurosciences' research pipeline includes pre-clinical stage gene therapy product candidates aimed at treating neurodegenerative diseases. The company plans to advance its cell and gene therapy technologies and seeks to enter into partnerships or licensing agreements to support its development efforts.
The filing also outlines the company's risk factors, including its dependence on successful product development and regulatory approval, competition from other biotechnology and pharmaceutical companies, and the need for additional capital to fund operations.
Klotho Neurosciences' management team and board of directors are detailed in the filing, highlighting the experience and expertise of its executive officers and directors in the biotechnology and pharmaceutical industries.
The company acknowledges the challenges it faces as an emerging growth company, including compliance with regulatory requirements and the need to establish a market presence for its potential products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Klotho Neurosciences Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.