Artelo Biosciences, Inc. reported a net loss of approximately $9.8 million for the fiscal year ending December 31, 2024, compared to a net loss of $9.3 million in the previous year. The company's total operating expenses increased to $10.1 million from $9.9 million, primarily driven by higher research and development costs associated with ongoing clinical trials. General and administrative expenses decreased slightly, reflecting a reduction in stock-based compensation costs. The company has not generated any revenue to date and continues to rely on external funding to support its operations.
In terms of liquidity, Artelo had cash and cash equivalents of $2.3 million as of December 31, 2024, down from $2.8 million the previous year. The company has been utilizing its financial resources to fund its clinical development activities, which include the Cancer Appetite Recovery Study (CAReS) for its lead product candidate, ART27.13, and a Phase 1 clinical trial for ART26.12, a small molecule targeting chemotherapy-induced peripheral neuropathy. The company has also initiated a Phase 2a trial for ART27.13, with full enrollment expected in the first half of 2025.
Artelo's strategic developments include the advancement of its product pipeline, which features ART27.13, ART26.12, and ART12.11, a proprietary CBD cocrystal. The company has made significant progress in its clinical trials, with ART27.13 showing promise in treating cancer-related anorexia and ART26.12 targeting chemotherapy-induced peripheral neuropathy. The company has also received FDA clearance for its Investigational New Drug application for ART26.12, allowing it to proceed with clinical trials.
As of December 31, 2024, Artelo Biosciences had a total of six employees and continues to engage consultants and contractors to support its operations. The company is actively seeking additional funding to support its ongoing clinical trials and operational needs, as it has raised capital through equity offerings and has an existing equity line agreement with an institutional investor. However, the company faces substantial doubt about its ability to continue as a going concern without securing additional financing.
Looking ahead, Artelo plans to continue its focus on developing therapeutics that target lipid-signaling modulation pathways, including the endocannabinoid system. The company is optimistic about the potential market for its product candidates, which address significant unmet medical needs. However, it acknowledges the challenges of raising capital and the uncertainties associated with clinical trial outcomes and regulatory approvals, which could impact its future operations and financial performance.
About ARTELO BIOSCIENCES, INC.
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