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RetinalGenix Technologies Inc Com (RTGN+149.76%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that RetinalGenix Technologies is focused on developing technologies for screening, monitoring, diagnosing, and treating ophthalmic disorders. The company is working on two devices: Retinal Imaging Screening Device and RetinalCamTM, both aimed at preventing vision loss due to ocular diseases.
RetinalGenix has not yet generated any revenue from product sales and has been funding its operations primarily through the private placement of common stock. The company anticipates needing an additional $6,000,000 to complete product design and testing, submit for FDA clearance, and build infrastructure for growth.
The company reported a net loss of $4,320,827 for the year ended December 31, 2024, compared to a net loss of $2,090,889 for the previous year. The increase in net loss is attributed to higher general and administrative expenses and stock-based compensation expenses.
RetinalGenix is dependent on related parties for much of its financing and has minimal cash as of December 31, 2024. The company has expressed substantial doubt about its ability to continue as a going concern without additional funding.
The company is engaged with Pearl IRB for a study to personalize medical evaluations for macular degeneration treatment and is developing pharmaceutical candidates RTG-2023 and RTG-2024 for dry AMD and Alzheimer's syndrome dementia, respectively.
RetinalGenix has entered into a sublicense agreement with Sanovas Ophthalmology LLC, granting it exclusive worldwide rights to certain intellectual property for eye disease technologies. No royalties have been paid under this agreement as of December 31, 2024.
The company has identified a material weakness in its internal control over financial reporting due to a lack of segregation of duties and is considering remediation measures, including hiring additional accounting resources.
RetinalGenix's common stock is quoted on the OTC Pink tier under the symbol 'RTGN'. The company has not paid any cash dividends on its capital stock and does not expect to do so in the foreseeable future.
The company is actively seeking additional capital and exploring potential strategic partnerships to support its operations and growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RetinalGenix Technologies Inc Com annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.