Synaptogenix Reports Increased Net Losses of $12.8 Million for Fiscal Year 2024

Synaptogenix, Inc. reported a significant increase in net losses for the fiscal year ending December 31, 2024, amounting to $12.8 million, compared to a loss of $6.0 million in the previous year. The company's total operating expenses decreased by approximately 18.1%, from $8.3 million in 2023 to $6.8 million in 2024, primarily due to reductions in research and development and general administrative expenses. Despite these reductions, the company did not generate any revenue during either fiscal year, highlighting ongoing challenges in commercializing its lead product candidate, Bryostatin-1, which is under development for Alzheimer’s disease and other neurodegenerative conditions.

The company has faced operational hurdles, including the failure of its extended confirmatory Phase 2 clinical trial of Bryostatin-1 to achieve statistical significance on its primary endpoint. This trial, which concluded in December 2023, did not demonstrate the expected efficacy, prompting Synaptogenix to evaluate its next steps in the development of Bryostatin-1 and other potential indications. The company is also exploring strategic alternatives to enhance shareholder value, including potential partnerships or acquisitions, as indicated by the formation of a special committee in December 2024.

In terms of financial health, Synaptogenix had approximately $17.7 million in working capital as of December 31, 2024, a decrease from $26.3 million the previous year. The decline was attributed to operating expenses, redemptions of preferred stock, and losses related to the write-off of its investment in Cannasoul Analytics Ltd. The company anticipates that its current cash reserves will support operations for at least the next 12 months, but additional capital will be necessary to fund ongoing and future clinical trials.

The company has also undergone significant organizational changes, including a reverse stock split in April 2024 to comply with Nasdaq's minimum bid price requirement. Following this action, Synaptogenix regained compliance with Nasdaq's listing standards. The company’s employee count remains low, with only four full-time personnel and two part-time consultants, which may limit its operational capacity as it seeks to advance its clinical programs.

Looking ahead, Synaptogenix's future hinges on its ability to secure additional funding and successfully navigate the regulatory landscape for Bryostatin-1. The company is currently assessing its strategic options and the potential for new partnerships to bolster its development efforts. The ongoing evaluation of its clinical data and the exploration of new therapeutic applications for Bryostatin-1 will be critical in determining the company's path forward in the competitive biopharmaceutical market.