ProtoKinetix, Incorporated has reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of $364,188, a decrease from the previous year's loss of $415,479. The company, which has not generated any revenue during this period, attributed its expenses primarily to professional fees, research and development, and general administrative costs. Total operating expenses for 2024 were $364,188, down from $415,479 in 2023, reflecting a strategic reduction in spending as the company focuses on leveraging its research findings.
In terms of operational changes, ProtoKinetix has made significant adjustments to its research and development expenditures, which decreased from $112,444 in 2023 to $99,625 in 2024. This reduction is part of a broader strategy to concentrate on developing its AAGP® (Anti-Freeze Glycoproteins) technology through partnerships and collaborations rather than initiating new research projects. The company has also seen a decrease in professional fees, which fell to $144,807 from $155,157, primarily due to reduced legal costs.
The company’s financial position has weakened, with a working capital deficit of $127,694 as of December 31, 2024, compared to a deficit of $23,238 the previous year. Cash reserves have also diminished, ending the year at a negative $4,697, down from $20,408 in 2023. This financial strain raises concerns about the company's ability to continue as a going concern, as highlighted by its independent auditors. The company is actively seeking additional funding through equity financing to support its ongoing operations and research initiatives.
ProtoKinetix has also engaged in private placements to raise capital, issuing a total of 25,666,667 shares during 2024 for gross proceeds of $265,000. The company continues to rely heavily on its intellectual property, which includes patents related to its AAGP® technology, valued at $469,784 as of December 31, 2024. The company’s management has indicated that it will need to secure additional funding to meet its operational needs and continue its research efforts.
Looking ahead, ProtoKinetix remains focused on advancing its AAGP® technology and is exploring potential partnerships to enhance its market position. However, the company acknowledges the challenges it faces, including the need for substantial capital to fund its operations and the inherent risks associated with developing new biotechnological products. The management's forward-looking statements emphasize the importance of securing additional financing to ensure the company's viability and growth in the competitive biotechnology landscape.
About ProtoKinetix, Inc.
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