Orgenesis Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, generating $1.035 million compared to $530,000 in the previous year, marking a 95% rise. This growth was primarily driven by enhanced performance in cell processing development services and hospital services. However, the company continues to face substantial financial challenges, with a net loss of $49.013 million for 2024, a decrease from a loss of $64.918 million in 2023. The operating loss also improved to $39.768 million from $53.636 million, reflecting ongoing efforts to streamline operations and reduce costs.
The company underwent significant organizational changes during the year, including the reconsolidation of its subsidiary Octomera, which had previously been deconsolidated. This move, along with the liquidation of several subsidiaries, including Orgenesis Belgium SRL and Orgenesis Services SRL, has impacted the company's financial structure and operational focus. Additionally, Orgenesis has been actively pursuing strategic partnerships and collaborations to enhance its product offerings and market reach, particularly in the cell and gene therapy sectors.
Operationally, Orgenesis has focused on expanding its Decentralized Cell Processing (DCP) platform, which aims to improve the accessibility and affordability of cell and gene therapies. The company has reported treating over 80 patients with its FDA-cleared Koligo platform and over 200 patients with its CAR-T platform in Asia. Despite these advancements, the company has expressed concerns regarding its liquidity, with cash and cash equivalents dropping to approximately $0.1 million by the end of 2024, alongside a working capital deficit of $26 million.
Looking ahead, Orgenesis has indicated a need for additional capital to support its operations and address its liquidity challenges. The company is actively seeking financing options and exploring ways to reduce expenses. Management has acknowledged substantial doubt about the company's ability to continue as a going concern without securing further funding. The outlook remains uncertain, as the company navigates the complexities of the biotechnology landscape while striving to achieve profitability and sustainable growth.
About Orgenesis Inc.
Orgenesis Inc. is a global biotech company specializing in cell and gene therapies (CGTs) with a focus on autologous treatments. It develops, processes, and commercializes advanced therapies for immuno-oncology, metabolic, regenerative, and antiviral diseases. Utilizing its proprietary Point-of-Care (POCare) platform, the company offers decentralized, automated manufacturing near patients, licensing therapies, and collaborating with research institutes and hospitals worldwide to improve access and reduce costs.
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