Financial Performance - Research & Development Revenue for FY 2024 was $29.6 million, a 63.5% increase from $18.1 million in FY 2023[12] - The net loss for FY 2024 was $(15.3) million, or $(0.85) per share, compared to a net loss of $(20.9) million, or $(1.48) per share, for FY 2023[17] - Gross profit for the year ended December 31, 2024, was $13,274,000, up 68% from $7,880,000 in 2023[31] - Operating loss decreased to $6,582,000 for the year ended December 31, 2024, compared to $12,984,000 in 2023, indicating improved operational efficiency[31] - Net loss for the year ended December 31, 2024, was $15,315,000, a reduction from $20,854,000 in 2023, reflecting a 27% improvement[31] - Basic and diluted net loss per share for 2024 was $0.85, down from $1.48 in 2023, showing a significant reduction in loss per share[31] - Total comprehensive loss for the year ended December 31, 2024, was $15,324,000, compared to $20,842,000 in 2023, reflecting a 27% decrease[31] - Cash used in operating activities for the year ended December 31, 2024, was $9,198,000, an improvement from $13,240,000 in 2023[33] - Net cash provided by financing activities in 2024 was $9,575,000, compared to $3,844,000 in 2023, indicating increased financing support[33] - The company ended 2024 with cash of $5,157,000, up from $4,790,000 at the beginning of the year[33] Revenue Projections - The Company expects to realize its first commercial product revenue in the second half of 2025, with a forecasted revenue of approximately $21.5 million for FY 2025[19] Research and Development - The Company has a multi-year, non-dilutive BARDA PBS contract valued at up to $150 million, with an initial award of approximately $54.9 million[4] - Research and development revenue for Q4 2024 was $7,604,000, a 44% increase from $5,287,000 in Q4 2023[31] - The Burn Validation Study involved 160 patients at 14 burn centers across the US, making it one of the largest burn studies conducted[9] - The Company plans to submit regulatory filings for the DeepView System for burns in the first half of 2025[3] Product Performance - The DeepView System achieved an image-wise sensitivity score of 86.6%, significantly outperforming burn physicians' clinical judgment annotation score of 40.8%[5] Contractual Agreements - The Company completed an equity financing and long-term debt transaction, raising $11.2 million to support its objectives[16] Margins - The gross margin for FY 2024 rose to 44.9% from 43.6%, reflecting the expansion of work under the BARDA PBS contract[13] Cash Position - As of December 31, 2024, cash was $5.2 million, with total current assets amounting to $10.1 million[29]
ROSECLIFF ACQU(RCLF) - 2025 Q1 - Quarterly Results