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Oragenics Inc. (OGEN+3.55%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on the development and commercialization of ONP-002, a neurosteroid designed for the treatment of mild traumatic brain injury. The company acquired the neurology assets from Odyssey Health, Inc. in December 2023.
ONP-002 has completed pre-clinical animal studies and Phase 1 clinical trials. The company plans to initiate Phase 2a trials in Australia in the first or second quarter of 2025, followed by Phase 2b trials in the U.S. in 2026.
Oragenics reported a net loss of $10.6 million for the year ended December 31, 2024, compared to a net loss of $20.7 million in the previous year. The decrease in loss was attributed to lower research and development expenses.
Research and development expenses decreased to $4.1 million from $15.5 million, primarily due to the prior year's expense related to the acquisition of the concussion asset.
General and administrative expenses increased to $6.4 million from $5.5 million, reflecting higher employee-related expenses and investor relations costs.
The company raised $5.98 million in financing activities in 2024, primarily through the sale of common stock.
Oragenics had cash and cash equivalents of $0.8 million as of December 31, 2024. Subsequent financing activities in early 2025 are expected to fund operations through the third quarter of 2025.
The company acknowledged substantial doubt about its ability to continue as a going concern, citing the need for additional capital to sustain operations and further develop its product candidates.
Oragenics is focused on seeking strategic opportunities, including alliances, licensing deals, and partnerships, to enhance shareholder value and support its product development efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oragenics Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.