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Silo Pharma Inc. (SILO-1.89%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines Silo Pharma's focus on developing novel therapeutics for conditions such as PTSD, anxiety disorders, fibromyalgia, and CNS diseases. The company's lead programs include SPC-15, an intranasal drug for PTSD, and SP-26, a ketamine-based implant for fibromyalgia.
Silo Pharma reported a net loss of $4,392,880 for the year, compared to a net loss of $3,700,683 in the previous year. This increase in net loss is attributed to higher research and development expenses.
Revenue for the year remained consistent at $72,102, derived from license fees. Cost of revenues was $5,838, resulting in a gross profit of $66,264.
Operating expenses increased to $4,771,958 from $3,921,856, primarily due to a significant rise in research and development costs, which totaled $2,368,156.
The company ended the year with a working capital of $5,455,483, supported by $3,905,799 in cash and cash equivalents and $3,174,724 in short-term investments.
Silo Pharma's liquidity is deemed sufficient to meet its obligations for at least the next twelve months.
The filing also highlights the company's strategic partnerships, including license agreements with Columbia University and the University of Maryland, Baltimore, to advance its therapeutic candidates.
Silo Pharma's board of directors comprises experienced professionals, with Eric Weisblum serving as Chairman and CEO.
The company continues to focus on expanding its research and development efforts to bring its therapeutic candidates to market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Silo Pharma Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.