Hoth Therapeutics, Inc. has reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of approximately $8.2 million, or $1.28 per share, compared to a net loss of $8.1 million, or $2.38 per share, for the previous year. The company has not generated any revenue from commercial sales, and its accumulated deficit has increased to $60.4 million as of December 31, 2024. The total operating expenses for the year were approximately $8.2 million, which included $3.2 million in research and development expenses and $5.0 million in general and administrative expenses.
The company has undergone significant changes in its financial reporting, necessitating a restatement of its previously issued financial statements due to material errors in the classification of research and development expenses. This restatement affected the financial results for the years ended December 31, 2023, 2022, and 2021, as well as interim periods in 2024 and 2023. The errors resulted in an understatement of prepaid expenses and other current assets, leading to a material overstatement of research and development expenses. The company is currently enhancing its internal controls to prevent future misstatements.
In terms of operational developments, Hoth Therapeutics is focused on advancing its product pipeline, which includes HT-001 for treating cancer-related skin side effects, HT-KIT for mast-cell derived cancers and anaphylaxis, and HT-ALZ for Alzheimer’s disease. The company has engaged in various strategic partnerships, including a recent acquisition of patent applications for new drug candidates, which may expand its therapeutic offerings. As of March 28, 2025, the company employed a total of six individuals, reflecting a lean operational structure as it continues to develop its product candidates.
Looking ahead, Hoth Therapeutics anticipates an increase in research and development activities, which will require additional funding. The company has entered into an At The Market Offering Agreement, allowing it to raise up to $2.7 million through the sale of common stock. However, the company acknowledges the uncertainty surrounding its ability to secure sufficient capital to fund its operations and product development, particularly in light of the ongoing economic challenges and market conditions. The management remains focused on executing its business strategy while addressing the identified weaknesses in its internal controls.
About Hoth Therapeutics, Inc.
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