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SiNtx Technologies Inc. (SINT-0.39%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $11.0 million for the year, compared to a net loss of $8.3 million in the previous year. The increase in net loss is attributed to higher operating expenses, including a $4.6 million impairment charge related to the company's decision to cease efforts to make its armor plant operational.
Total revenue for the year was $2.9 million, up from $2.6 million in the previous year. This increase in revenue is primarily due to higher grant and contract revenue.
Research and development expenses decreased to $5.2 million from $8.7 million, reflecting a reduction in patent expenses, employee wages, and product prototype costs.
General and administrative expenses were $4.0 million, down from $4.2 million, primarily due to decreased employee wages and recruiting expenses.
The company reported cash and cash equivalents of $3.6 million as of December 31, 2024, compared to $3.3 million at the end of the previous year.
SiNtx Technologies completed several equity offerings during the year, raising approximately $9.1 million in net proceeds to support its operations.
The filing also notes that SiNtx Technologies is actively seeking additional equity and/or debt financing to support its ongoing operations and strategic initiatives.
SiNtx Technologies has initiated a company-wide reduction in workforce, reducing its number of employees from 40 to 23, as part of a strategic review aimed at improving operational efficiency and reducing costs.
The company is exploring a strategic shift to focus on advancements in the medical device sector, leveraging its expertise in advanced ceramics and biomaterials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SiNtx Technologies Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.