ZyVersa Therapeutics, a clinical stage biopharmaceutical company, has released its annual financial report for the year ended December 31, 2023. The report indicates that the company has faced significant financial challenges, including a substantial working capital deficiency and significant losses. The company's current assets as of December 31, 2023, stood at $3,353,133, a decrease from $6,362,546 in the previous year. The total assets were reported at $22,114,284, down from $118,506,271 in the previous year. ZyVersa incurred a net loss of $98,297,946 for the year ended December 31, 2023, compared to a net loss of $14,047,607 for the period from January 1, 2022, through December 12, 2022. The company's research and development expenses were $3,207,573, and general and administrative expenses were $11,213,201 for the year. The report also highlighted impairments of in-process research and development and...Show More

ZyVersa Therapeutics, a clinical stage biopharmaceutical company, has released its annual financial report for the year ended December 31, 2023. The report indicates that the company has faced significant financial challenges, including a substantial working capital deficiency and significant losses. The company's current assets as of December 31, 2023, stood at $3,353,133, a decrease from $6,362,546 in the previous year. The total assets were reported at $22,114,284, down from $118,506,271 in the previous year. ZyVersa incurred a net loss of $98,297,946 for the year ended December 31, 2023, compared to a net loss of $14,047,607 for the period from January 1, 2022, through December 12, 2022. The company's research and development expenses were $3,207,573, and general and administrative expenses were $11,213,201 for the year. The report also highlighted impairments of in-process research and development and goodwill, amounting to $81,438,426 and $11,895,033, respectively. The company's ability to continue as a going concern is in question due to its financial position and the need to raise additional funds. ZyVersa's future plans include securing additional capital to fund operations and continue its research and development initiatives. The company's management is actively seeking ways to raise funds and is considering various options to ensure the company's sustainability.