Eterna Therapeutics Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenue reaching $582,000, compared to $68,000 in the previous year. This increase was primarily attributed to the recognition of approximately $514,000 in deferred revenue related to a licensing agreement with Lineage Cell Therapeutics, which was assigned to Factor Bioscience. Despite this revenue growth, the company incurred a net loss of $44.5 million, a substantial increase from the $21.7 million loss reported in 2023. The accumulated deficit as of December 31, 2024, stood at approximately $231.5 million.
Operationally, Eterna has made strategic moves, including the termination of a sublease that resulted in a gain of approximately $1.6 million. The company also entered into a new licensing agreement with Factor Bioscience, which is expected to enhance its product development capabilities. As of March 10, 2025, Eterna had six full-time employees, a reduction from previous years, reflecting a strategic decision to streamline operations amid ongoing financial challenges.
The company’s research and development expenses decreased to $4.6 million in 2024 from $5.9 million in 2023, primarily due to reduced professional fees and payroll-related expenses. General and administrative expenses also saw a decline, totaling $13.1 million compared to $14.6 million in the prior year. These reductions were offset by increased occupancy costs related to the terminated sublease and stock-based compensation for executive leadership.
Looking ahead, Eterna faces significant financial challenges, as it reported that it would not have sufficient capital to fund operations for the next 12 months without additional financing. The company is exploring various avenues for raising capital, including equity offerings and strategic partnerships. However, there is substantial uncertainty regarding its ability to secure the necessary funding, which could impact its operational viability and future product development initiatives. The company’s stock is currently listed on The Nasdaq Capital Market, but it has received notices regarding non-compliance with certain listing requirements, adding to the urgency of its financial situation.
About Eterna Therapeutics Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.