IR-Med, Inc. (OTC QB: IRME) reported its financial results for the three and nine-month periods ending September 30, 2024, reflecting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

As of September 30, 2024, the company reported total assets of $534 million and current assets of $444 million, with cash and cash equivalents amounting to $393 million. Total liabilities stood at approximately $532 million, resulting in total stockholders' equity of $2.4 million. The additional paid-in capital increased to $16.4 million from $15.1 million at the end of 2023.

For the three-month period ended September 30, 2024, IR-Med recorded an operating loss of $601,000, a notable improvement from the $1.2 million loss reported in the same period of 2023. The loss for the period was $598,000, down from $1.2 million year-over-year. For the nine-month period, the company incurred a loss of $1.6 million, significantly reduced from $3.6 million in the prior year. This reduction in losses is attributed to decreased research and development expenses, which fell to $257,000 for the three-month period and $494,000 for the nine-month period, down from $469,000 and $1.6 million, respectively, in 2023. The decrease is linked to the completion of the PressureSafe device development and reduced payroll expenses.

Marketing expenses also saw a decline, totaling $29,000 for the three months and $225,000 for the nine months, compared to $297,000 and $631,000 in the previous year. General and administrative expenses decreased to $367,000 for the three-month period and $898,000 for the nine-month period, down from $431,000 and $1.4 million, respectively.

The company has not generated any revenue from product sales to date. However, it received FDA certification for its first device, PressureSafe, on April 9, 2024, with initial sales planned for the first half of 2025. Additionally, IR-Med is developing a second product, DiaSafe, aimed at early detection of diabetic foot ulcers, supported by a grant from the Israeli Innovation Authority.

Management has indicated that current cash resources are insufficient to fund operations for the next 12 months, prompting plans to seek additional financing. The ongoing conflict in Israel poses risks to these financing efforts and may delay product development and marketing activities. The company is exploring various funding sources, including equity offerings and strategic alliances, to enhance its financial position.