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Protagenic Therapeutics Inc. (PTIX+85.64%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's financial condition, highlighting significant operating losses and an accumulated deficit of $36,303,216 as of December 31, 2024. The company reported a net loss of $5,525,344 for the year.
Protagenic's primary focus is on the development of its lead compound, PT00114, aimed at treating stress-related neuropsychiatric and mood disorders. The company has completed preclinical studies and is currently conducting clinical trials.
The filing indicates that Protagenic Therapeutics has sufficient resources to fund operations until the end of the third quarter of 2025, but will require additional financing to continue its operations beyond this period.
The company has outlined a strategy to advance PT00114 through clinical trials, develop additional compounds, and explore strategic partnerships to support growth.
Protagenic Therapeutics has identified risks related to its financial condition, regulatory approvals, and reliance on third parties for clinical trials and manufacturing.
The company does not anticipate generating revenue from product sales in the near future and has no current agreements that provide material ongoing revenue.
Protagenic's stock is listed on the Nasdaq Capital Market, and the company has received a deficiency letter from Nasdaq regarding compliance with minimum bid price requirements, with a deadline to regain compliance by April 28, 2025.
The filing also includes information on the company's intellectual property, with several patents issued and pending, and highlights ongoing efforts to protect proprietary technology.
Protagenic Therapeutics has engaged in related party transactions, including research and development services with Agenus Inc., and has a licensing agreement with the University of Toronto for its core technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Protagenic Therapeutics Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.