Financial Performance - The company's loss attributable to shareholders significantly decreased to approximately $4,480,000, primarily due to operational and R&D expenses of about $4,990,000[2]. - Revenue for the year ended December 31, 2024, was $719,291,000, compared to $291,000,000 in 2023, representing a significant increase[12]. - Operating loss decreased to $4,337,000 in 2024 from $27,713,000 in 2023, indicating improved operational efficiency[12]. - Net loss for the year was $4,482,000, a reduction from $25,049,000 in the previous year, reflecting better financial performance[13]. - Basic and diluted loss per share improved to $(1.96) in 2024 from $(11.13) in 2023, suggesting a positive trend in shareholder value[13]. - The group reported a loss of approximately $4,482,000 for the year ending December 31, 2024[29]. - The company reported a pre-tax loss of $4,508,000 for the year 2024, compared to a pre-tax loss of $30,463,000 in 2023[42]. - The company reported a significant reduction in loss attributable to shareholders, amounting to approximately $4.48 million for the year ended December 31, 2024, compared to $25.05 million for the year ended December 31, 2023, representing an 82.12% decrease[56]. - Revenue increased by 148.28% to $0.72 million in 2024 from $0.29 million in 2023[58]. - Other income rose by 166.67% to $0.08 million in 2024 from $0.03 million in 2023[58]. Research and Development - Research and development expenses were reduced to $938,000 in 2024 from $1,379,000 in 2023, showing a focus on cost management[12]. - The company is engaged in investments in biopharmaceutical companies and other corporate investments, indicating a strategic focus on growth sectors[16]. - Jiangsu Wanbang Pharmaceutical submitted a new drug application to the National Medical Products Administration, with expectations for approval within 12 months, potentially generating $5,000,000 (pre-tax) upon receiving the import license for Senstend™[2][4]. - The company has licensed Fortacin™ to Kobayashi Pharmaceutical Co., Ltd. for the Japanese market and is finalizing the budget for Phase III clinical trials in the U.S.[4][5]. - The group is in discussions with two well-known clinical research organizations regarding the third-phase clinical study of Fortacin™ in the U.S.[64]. - The company expects to recognize approximately $52,000 in revenue from remaining performance obligations under existing contracts within the next year, up from $10,000 in 2023[45]. Operational Efficiency and Strategy - The company aims to enhance operational efficiency and continue its commitment to sustainable development practices[11]. - Future strategic focuses include seeking commercial partnerships for licensing Fortacin™ rights in the U.S. and supporting Jiangsu Wanbang in the commercialization of new drug applications[11]. - The overall business performance in 2024 is viewed positively, reflecting the team's hard work and commitment to sustainable growth[8][9]. - The company maintains a cautiously optimistic outlook for the upcoming year while remaining vigilant about geopolitical and macroeconomic uncertainties[9]. - The group is implementing operational plans to control costs and generate sufficient operating cash flow to meet current and future obligations[31]. Financial Position and Liabilities - Total current assets decreased to $601,000 in 2024 from $2,785,000 in 2023, indicating a potential liquidity concern[14]. - Total liabilities increased to $5,901,000 in 2024 from $1,551,000 in 2023, highlighting a rise in financial obligations[15]. - The company's current liabilities and total liabilities were approximately $5,048,000 and $5,901,000, respectively, as of December 31, 2024[102]. - The company’s capital deficit increased from approximately $1.55 million as of December 31, 2023, to approximately $5.90 million as of December 31, 2024, primarily due to the loss attributable to shareholders[59]. - There is significant uncertainty regarding the group's ability to continue as a going concern, depending on the success of its plans and measures[32]. Shareholder and Corporate Governance - The company did not declare or recommend any dividends for the year ended December 31, 2024, consistent with 2023[51]. - The board has resolved not to declare a final dividend for the year ending December 31, 2024, consistent with the previous year[94]. - The company has adhered to the corporate governance code throughout the fiscal year ending December 31, 2024[95]. - The board and senior management are actively involved in strategic planning, focusing on long-term value creation and short-term priorities[75]. - The company is committed to returning shareholder value through value-accretive acquisitions and effective dividend policies[77]. Auditor and Compliance - The independent auditor, Tianzhi, confirmed that the financial statements for the year ending December 31, 2024, were prepared in accordance with Hong Kong Financial Reporting Standards[101]. - The board appointed Tianzhi as the new auditor effective July 16, 2024, following the resignation of Roshan Mei due to disagreements over audit fees[97]. - Roshan Mei resigned as the auditor effective July 16, 2024, after failing to reach an agreement on audit fees for the year ending December 31, 2024[97]. - The annual report for the year ending December 31, 2024, will be available by the end of April 2025[103]. Market Potential and Growth - Senstend™ is projected to initially target around 9 million patients in China, with potential growth to over 170 million patients by the tenth year[6]. - The market for aging solutions, driven by Deep Longevity's AI technology, is valued at over $6 trillion, indicating significant growth potential[6]. - The company continues to have confidence in Deep Longevity, which is a pioneer in its field, utilizing machine learning through the SenoClock® SaaS platform to determine biological age and provide longevity recommendations[73]. - The company is optimistic about its business outlook for 2025, with plans to submit a new drug application to the National Medical Products Administration and assist Jiangsu Wanbang Pharmaceutical in commercializing Senstend™ in China, which is expected to generate a significant milestone payment of $7,000,000[72].
励晶太平洋(00575) - 2024 - 年度业绩