IMAC Holdings Reports No Revenue and Increased Losses in Latest Financial Filing

IMAC Holdings, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenue for the three months ended June 30, 2025, a stark contrast to the $15.8 million generated during the same period in 2024. For the six months ending June 30, 2025, revenues totaled $1,500, a decrease from $15,750 in the prior year. The company experienced a net loss of $2.1 million for the quarter and $4.3 million for the six months, compared to losses of $1.4 million and $1.9 million, respectively, in the previous year.

The financial performance reflects a substantial increase in operating expenses, which rose to $1.9 million for the second quarter of 2025, up from $1.3 million in 2024. This increase is attributed to costs associated with the operation of a laboratory acquired from Theralink Technologies, Inc. in May 2024. The company’s accumulated deficit has also grown to $69.3 million as of June 30, 2025, compared to $64.9 million at the end of 2024. Current liabilities surged to approximately $10.9 million, driven by increases in accounts payable and notes payable.

In terms of strategic developments, IMAC Holdings has shifted its focus to precision medicine in cancer treatment, leveraging its proprietary RPPA technology platform. The company has discontinued its previous operations related to patient care and is now concentrating on collaborations with biopharmaceutical companies for drug target identification and clinical trial execution. The transition has resulted in a significant reduction in customer counts and engagement metrics, as the company no longer operates its previous service lines.

Operationally, the company has faced challenges in maintaining adequate cash flow, ending the quarter with only $42,665 in cash, down from $504,189 at the end of 2024. The company’s management has indicated that it may need to raise additional capital to support ongoing operations and future growth initiatives. However, there is substantial doubt regarding its ability to secure such funding, which could impact its operational viability. The company has also acknowledged the impact of inflation on its operational costs, particularly in staffing and supply expenses.

Looking ahead, IMAC Holdings anticipates that its future success will depend on its ability to attract skilled personnel and secure financing for its laboratory operations. The management has expressed concerns about the company's financial condition, which raises substantial doubt about its ability to continue as a going concern. The company is actively seeking to improve its financial position and operational efficiency, but the path forward remains uncertain amid ongoing market challenges.