CytoMed Therapeutics (GDTC) - 2024 Q4 - Annual Report

Full Year 2024 Financial Results and Corporate Updates Financial Results For FY2024, CytoMed reported a 39% reduction in net loss to $1.85 million due to lower IPO-related expenses, with topline income increasing to $624,771, research expenses rising to $1.40 million, and cash balances at $3.64 million deemed sufficient through 2026 Key Financial Highlights (FY 2024 vs. FY 2023) | Financial Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Topline Income | US$624,771 | US$588,423 | +6.2% | | Net Loss | US$1.85 million | US$3.03 million | -39% | | Research Expenses | US$1.40 million | US$1.16 million | +20.7% | | Other Expenses | US$730,532 | US$1.62 million | -54.9% | | Cash and Bank Balances | US$3.64 million | US$6.58 million | -44.7% | - The significant reduction in net loss was primarily due to the absence of initial public offering (IPO) related expenses, as well as lower company insurance and investor relations costs[4][8] - The company believes its existing cash and bank balances of US$3.64 million will be sufficient to fund operations through at least 2026[5] - The increase in research expenses was mainly attributable to higher clinical trial expenses and increased employee benefits[6] Clinical Updates CytoMed has advanced its clinical pipeline, becoming a clinical-stage company by dosing the first patient in its Phase I ANGELICA trial in Singapore for its allogeneic gamma delta T cells, while also preparing for a Phase II trial in India, exploring opportunities in Malaysia, and advancing preclinical work with MD Anderson in the US for an eventual FDA IND submission - Became a clinical-stage company with the first patient dosed in the Phase I ANGELICA trial in Singapore in November 2024, marking a first-in-human trial using the company's patented donor-derived allogeneic gamma delta T cells[9] - An Indian partner received approval for a Phase II Investigator Initiated Trial (IIT), with patient recruitment anticipated to commence in the second half of 2025[10] - US research collaborator, MD Anderson, has reported encouraging in-vivo animal data for Acute Myeloid Leukemia, with the goal of submitting an Investigational New Drug (IND) application to the U.S. FDA[12] - Finalizing the dossier for a Phase I clinical trial using umbilical cord-derived stem cells to treat osteoarthritis, with submission targeted for the second half of 2025[14] Corporate Updates The company is actively expanding its strategic footprint, exploring a joint venture in China for low-cost cell manufacturing and focusing on China and India as key markets, with a significant corporate development being the acquisition of a licensed cord blood bank in Malaysia in August 2024, which will supply raw materials for new therapeutic programs and is planned for a future spin-off - Exploring a joint venture in China to establish low-cost cell manufacturing capabilities, with China and India being strategic focus markets[15] - On August 15, 2024, the company completed the acquisition of a licensed cord blood bank in Malaysia, one of only three in the country[16] - The acquired cord blood bank will provide cost-free raw materials for strategic expansion into cord blood-derived therapeutics for auto-immune diseases and cancers[16] - The company intends to spin off this cord blood subsidiary in the future as a separate biopharmaceutical company[16] Strategies for Growth For 2025, CytoMed's growth strategy focuses on achieving key clinical milestones, including the initial readout from the ANGELICA trial and submitting a U.S. FDA IND application, while also enhancing its U.S. presence by opening a liaison office in New York and pursuing new revenue streams through compassionate use programs and partnerships - An important 2025 milestone is the initial clinical readout of the ANGELICA trial, anticipated by the end of the year[17] - Plans to submit a U.S. FDA IND application for its donor-derived allogeneic gamma delta T cells for a common form of leukemia[17] - Intends to establish a liaison office in New York to enhance its U.S. profile, be closer to investors, and seek M&A or strategic alliance opportunities[17] - Plans to implement alternative revenue-generating methods in 2025, such as compassionate use programs for no-option late-stage patients[18] - While having a cash runway into 2026, the company plans to strengthen its financials in 2025 to capitalize on new opportunities, including M&A[19]