Nutra Pharma Corp reported a net loss of $1.29 million for the fiscal year ending December 31, 2024, a slight improvement from the $1.39 million loss recorded in 2023. The company generated total revenues of $392,150, which reflects a decrease from $594,880 in the previous year. This decline was primarily attributed to a significant drop in sales to Avini Health, a related party, which fell by approximately 62.54% to $145,841. In contrast, sales to unrelated customers increased by about 19.82% to $246,309, driven by higher private label customer order volumes.

The company's cost of sales decreased to $84,827 in 2024 from $177,525 in 2023, resulting in a gross profit of $247,323 and a gross margin of 63.07%. However, the gross margin was impacted by a $60,000 reserve for undelivered venom and slow-moving inventory. Selling, general, and administrative expenses also decreased by 4.43% to $1.13 million, largely due to reduced payroll and legal costs following the settlement of a major lawsuit in March 2024.

Nutra Pharma has made strategic moves to enhance its operational capabilities, including bringing all manufacturing in-house, which is expected to reduce costs and improve margins. The company has also expanded its product offerings, including private label products for Avini Health and the launch of Plus Relief for Pets. As of December 31, 2024, Nutra Pharma employed six individuals and has been actively seeking to expand its market presence both domestically and internationally.

Looking ahead, Nutra Pharma's ability to continue operations is contingent upon securing additional financing and increasing sales of its products. The company has expressed the need for approximately $900,000 to fund its operations over the next twelve months. The management has indicated that without sufficient revenue generation or financing, the company's ability to sustain its operations may be at risk. Nutra Pharma is also planning to initiate a Phase I/II clinical study for its lead drug candidate, RPI-78M, targeting pediatric multiple sclerosis, with the goal of commencing the study in early 2026.

About NUTRA PHARMA CORP

Nutra Pharma is a biopharmaceutical company specializing in drug discovery, development, and commercialization of treatments for autoimmune, viral, and pain-related conditions. It offers over-the-counter pain relievers, homeopathic products, and drug candidates targeting neurological and infectious diseases. The company focuses on innovative therapies, strategic licensing, and international expansion, leveraging proprietary technology and regulatory designations like Orphan Drug status to address serious health conditions.

This description was generated via AI from an annual report. Updated about 1 year ago.

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