Skinvisible, Inc. reported a revenue of $20,000 for the fiscal year ending December 31, 2024, consistent with the previous year. The company, which specializes in pharmaceutical research and development through its subsidiary Skinvisible Pharmaceuticals Inc., has accumulated a net loss of $565,654 for 2024, a significant improvement compared to a net loss of $2,382,440 in 2023. This reduction in losses is attributed to a notable increase in other income, primarily from a gain on the settlement of debt, which amounted to $697,249 in 2024, compared to no such income in the prior year.
Operating expenses rose to $609,589 in 2024 from $510,375 in 2023, largely driven by accrued salaries and administrative costs. The company continues to face challenges in generating sufficient revenue to cover its operational costs, with total liabilities reaching $9.4 million as of December 31, 2024. Skinvisible's working capital deficit also increased slightly to $3.68 million, indicating ongoing financial strain. The company has reported cumulative net losses of $39.95 million since its inception, raising concerns about its ability to continue as a going concern without additional capital.
Strategically, Skinvisible has been active in licensing its patented polymer delivery system, Invisicare, to various pharmaceutical and consumer goods companies. The company has entered into significant agreements, including a license with Quoin Pharmaceuticals, which has made progress in clinical trials for its product QRX003, aimed at treating Netherton Syndrome. This partnership is expected to generate future revenue through milestone payments and royalties, contingent upon regulatory approvals. Additionally, Skinvisible has filed provisional patent applications for transdermal delivery systems targeting obesity and glucose-controlling agents, indicating a potential expansion into new markets.
Operationally, Skinvisible has maintained a small workforce, with only two employees as of the end of 2024. The company is exploring opportunities for geographic expansion and product adoption, particularly through its licensing agreements. However, it faces competition from larger firms with more resources and established market presence. The company’s ability to attract new customers and distributors remains critical for its growth, as it seeks to enhance its market share in the skincare and pharmaceutical sectors.
Looking ahead, Skinvisible aims to increase its revenue through enhanced licensing agreements and potential partnerships with pharmaceutical companies. However, the company acknowledges the need for additional financing to support its operational and marketing activities. The management has expressed uncertainty regarding its ability to secure the necessary funds, which could impact its strategic objectives and overall business viability.
About SKINVISIBLE, 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.