NurExone Biologic Inc. Announces Fourth Quarter and Full-Year 2024 Financial Results and Provides Corporate Update
TORONTO and HAIFA, Israel, April 10, 2025 (GLOBE NEWSWIRE) -- NurExone Biologic Inc. (TSXV:NRX) (OTCQB:NRXBF) (FSE: J90) ("NurExone" or the "Company") is pleased to provide a business update and reported financial results for the fourth quarter and financial year ended December 31, 2024.
The Company's audited consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 and accompanying management's discussion and analysis can be accessed by visiting the Company's website at www.nurexone.com and its SEDAR+ profile at www.sedarplus.ca.
Fourth Quarter Highlights and Significant Milestones
Advancement of ExoPTEN Therapy: In Q4 2024, the Company achieved a significant milestone by advancing the regulatory pathway for ExoPTEN, its lead exosome-based therapy for acute Spinal Cord Injury. Building on successful preclinical advancements and productive interactions with the U.S. Food and Drug Administration ("FDA"), the Company is actively working to expedite the submission of an Investigational New Drug ("IND") application. This includes refining the necessary preclinical data, addressing FDA feedback, and ensuring all regulatory requirements are met to facilitate a smooth transition into clinical trials.
Supply Chain Reinforcement: The Company acquired a master cell bank, securing a reliable source of critical raw materials, strengthening its manufacturing process and supply chain in preparation for upcoming clinical studies and future patient treatments.
R&D Expansion: The Company continued its research and development expansion by establishing in-house laboratory and office facilities, enhancing its research capabilities. The facility has been completed and fully operational since October 2024.
Study of Second Indication for ExoPTEN Therapy: In Q4 2024, the Company announced results of an expanded preclinical study further demonstrating the potential of ExoPTEN for repairing optic nerve damage. This suggests a promising treatment pathway for glaucoma, the leading cause of irreversible blindness globally.
Financial Strengthening: NurExone successfully raised approximately C$0.24 million in proceeds from the closing of a second tranche of a non-brokered private placement and warrant exercises, strengthening its financial position and supporting ongoing development initiatives, as follows:
Private Placement: In November 2024, the Company completed a second tranche of a non-brokered private placement, issuing 231,818 units at C$0.55 per unit, raising aggregate gross proceeds of C$127 thousand. Each unit comprised one common share and one common share purchase warrant exercisable at C$0.70, subject to acceleration.
Common Share Purchase Warrant Exercises: In Q4-2024, the Company received approximately C$114 thousand from the exercise of 324,77 common share purchase warrants at C$0.35 per warrant.
Dr. Lior Shaltiel, CEO of NurExone, stated: "Our progress in 2024 underscores our commitment to advancing exosome-based regenerative medicine. The groundwork laid this year, including key regulatory steps, R&D expansion, and financing activities, positions us well for the next phase of clinical development. We remain focused on bringing transformative therapies to patients."
Eran Ovadya, CFO of NurExone, remarked: "Our strong financial management and recent capital raise of C$2.3 million have provided us with the necessary resources to advance our strategic priorities - most notably, the establishment of a U.S. production facility to accelerate our drug pipeline and preparing for an uplisting to a major U.S. exchange. With our current funding, we are well-positioned to support operations and achieve key development milestones in 2025."
Full Year and Fourth Quarter 2024 Financial Results
Research and development expenses, net, were US$1.87 million in 2024, compared to US$1.54 million in 2023. For Q4-2024, expenses were US$0.63 million, compared to US$0.30 million in the previous year, reflecting increased investment in preclinical and regulatory preparations.
General and administrative expenses were US$3.14 million in 2024, compared to US$2.12 million in 2023. For Q4-2024, expenses were US$0.85 million, compared to US$0.40 million in the previous year, as the Company streamlined operations while continuing to support strategic growth.
Financial income/expenses, net, were US$0.03 million of expense in 2024, compared to US$0.02 million of income in 2023. For the fourth quarter of 2024, financial expenses were US$0.06 million, compared to US$0.02 million in the previous year. The change was primarily due to fluctuations in currency exchange rates, and interest expenses.
Net loss for 2024 was US$5.04 million, compared to US$3.64 million in 2023. For the fourth quarter of 2024, net loss was US$1.55 million, compared to US$0.74 million in the previous year. The change is primarily reflecting increased R&D spending and corporate development activities.
Cash position: As of December 31, 2024, the Company had total cash and equivalents of US$0.70 million, compared to US$0.54 million as of December 31, 2023. The change is primarily attributed to capital raised through warrant exercises and private placements, offset by operational expenditures.
The Company remains in the research and development stage and has not yet commercialized any products or generated significant revenue.
Corporate Updates
Closing of April 2025 Offering
The Company is ...
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