**NKGen Biotech, Inc. Reports Financial Results for 2024, Announces Strategic Developments**
NKGen Biotech, Inc. (OTC Expert Market: NKGN) reported a net loss of $44.3 million for the year ended December 31, 2024, compared to a net loss of $83.0 million for the year ended December 31, 2023. The company did not generate any revenue in either fiscal year. Research and development expenses totaled $10.7 million in 2024, a decrease from $15.7 million in the previous year, primarily due to a reduction in clinical trial activities outside of the AD trials. General and administrative expenses increased to $16.3 million from $14.1 million, driven by higher professional fees and insurance costs associated with operating as a public company.
The company's financial position remains challenged, with cash and cash equivalents of $0.1 million and a working capital deficit of $55.5 million as of December 31, 2024. Total outstanding debt stood at $52.8 million, including convertible promissory notes, a revolving line of credit, and related-party loans. The company's independent registered public accounting firm has expressed substantial doubt about its ability to continue as a going concern without additional capital. NKGen is actively seeking additional financing through various means, including equity and debt offerings.
Operationally, NKGen achieved several milestones, including FDA clearance of an IND application for a Phase 1 trial of SNK01 in Parkinson's disease and Fast Track designation for SNK01 in Alzheimer's disease. The company also entered into a collaboration agreement with HekaBio K.K. for the development and commercialization of NKGen's autologous NK cell therapy product candidates in Japan. However, the company's common stock experienced significant changes in trading status, moving from the Nasdaq Global Market to the OTC Expert Market due to non-compliance with listing requirements.
Looking ahead, NKGen intends to advance clinical development of SNK01 in Alzheimer's and Parkinson's diseases, develop SNK02 as a backbone for multiple oncology therapies, and accelerate development in oncology through strategic collaborations. The company also plans to continue investing in its manufacturing technology and optimizing its processes. The company's shareholders approved a reverse stock split on February 25, 2025, which may be implemented to aid in meeting the share price requirement for uplisting after other re-listing requirements are satisfied.
About NKGen Biotech, Inc.
NKGen Biotech develops off-the-shelf and autologous natural killer (NK) cell therapies for neurodegenerative and oncological diseases. Utilizing proprietary manufacturing processes, the company produces highly active, cryopreserved NK cells designed for scalable, durable, and effective immune-based treatments. Focused on clinical development and strategic collaborations, NKGen aims to transform cellular immunotherapy with innovative, scalable solutions targeting cancer and neurodegenerative conditions.
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