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United Health Products Inc (UEEC+1.85%). has submitted its 10-K annual report filing for the fiscal year ended December 31, 2024.
The company is focused on developing, manufacturing, and marketing its patented hemostatic gauze, CelluSTAT®, for the healthcare and wound care sectors. The gauze is designed to absorb exudate from superficial wounds and help control bleeding.
United Health Products is in the process of seeking FDA Premarket Approval (PMA) for its CelluSTAT product to enter the U.S. Class III and European CE Mark human surgical markets. The FDA has requested additional data, and the review period is paused while the company addresses these requests.
For the year ended December 31, 2024, the company reported no revenue, consistent with the previous year, as it focused resources on obtaining regulatory approval. Operating expenses decreased to $2,007,572 from $2,426,539 the previous year, primarily due to reduced litigation settlement and legal expenses.
The net loss for 2024 was $2,001,733, compared to a net loss of $2,623,267 in 2023. The decrease in net loss was attributed to lower operating expenses and a gain on the settlement of debt.
As of December 31, 2024, United Health Products had a negative working capital of $1,449,469 and acknowledged substantial doubt about its ability to continue as a going concern. The company has been relying on financing to fund operations and has a common stock purchase agreement with White Lion Capital, LLC.
United Health Products is evaluating strategic alternatives, including potential commercial partnerships or a sale or merger with an industry leader, to maximize shareholder value. The company has been approached by several medical technology companies expressing interest in its products.
The company identified material weaknesses in its internal control over financial reporting, including inadequate corporate governance and lack of segregation of duties. These weaknesses could result in material misstatements in financial statements.
The company does not anticipate paying dividends in the near future and acknowledges the volatility of its stock price, which is traded on the OTC Pink market.
United Health Products continues to focus on obtaining regulatory approvals and exploring strategic opportunities to expand its market presence and improve financial stability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United Health Products Inc annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.