PainReform Provides Year-End Business Update

Core Viewpoint - PainReform Ltd. is advancing its clinical development of PRF-110 while expanding into the clean energy sector through the acquisition of DeepSolar, aiming for long-term shareholder value and revenue growth [2][9]. Business Update - The company is focused on the clinical development of PRF-110, targeting post-operative pain relief, and has faced a temporary setback in its Phase 3 clinical trial for bunionectomy patients [2]. - PainReform has launched R&D activities to refine the pharmacokinetics and pharmacodynamics of PRF-110 based on trial data [2]. Financial Performance - Research and development expenses increased to approximately $11.7 million for the year ended December 31, 2024, from approximately$6.0 million in 2023, primarily due to higher clinical trial and manufacturing costs [4]. - General and administrative expenses decreased to approximately $3.0 million in 2024 from approximately$3.6 million in 2023, mainly due to lower insurance and share-based compensation costs [5]. - The net loss for 2024 was approximately $14.6 million, compared to a net loss of approximately$9.3 million in 2023 [6]. Compliance and Equity - PainReform received a notice from Nasdaq regarding non-compliance with the minimum shareholders' equity requirement of $2.5 million but believes its equity now exceeds this threshold following a$0.9 million raise and the DeepSolar acquisition [3]. Company Overview - PainReform is a specialty pharmaceutical company focused on reformulating established therapeutics and has recently acquired DeepSolar, an AI-driven solar analytics platform [9].