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Kraig Biocraft Laboratories Inc (KBLB-0.11%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's operations in developing high-strength fibers using recombinant DNA technology, specifically focusing on genetically engineered silkworms to produce spider silk proteins.
During the fiscal year, Kraig Biocraft Laboratories reported no revenues, with total operating expenses amounting to $3,074,561, leading to a net loss of $3,398,939.
The company has a working capital deficit of $8,874,143 as of December 31, 2024, and its financial statements raise substantial doubt about its ability to continue as a going concern.
Recent developments include the signing of a Standby Equity Purchase Agreement with YA II PN, LTD., allowing the company to sell up to $10 million of its common stock, subject to certain conditions.
Kraig Biocraft Laboratories continues to focus on expanding its research and development efforts, particularly in creating next-generation materials and improving the robustness of its recombinant spider silk lines.
The company is also pursuing additional collaborative commercialization and manufacturing opportunities in the textile and material sectors.
Management has outlined a plan to improve operations and sustain the company over the next twelve months, including raising additional capital and controlling expenses.
Kraig Biocraft Laboratories acknowledges its dependence on external financing and positive operating results to meet future obligations and continue its operations.
The filing also details the company's intellectual property strategy, which includes a combination of licensed technologies and in-house developments, and highlights its ongoing research collaborations with the University of Notre Dame.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kraig Biocraft Laboratories Inc annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.