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Protokinetix, Inc. (PKTX-16.79%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details that Protokinetix, a biotechnology company, is focused on the research and development of Anti-Freeze Glycoproteins (AFGPs), trademarked as AAGPs®. The company aims to commercialize these glycoproteins for various healthcare applications.
Protokinetix reported a net loss of $364,188 for the year ended December 31, 2024, compared to a net loss of $415,479 in the previous year. The decrease in net loss is attributed to reduced general and administrative expenses and research and development costs.
Research and development expenses for the year were $99,625, down from $112,444 in 2023. The company plans to increase funding for research activities to develop a marketable product.
Protokinetix's total operating expenses for 2024 were $364,188, with professional fees accounting for $144,807 of this amount. The company relies on consultants for management, strategic planning, and operational support.
The company ended the year with a working capital deficit of $127,694 and a cash shortfall of $4,697. Protokinetix acknowledges it requires additional capital to continue its operations and research activities.
Protokinetix's financial statements indicate a total accumulated deficit of $48,228,146. The company has not yet developed or sold any products and continues to focus on research and development.
The filing highlights various risk factors, including the company's lack of operating history, reliance on key personnel, and the need for additional capital. Protokinetix also faces risks related to cybersecurity and potential competition from alternative therapies.
Protokinetix's common stock is quoted on the OTC Markets under the symbol 'PKTX'. The company has not paid any dividends and does not anticipate doing so in the foreseeable future.
The company has identified material weaknesses in its internal controls over financial reporting, primarily due to insufficient segregation of duties and limited personnel. Protokinetix plans to address these weaknesses as resources permit.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Protokinetix, Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.