Synaptogenix Inc. (SNPX) reports earnings

The report was filed on March 27, 2025

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Synaptogenix Inc. (SNPX-11.01%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.

The filing includes financial statements for the year, showing a net loss of $12,768,549 compared to $6,038,504 in the previous year. The increase in net loss is attributed to a significant decrease in other income and increased losses from strategic investments.

Research and development expenses decreased to $1,598,722 from $1,974,924, primarily due to the conclusion of the Phase 2 clinical trial for Alzheimer's Disease and the discontinuation of the dose-ranging study.

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General and administrative expenses were $5,212,010, down from $6,338,930, reflecting reduced legal fees and non-cash stock options compensation expenses.

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The company reported other losses of $5,957,817, a shift from other income of $2,275,350 in the prior year, largely due to the write-off of investments in Cannasoul Analytics Ltd.

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Cash and cash equivalents were approximately $15 million as of December 31, 2024, with working capital of $16,706,587, down from $26,256,291 in the previous year.

The company is exploring strategic alternatives to enhance value for investors, including potential drug development platforms and new technologies.

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Synaptogenix effected a one-for-twenty-five reverse stock split on April 4, 2024, to regain compliance with Nasdaq's minimum bid price requirement.

The company is evaluating the data from its extended confirmatory Phase 2 study of Bryostatin-1, which did not achieve statistical significance on the primary endpoint.

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Synaptogenix has terminated its agreement with the Cleveland Clinic for a Phase 1 clinical trial in Multiple Sclerosis due to slow enrollment.

The company is considering next steps for Bryostatin-1 development in Alzheimer's Disease and other potential indications.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Synaptogenix Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.