Financial Performance - The company reported a net loss of 1.8millionfortheyearendedDecember31,2024,asignificantdecreasefromanetlossof20.3 million in 2023, which included a 14.4millionnon−cashgainondebtextinguishment[9].−Thecompanyreportedanetlossof1,787,000 for 2024, a substantial improvement compared to a net loss of 20,291,000in2023[17].−Thenetlosspershareattributabletocommonstockholdersimprovedfrom(4,718.84) in 2023 to (104.35)in2024[17].ResearchandDevelopment−ForthefiscalyearendedDecember31,2024,researchanddevelopmentexpensesincreasedto16.3 million from 8.3millionin2023,primarilyduetoa7.5 million charge related to acquired in-process R&D from the Varian asset purchase[7]. - Research and development expenses increased significantly from 8,341,000in2023to16,276,000 in 2024, representing a 95.5% increase[17]. - The company announced positive results from its Phase 2 SEISMiC Extension Study of istaroxime in September 2024, and initiated enrollment in the global SEISMiC C trial for more severely ill patients[4]. Corporate Strategy and Licensing - A new corporate strategy was launched to become a revenue-generating biotech through acquisitions of small companies with FDA-approved products, aiming to provide near-term value to shareholders[4]. - The company entered into a licensing agreement with Evofem Biosciences for PHEXXI®, aiming to leverage manufacturing contacts to reduce costs[4]. - Licensing partner Lee's Pharmaceutical is preparing to initiate a Phase 3 program for acute heart failure in Greater China, with a deal worth up to 138millioninmilestonesplusroyalties[6].FinancialPosition−AsofDecember31,2024,cashandcashequivalentswere1.8 million, with additional net proceeds of 1.5millionfromthesaleofcommonstockfollowingmandatoryredemptionpaymentsonSeriesCpreferredstock[11].−Totalcurrentassetsdecreasedfrom5,379,000 in 2023 to 2,574,000in2024,adeclineofapproximately52.229,015,000 in 2023 to 14,698,000in2024,areductionofapproximately49.33,391,000 in 2023 to 9,996,000in2024,reflectingagrowthof194.520,597,000 in 2023 to 26,139,000in2024,anincreaseof27.110,482,000 in 2024, with no prior year comparison available[17]. - The weighted average number of common shares outstanding increased from 4,300 in 2023 to 52,583 in 2024[17]. - The company regained Nasdaq compliance with the minimum bid price requirement, subject to a mandatory panel monitor until March 20, 2026[4]. - The company completed national phase filings for istaroxime patent applications in key global markets, strengthening its intellectual property portfolio[6]. - The company is actively evaluating revenue-generating opportunities across various sectors that align with its capabilities and strategic vision[4].
