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Palisade Bio Inc. (PALI-2.64%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Palisade Bio is a clinical-stage biopharmaceutical company focused on developing therapeutics for autoimmune, inflammatory, and fibrotic diseases. Their lead product candidate, PALI-2108, is being developed for inflammatory bowel disease.
The company reported an operating loss of approximately $14.9 million for the year ended December 31, 2024, an increase from $13.1 million in the previous year. This increase is primarily attributed to higher research and development expenses related to PALI-2108.
Net cash used in operating activities was approximately $12.2 million, while net cash provided by financing activities was approximately $9.6 million for the year ended December 31, 2024.
Palisade Bio completed several equity offerings during the year, including an underwritten public offering in December 2024, raising net proceeds of $4.1 million.
The company entered into a research collaboration and license agreement with Giiant Pharma Inc. in September 2023, obtaining rights to develop and commercialize certain compounds, including PALI-2108.
Palisade Bio's management has expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional financing by the end of 2025.
The company is conducting a Phase 1 clinical trial of PALI-2108 in Canada and anticipates announcing topline data in the second quarter of 2025.
Palisade Bio's board of directors consists of four members, with Donald A. Williams serving as the chair. The board is responsible for overseeing the company's management and operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Palisade Bio Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.