IMAC Holdings, Inc. reported a significant financial downturn for the fiscal year ending December 31, 2024, with a net loss of approximately $9.0 million, compared to a loss of $9.4 million in the previous year. The company generated $72,050 in revenue, a notable increase from $0 in 2023, primarily attributed to its new subsidiary, Ignite Proteomics, which focuses on oncology clinical treatment decisions. The increase in revenue was overshadowed by a substantial rise in operating expenses, which totaled $5.4 million, driven by costs related to salaries, legal fees, and professional services.
The company underwent a strategic transformation, having sold or discontinued all patient care operations at its IMAC Regeneration Centers and The BackSpace retail stores by the end of 2023. In May 2024, IMAC acquired assets from Theralink Technologies, including a clinical laboratory, which has since been rebranded as Ignite Proteomics. This acquisition is expected to enhance IMAC's capabilities in proteomic diagnostics, particularly in breast cancer treatment, and the company has begun billing Medicare for its services.
Operationally, IMAC's workforce consisted of 15 full-time employees as of March 31, 2025, and the company is in the process of expanding its laboratory capabilities and hiring skilled personnel. The Ignite RPPA Assay for Breast Cancer is currently being utilized by oncologists across the United States, and the company plans to expand its product offerings to include additional tumor types in the coming years. However, the company faces challenges in achieving market penetration and securing reimbursement from third-party payers.
Despite the recent acquisition and operational changes, IMAC Holdings faces significant financial challenges, including a working capital deficit of $7.98 million as of December 31, 2024. The company has expressed substantial doubt about its ability to continue as a going concern without additional financing. Management anticipates needing to raise capital to support ongoing operations and growth initiatives, but there is no assurance that such funding will be available on favorable terms. The outlook remains uncertain as the company navigates its transition to a focus on proteomic diagnostics while managing its financial liabilities and operational restructuring.
About IMAC Holdings, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.