eXoZymes Inc., formerly known as Invizyne Technologies Inc., reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company achieved a working capital of $9.5 million, a substantial increase from a negative working capital of $1.2 million in the previous year, primarily due to the successful completion of its initial public offering (IPO) on November 11, 2024. The IPO generated gross proceeds of approximately $15.9 million, with net proceeds of about $15.2 million earmarked for expanding production capabilities, staffing, research and development, and repaying loans.
In terms of operational performance, eXoZymes reported a net loss of $5.9 million for 2024, compared to a loss of $2.0 million in 2023. The increase in losses was attributed to heightened research and development activities and rising general and administrative costs, which totaled $5.9 million for the year. The company utilized $8.5 million in cash for operating activities, a significant rise from $1.2 million in the previous year, reflecting its intensified focus on R&D and operational expansion.
The company also made strides in its strategic initiatives, including the signing of a firm commitment underwriting agreement for its IPO and a concurrent private placement that raised additional funds through the sale of warrants. eXoZymes received a $1 million cost share grant from the Department of Defense to support its biomanufacturing efforts, further bolstering its financial position. As of December 31, 2024, the company had cash and cash equivalents of $9.7 million, positioning it favorably for future growth.
eXoZymes reported a total of 8.4 million shares outstanding as of the end of 2024, with a notable increase in employee headcount as the company expanded its workforce to support its growth initiatives. The company is actively pursuing additional grants to enhance its working capital and plans to explore equity sales and institutional funding if further capital is required. The management expressed confidence in its financial position, although it acknowledged the potential need for additional funding to sustain operations and achieve profitability.
Looking ahead, eXoZymes remains focused on leveraging its synthetic biology platform to develop innovative solutions while navigating potential economic challenges, including inflation and supply chain issues. The company is committed to monitoring market conditions and adjusting its strategies accordingly to ensure continued growth and operational success.
About Invizyne Technologies Inc
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