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Synaptogenix Inc. (SNPX-8.02%) 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.
General and administrative expenses were $5,212,010, down from $6,338,930, reflecting reduced legal fees and non-cash stock options compensation expenses.
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.
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.
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.
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.
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.