RetinalGenix Reports Q1 2025 Financial Results with Reduced Net Loss and No Revenue

RetinalGenix Technologies Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $587,259, a significant reduction from the $2,145,876 loss recorded in the same period of 2024. The company did not generate any revenue during the quarter, maintaining its status as a pre-revenue entity. Total operating expenses decreased to $586,350, down 73% from $2,144,916 in the prior year, primarily due to a substantial reduction in research and development costs and stock-based compensation expenses.

Research and development expenses fell to $13,214, an 84% decrease from $83,097 in the previous year, attributed to reduced spending on engineering and technology consultants. Stock-based compensation expenses also saw a significant decline, dropping 87% to $231,933 from $1,732,834, reflecting the vesting of a large portion of warrants issued in the prior year. General and administrative expenses increased slightly by 4% to $341,203, driven by higher allocated costs from Sanovas, the company's majority owner, and increased legal and accounting fees.

In terms of operational developments, RetinalGenix continues to focus on its product offerings, including the Retinal Imaging Screening Device and the RetinalCamTM, which are designed to address ophthalmic disorders. The company is also engaged in a study with Pearl IRB to personalize medical evaluations for patients with wet macular degeneration, with expectations of generating revenue from this program in the second half of 2025, pending successful outcomes.

As of March 31, 2025, RetinalGenix had cash reserves of $3,711 and total liabilities of approximately $1.68 million, raising concerns about its liquidity and ability to sustain operations. The company has indicated a need for approximately $6 million in additional funding to complete product development and regulatory submissions. Management is exploring various financing options, including equity and debt offerings, but has expressed uncertainty regarding the availability of such funds on favorable terms.

Looking ahead, RetinalGenix acknowledges the challenges it faces in achieving profitability and sustaining operations. The company has not generated any revenue from product sales and anticipates continued operating losses for the foreseeable future. The management's outlook remains cautious, emphasizing the need for substantial additional funding to support ongoing operations and product development efforts.