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ZyVersa Therapeutics Inc. (ZVSA+2.21%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details ZyVersa's financial performance, reporting a net loss of $9.4 million for the year, down from a loss of $98.3 million in the previous year. This decrease is attributed to the absence of impairment charges that were recorded in 2023.
Research and development expenses were $1.8 million, a decrease from $3.2 million in 2023, primarily due to reduced costs associated with the development of IC 100, a drug candidate for inflammatory diseases.
General and administrative expenses also decreased to $7.4 million from $11.2 million in the prior year. This reduction was due to lower professional fees, insurance costs, and stock-based compensation expenses.
ZyVersa's cash position at year-end was $1.5 million, with a working capital deficiency of $9.5 million. The company anticipates the need for additional capital to continue operations and fund the development of its drug candidates.
The company continues to focus on the development of its two primary drug candidates: VAR 200, aimed at treating renal diseases, and IC 100, targeting inflammatory conditions. Both candidates are in various stages of preclinical and clinical development.
ZyVersa's management acknowledges the challenges of operating as a public company, including compliance with regulatory requirements and the need to secure additional financing.
The filing also outlines potential risks, including reliance on third-party manufacturers, regulatory hurdles, and competition from other pharmaceutical companies.
ZyVersa remains committed to advancing its drug development programs and exploring strategic partnerships to enhance its pipeline and financial stability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ZyVersa Therapeutics Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.