Financial Performance - Net loss for the year ended December 31, 2024, was $27.5 million, or $1.16 per share, compared to a net loss of $19.1 million, or $3.16 per share in 2023[4] - Total assets increased to $98.6 million in 2024 from $14.5 million in 2023, reflecting a substantial growth in the company's financial position[14] - The company reported no grant revenue for 2024, compared to $260,501 in 2023, indicating a shift in revenue generation strategy[16] Expenses - Research and development expenses increased to $17.2 million in 2024 from $13.6 million in 2023, reflecting a growth of approximately 26.5%[4] - Selling, general and administrative expenses rose to $11.4 million in 2024, up from $6.7 million in 2023, marking an increase of approximately 70.1%[5] Funding and Capital - Cash, cash equivalents, and marketable securities totaled $97.5 million as of December 31, 2024, significantly up from $14.2 million in 2023[6] - The company closed a private placement with gross proceeds of approximately $110 million in October 2024, with potential total gross proceeds of up to $275 million if warrants are exercised[3] Clinical Development - The company received its Study May Proceed letter for the Phase 2b trial of IkT-001 in September 2024, indicating progress in clinical development[3] - The active ingredient in IkT-001, imatinib, has been previously shown to be disease-modifying for pulmonary arterial hypertension (PAH)[3] Management Changes - The company appointed Mark Iwicki as CEO and added Chris Cabell and John Adams to the management team to enhance its capabilities in the PAH space[2]
Inhibikase Therapeutics(IKT) - 2024 Q4 - Annual Results