Bone Biologics Reports 55.25% Reduction in Operating Expenses for Fiscal Year 2024

Bone Biologics Corporation has reported a significant reduction in its operating expenses for the fiscal year ending December 31, 2024, with total operating expenses decreasing by 55.25% to $4.2 million, down from $9.4 million in the previous year. The company incurred a net loss of $4.1 million, a 54.04% decrease from the $8.9 million loss reported in 2023. This improvement in financial performance is attributed primarily to a substantial reduction in research and development costs, which fell from $6.9 million in 2023 to $2.1 million in 2024, reflecting the completion of initial clinical study preparations for its lead product, NELL-1/DBM.

In terms of strategic developments, Bone Biologics has initiated a multicenter, prospective, randomized pilot clinical study of its NB1 bone graft device, which combines NELL-1 protein with demineralized bone matrix (DBM). This study, which began in 2024, aims to evaluate the safety and effectiveness of the device in treating degenerative disc disease in up to 30 adult subjects. The study is being conducted in Australia and has received FDA agreement on its design, paving the way for a future pivotal clinical trial in the United States.

Operationally, the company has made strides in its clinical research, with the first patients treated in the pilot study. The company’s cash position at the end of 2024 was $3.3 million, which is expected to fund operations through the fourth quarter of 2025. Additionally, Bone Biologics has engaged in various financing activities, including an At The Market (ATM) offering that generated net proceeds of approximately $1.1 million during the year. The company also completed a warrant inducement exercise that raised $1.8 million, further bolstering its financial resources.

Looking ahead, Bone Biologics faces challenges related to its ongoing need for capital to support its clinical development and operational activities. The company has expressed substantial doubt about its ability to continue as a going concern, given its accumulated losses of approximately $85 million since inception. Management plans to pursue additional financing through equity or debt to sustain its operations and advance its product development. The company’s future success will depend on its ability to secure necessary funding, achieve regulatory approvals, and successfully commercialize its product candidates.