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Provectus Biopharmaceuticals Inc (PVCT-4.04%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on developing immunotherapy medicines using its proprietary rose bengal sodium (RBS) platform. Provectus is pursuing clinical development in oncology, dermatology, and ophthalmology.
The company reported a net loss of $4,762,137 for the year, compared to a net loss of $3,101,768 in the previous year. The increase in net loss is attributed to higher general and administrative expenses, which rose by 84.3% to $3,150,397.
Research and development expenses increased by 14.3% to $1,999,127, reflecting higher clinical trial costs associated with closing out open trials.
Provectus continues to face liquidity challenges, with a working capital deficiency of $5,998,712 as of December 31, 2024. The company plans to access capital resources through potential equity offerings and financing arrangements.
The company’s cash and restricted cash balance was $489,726 at the end of the fiscal year, with $182,284 of this amount restricted due to a grant from the State of Tennessee.
Provectus is developing a systemically administered formulation of RBS for cancer treatment and aims to file an investigational new drug application with the FDA.
The company has identified several risks, including the need for additional capital to continue operations and the uncertainty of obtaining regulatory approvals for its drug candidates.
Provectus has engaged in various licensing and collaboration agreements, including a notable agreement with the University of Miami for the development of photodynamic antimicrobial therapy in ophthalmology.
The company is subject to various federal, state, and local regulations and continues to focus on maintaining compliance with these regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Provectus Biopharmaceuticals Inc annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.