Financial Performance - Revenues for fiscal year 2024 were $20,729, a significant decline from $122,112 in 2023, primarily due to lower sales of COVID-19 antigen rapid test kits [5]. - Cost of revenues decreased to $52,595 in 2024 from $375,845 in 2023, reflecting the reduced sales volume [6]. - Gross profit for 2024 was negative $31,866, an improvement from negative $253,733 in 2023, attributed to lower sales volume and reduced costs [7]. - Net loss attributable to common stock shareholders was $14,863,161 in 2024, compared to $13,770,549 in 2023 [11]. Operating Expenses - Total operating expenses increased to $13,809,338 in 2024 from $12,952,663 in 2023, driven by investments in AI Nose and VELDONA® development [8]. - Research and development expenses rose to $8,413,923 in 2024 from $7,317,388 in 2023, reflecting increased collaborative research and staffing costs [9]. - Selling, general and administrative expenses decreased to $5,395,415 in 2024 from $5,635,275 in 2023, mainly due to lower professional and public relations expenses [10]. Cash Position - As of December 31, 2024, cash and cash equivalents increased to $3,892,919 from $1,885,628 in 2023 [12]. Future Plans - Ainos plans to commence clinical studies for the second-generation Ainos Flora in H1 2025, aiming to establish leadership in the global POCT market [3]. - The company has received IRB approval for its clinical trial of VELDONA® in treating Sjögren's syndrome, with trials expected to begin in early 2025 [14].
Ainos(AIMD) - 2024 Q4 - Annual Results