Chromocell Therapeutics Reports $7.96 Million Net Loss for 2024, Completes IPO and Merger

Chromocell Therapeutics Corp. (CHRO), a clinical-stage biotech company focused on developing pain therapeutics targeting the NaV1.7 sodium ion channel, reported a net loss of $7.96 million for the year ended December 31, 2024, compared to a net loss of $7.38 million in 2023. Total operating expenses increased by 10% to $7.57 million in 2024, primarily driven by a 50% rise in general and administrative expenses to $4.11 million, offset by a 54% decrease in research and development expenses to $1.18 million. The company attributed the increase in general and administrative expenses to higher compensation, marketing, insurance, IPO fees, and board expenses. The decrease in research and development expenses stemmed from a significant reduction in intellectual property services.

Significant changes compared to the previous year include the completion of the company's initial public offering (IPO) in February 2024, raising net proceeds of approximately $5.7 million. The company also underwent a reincorporation merger in November 2024, changing its state of incorporation to Nevada. A default judgment was awarded to the company in October 2024 in a lawsuit against its former CEO, Christian Kopfli, and Chromocell Holdings, resulting in a gain of $363,091. The company also entered into an exclusive licensing agreement with Benuvia for sublingual spray formulations of Diclofenac, Rizatriptan, and Ondansetron in December 2023, adding to its pipeline of non-opioid pain treatments.

Operational developments include the launch of three programs: CT2000 (eye pain), CT3000 (post-operative pain), and continued development of CC8464 (neuropathic pain). Pre-clinical studies for CT3000 showed material improvement over the standard of care in two in vivo models. The company completed animal efficacy studies for CT2000 and is conducting toxicology studies, expecting results by April 2025. Four Phase 1 trials of CC8464 were completed with 207 patients, revealing good tolerability but a potential for skin rashes, leading to a planned slow dose escalation study. As of March 26, 2025, the company had four full-time employees and seven part-time consultants.

The company is pursuing proof-of-concept (POC) studies for CT2000 in Australia, leveraging a tax credit. For CC8464, a dose escalation study and a pilot efficacy study on Erythromelalgia (EM) patients are planned, followed by a Phase 2a POC study for idiopathic small fiber neuropathy (iSFN). The company estimates the potential US patient population for EM to be between 5,000 and 50,000 and for iSFN between 20,000 and 80,000. The company's outlook includes continued development of its three programs, seeking FDA approval and potentially orphan drug designation for CC8464, and exploring additional compounds. However, the company acknowledges substantial doubt about its ability to continue as a going concern due to recurring operating losses and dependence on additional funding. The company also notes several ongoing legal matters, including a claim from Parexel.