Skinvisible Reports Q1 2025 Financial Results with Improved Net Loss

Skinvisible, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $281,005, a slight improvement from the net loss of $290,372 recorded in the same period of 2024. The company's revenue remained unchanged at $5,000 for both quarters, with no cost of revenues reported. Operating expenses increased to $144,852 from $128,184 year-over-year, primarily driven by higher selling, general, and administrative costs. The basic loss per share improved to $(0.05) from $(0.06) in the prior year.

As of March 31, 2025, Skinvisible's total assets were valued at $149,554, a decrease from $158,217 at the end of 2024. Current assets also fell to $38,305 from $42,028, while current liabilities rose significantly to $4,256,903 from $3,657,266. This resulted in a working capital deficit of $4,218,598, compared to a deficit of $3,615,238 at the end of the previous fiscal year. The increase in liabilities was attributed to higher accounts payable and accrued liabilities, as well as accrued interest payable.

In terms of strategic developments, Skinvisible continues to focus on its patented polymer delivery system, Invisicare, which is designed for topical applications in various markets, including pharmaceuticals and personal care. The company is actively pursuing licensing agreements for its products, with hopes of generating more revenue from existing licenses with Quoin Pharmaceuticals and Ovation Science. Additionally, Skinvisible has filed provisional patent applications for new transdermal delivery systems targeting obesity and glucose control, indicating potential expansion into new markets.

The company’s operational metrics reflect ongoing challenges, with no significant changes in customer counts or product adoption rates reported. Skinvisible's management has expressed concerns regarding its ability to continue as a going concern, citing the need for additional capital to fund operations and marketing activities. The company plans to seek funding through licensing agreements and potential equity offerings, although the success of these efforts remains uncertain.

Looking ahead, Skinvisible aims to enhance its financial position by increasing licensing revenue and exploring new partnerships in the pharmaceutical sector. The management's outlook emphasizes the importance of securing additional financing to support its operational plans and address the identified weaknesses in internal controls over financial reporting. The company has acknowledged the need for improvements in its financial governance and plans to implement changes contingent on securing the necessary funding.