Unicycive Therapeutics Reports Net Income Turnaround and Strategic Advances in Kidney Disease Treatments

Unicycive Therapeutics, Inc. reported a significant turnaround in its financial performance for the three months ended March 31, 2025, achieving a net income of $570,000 compared to a net loss of $20.9 million for the same period in 2024. This change was primarily driven by a $20.2 million improvement in other income, largely due to a favorable change in the fair value of the company's warrant liability. Total operating expenses decreased by 13% to $7.99 million, down from $9.20 million in the prior year, with research and development costs dropping significantly by 68% to $2.17 million, while general and administrative expenses rose by 143% to $5.82 million.

The company’s balance sheet as of March 31, 2025, showed total assets of $27.95 million, a decrease from $31.67 million at the end of the previous fiscal year. Current assets also fell to $27.35 million from $30.95 million, primarily due to a reduction in cash and cash equivalents, which decreased to $19.77 million from $26.14 million. Unicycive's accumulated deficit slightly improved to $100.7 million from $101.3 million, reflecting the company's ongoing efforts to manage its financial health amid significant operational expenditures.

Strategically, Unicycive has focused on advancing its product candidates, particularly Oxylanthanum Carbonate and UNI-494, both aimed at addressing unmet medical needs in kidney disease. The company has engaged in various financing activities, including a private placement that raised $50 million in March 2024 and a secondary public offering that generated approximately $2.7 million in net proceeds during the first quarter of 2025. These funds are intended to support ongoing clinical trials and regulatory submissions.

Operationally, Unicycive has made strides in its clinical development programs, completing a Phase I clinical study for UNI-494 in healthy volunteers in 2024. The company continues to evaluate additional technologies and drugs for potential in-licensing, targeting orphan diseases and other renal and metabolic conditions. As of March 31, 2025, the company had approximately 116.8 million shares outstanding, reflecting a significant increase in share count due to various equity financing activities.

Looking ahead, Unicycive anticipates continued operating losses as it invests in the development of its product candidates. The company has indicated that it will require additional capital to fund its clinical trials and commercialization efforts, with substantial doubt about its ability to continue as a going concern without securing further financing. Management remains optimistic about accessing capital resources through equity offerings, debt financing, and corporate collaborations, although there are no assurances that such funding will be available on favorable terms.