Silo Pharma, Inc. reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of $4.39 million, or $1.19 per share, compared to a net loss of $3.70 million, or $1.20 per share, in the previous year. The company generated revenues of $72,102, consistent with the prior year, primarily from a licensing agreement with Aikido Pharma, Inc. Operating expenses increased to $4.77 million from $3.92 million, driven largely by a significant rise in research and development costs, which surged by 180.2% to $2.37 million as the company advanced its clinical programs.
The increase in operating expenses was attributed to heightened research activities related to Silo's key product candidates, including SPC-15, an intranasal treatment for PTSD and anxiety, and SP-26, a ketamine-based implant for fibromyalgia. The company is also developing SPC-14 for Alzheimer’s disease and SPU-16 for central nervous system disorders. Silo Pharma has entered into several strategic partnerships, including exclusive licensing agreements with Columbia University and the University of Maryland, to bolster its research capabilities and product development.
In terms of operational metrics, Silo Pharma's working capital decreased to $5.46 million from $6.91 million year-over-year, reflecting a decline in current assets primarily due to reduced short-term investments. The company reported cash and cash equivalents of $3.91 million as of December 31, 2024, which it believes will be sufficient to meet its obligations for at least the next twelve months. The company also engaged in a stock repurchase program, buying back 355,710 shares for a total cost of $644,234 during the reporting period.
Looking ahead, Silo Pharma aims to submit an Investigational New Drug (IND) application for SPC-15 in 2025, following successful preclinical studies. The company is optimistic about the potential of its product candidates, particularly in addressing unmet medical needs in mental health and chronic pain management. However, it acknowledges the inherent risks associated with clinical trials and regulatory approvals, which could impact its future financial performance and operational viability.
About Silo Pharma, Inc.
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