BioCorRx Inc. Reports 91% Revenue Decline and Increased Net Loss for Fiscal Year 2024

BioCorRx Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, as detailed in its recent 10-K filing. The company generated total net revenues of $7,665, a stark decrease of approximately 91% compared to $89,160 in 2023. This decline was attributed primarily to a reduced number of patients treated at licensed clinics and the cessation of a new revenue stream that had been developed in 2022. The company also recorded a net loss of $5,212,102, compared to a net loss of $3,770,490 in the previous year, reflecting increased operating expenses and interest costs.

Total operating expenses rose to $5,130,170 from $3,876,956 in 2023, marking an increase of $1,253,214. This increase was driven by higher stock-based compensation, accounting and legal fees, and research and development expenses. Notably, stock-based compensation surged from $320,375 in 2023 to $1,175,933 in 2024. The company’s interest expenses also increased significantly, totaling $776,780 compared to $194,041 in the prior year, largely due to new promissory notes and amendments to existing debt agreements.

In terms of strategic developments, BioCorRx has made progress in its research and development efforts, particularly with its subsidiary, BioCorRx Pharmaceuticals Inc. The company was awarded a substantial grant of $11,029,977 from the National Institutes of Health’s National Institute on Drug Abuse (NIDA) on March 1, 2024, aimed at supporting the ongoing research of BICX104, a sustained release naltrexone implant for treating methamphetamine use disorder. This grant is expected to provide funding over three years, with $4,131,123 allocated for the first year.

Operationally, the company has faced challenges, with only 12 licensed providers offering the BioCorRx® Recovery Program and 8 providers for the UnCraveRx® Weight Loss Management Program as of March 31, 2025. The limited adoption of these programs has hindered revenue growth. Additionally, the company has a working capital deficit of $8,089,619 and an accumulated deficit of $83,209,142, raising substantial doubt about its ability to continue as a going concern. Management has indicated that it will need to secure additional financing to sustain operations and continue product development.

Looking ahead, BioCorRx's management has outlined plans to address its financial challenges, including seeking additional capital through equity or debt financing. However, the company has not yet demonstrated an ability to generate sufficient revenues to achieve profitability, and there can be no assurance that it will be successful in its efforts to raise the necessary funds. The outlook remains uncertain as the company navigates these financial and operational hurdles.