INVO Fertility, Inc. (formerly NAYA Biosciences, Inc.), reported a significant increase in revenue for the fiscal year ended December 31, 2024, reaching $6.5 million, a 117% jump from the $3.0 million recorded in 2023. This substantial growth was primarily attributed to the full-year contribution of the Wisconsin Fertility Institute (WFI), an IVF clinic acquired in August 2023. The company's cost of revenue also increased, rising to $3.7 million from $1.9 million in 2023, largely due to the WFI acquisition. Selling, general, and administrative expenses increased by 22% to $9.1 million, primarily driven by a rise in professional services expenses.
The company's strategic focus shifted significantly during the year. In October 2024, INVO Fertility acquired Naya Therapeutics, a clinical-stage oncology and autoimmune technology company. However, following insufficient shareholder support for the integration of Naya Therapeutics in March 2025, the company announced a strategic decision to refocus exclusively on its fertility business. This involved a planned divestiture of a majority interest in Naya Therapeutics, a name change to INVO Fertility, Inc., and a ticker symbol change to "IVF" on the Nasdaq Capital Market. The company intends to retain a minority stake in Naya Therapeutics.
Operational developments included the continued operation of two INVO Centers (joint ventures in Alabama and Georgia) and the wholly-owned WFI clinic. As of December 31, 2024, INVO Fertility employed 8 full-time employees, with an additional 24 employees (20 full-time and 4 part-time) working at the clinics. Naya Therapeutics had 5 full-time employees at the time of acquisition. The company also utilized consultants. The company's strategy involves further acquisitions of profitable IVF clinics and the opening of additional wholly-owned INVO Centers. The INVOcell device, while still part of the business, is playing a less prominent role in the company's overall revenue generation compared to its clinic operations.
INVO Fertility experienced significant financial challenges during the year. The company reported net losses of $9.1 million in 2024 and $8.0 million in 2023. Negative working capital increased to $16.6 million in 2024 from $6.7 million in 2023. The company's independent registered public accounting firm expressed substantial doubt about its ability to continue as a going concern due to accumulated net losses and a net capital deficiency. To address this, INVO Fertility engaged in several financing activities throughout the year, including a public offering in January 2025 that raised approximately $9.5 million in gross proceeds. The company's outlook includes continued growth in its fertility clinic operations and further acquisitions, but the financial challenges remain a significant risk factor.
About NAYA Biosciences, 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.