CervoMed (US:CRVO)2025-03-18 20:06Financial Performance - CervoMed reported a net loss of approximately $16.3 million for the year ended December 31, 2024, compared to a net loss of approximately $2.2 million for the same period in 2023, reflecting a significant increase in losses [9]. - The operating loss for 2024 was approximately $18.2 million, compared to an operating loss of approximately $7.8 million in 2023 [8]. - General and administrative (G&A) expenses increased to approximately $9.2 million in 2024 from approximately $6.5 million in 2023, driven by higher legal and public relations costs [7]. Research and Development - Research and development (R&D) expenses for 2024 were approximately $18.8 million, up from approximately $8.4 million in 2023, primarily due to increased costs associated with the RewinD-LB trial [6]. - CervoMed aims to initiate a Phase 2a trial for neflamapimod in frontotemporal dementia in mid-2025, following FDA Orphan Drug designation [3]. - The company plans to report 32-week results from the RewinD-LB trial in the second half of 2025, following positive 16-week results [3]. Revenue and Funding - Grant revenue for the year was approximately $9.7 million, an increase from approximately $7.1 million in 2023, attributed to a larger number of active trial sites [5]. - CervoMed's cash position improved to approximately $38.9 million as of December 31, 2024, compared to $7.8 million at the end of 2023, enabling funding for operations into mid-2026 [4]. Recognition and Leadership - The company received the 2024 Prix Galien USA Award as "Best Startup," highlighting its innovative contributions to life sciences [3]. - CervoMed's leadership team expanded with new appointments, enhancing its strategic capabilities [3].