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SenesTech Inc. (SNES-1.81%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net sales to $1.9 million from $1.2 million in the previous year. This growth was primarily driven by the launch of the Evolve product line.
Cost of sales for the year was $853,000, representing 45.9% of net sales, compared to 54.8% in the previous year. The decrease in cost ratio is attributed to a shift in product mix and improved pricing on raw materials.
The company reported a gross profit of $1,004,000 for the year, compared to $539,000 in the previous year, with the improvement linked to the successful launch of Evolve.
Research and development expenses increased to $1.7 million from $1.2 million, reflecting a realignment of personnel and increased costs related to product improvement studies.
Selling, general, and administrative expenses decreased to $5.5 million from $7.0 million, primarily due to lower personnel-related expenses and reduced professional fees.
Net loss for the year was $6.2 million, down from $7.7 million in the previous year. The reduction in net loss is attributed to increased sales and reduced operating expenses.
Cash and cash equivalents were $1.3 million as of December 31, 2024, with net cash used in operating activities totaling $6.0 million for the year.
SenesTech continues to focus on commercializing its fertility control products, ContraPest and Evolve, and seeks to expand its market presence both domestically and internationally.
The company acknowledges the need for additional capital to fund operations and achieve profitability, and it may seek further financing to support its growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SenesTech Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.