Actinium Pharmaceuticals, Inc. reported a net loss of $38.2 million for the fiscal year ending December 31, 2024, a decrease from the $48.8 million loss recorded in 2023. The company did not generate any revenue from commercial sales during both years, with total revenue dropping to zero from $81,000 in the previous year. Operating expenses also decreased significantly, totaling $42.1 million in 2024 compared to $52.0 million in 2023, primarily due to reduced research and development costs, which fell from $38.7 million to $30.0 million. The decrease in expenses was attributed to lower costs associated with chemistry, manufacturing, and controls (CMC) activities, offset by increased preclinical expenses.
In terms of strategic developments, Actinium has been advancing its clinical pipeline, which includes Actimab-A, Iomab-ACT, and Iomab-B. The company is focusing on targeted radiotherapies for various cancers, including acute myeloid leukemia (AML) and prostate cancer. Actimab-A is being developed as a mutation-agnostic treatment for myeloid malignancies, with plans to initiate a pivotal Phase 2/3 trial in combination with the chemotherapy regimen CLAG-M in patients with relapsed or refractory AML in 2025. Additionally, Actinium has entered into a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute (NCI) to further develop Actimab-A.
Operationally, Actinium's employee headcount was reduced by approximately 20% in the third quarter of 2024, primarily affecting its clinical and CMC groups. This reduction is expected to lower personnel expenses by about $3.7 million in 2025. The company currently employs 37 full-time staff, with a significant portion engaged in research and development activities. Actinium has also established a robust manufacturing and supply chain framework, having delivered over 500 doses for clinical trials without missing a dose.
Looking ahead, Actinium anticipates that its existing resources will be sufficient to fund operations for more than 12 months following the report's filing. However, the company acknowledges the need for additional financing to support ongoing clinical trials and potential commercialization efforts. The future success of Actinium's product candidates remains uncertain, as they are still in the development stage and have not yet received regulatory approval. The company is actively seeking strategic partnerships to advance its clinical programs and enhance its market position.
About Actinium Pharmaceuticals, Inc.
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