AccuStem Sciences Inc. reported a net loss of $1.5 million for the fiscal year ending December 31, 2024, a decrease of 27% from the previous year's loss of $2.05 million. The company's accumulated deficit has now reached $8.03 million. Total operating expenses for 2024 were approximately $1.51 million, with research and development expenses slightly decreasing to $138,324, while general and administrative expenses saw a significant reduction of 28% to $1.37 million, primarily due to lower payroll and legal costs.
The company has not yet generated any revenue, as it remains in the clinical stage of developing its proprietary genomic tests, the MicroRNA Signature Classifier (MSC) for lung nodules and StemPrintER for early-stage breast cancer. AccuStem is focusing on launching these tests in the U.S. market, which it estimates could represent a combined annual revenue opportunity of over $6.3 billion. The MSC test has been validated in over 5,000 patients, while StemPrintER has been validated in more than 3,000 patients across multiple clinical cohorts.
Operationally, AccuStem has made strides in its commercialization strategy by partnering with EmeritusDx, a commercial laboratory, to process and report results for its tests. The company plans to seek Clinical Laboratory Improvement Amendments (CLIA) certification to enable clinical use and reimbursement from Medicare and Medicaid. However, the company acknowledges that it will require substantial additional funding to support its ongoing research and development activities, as its current cash balance of $5,046 is insufficient to sustain operations beyond April 2025.
As of December 31, 2024, AccuStem had two full-time employees and is in the process of expanding its workforce to support its growth. The company is also reliant on third-party collaborations for clinical trials and product development, which poses risks if these partners do not meet their obligations. Looking ahead, AccuStem's management has expressed optimism about the potential for its products but recognizes the challenges of achieving market acceptance and securing adequate reimbursement from third-party payers.
In summary, while AccuStem Sciences Inc. has made progress in its product development and operational strategies, it continues to face significant financial challenges and uncertainties regarding future funding and market acceptance of its diagnostic tests. The company remains focused on achieving key milestones in its commercialization efforts while navigating the complexities of the healthcare landscape.
About Accustem Sciences Inc.
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