Summary by Moomoo AI
Alzamend Neuro reported a net loss of $9.9 million for fiscal year 2024, compared to $14.9 million in FY2023. Operating expenses decreased to $9.9 million from $14.9 million, with research and development costs at $6.5 million and general and administrative expenses at $3.5 million. The company ended the year with $376,000 in cash.The company made significant progress in its clinical programs during FY2024. For AL001, Alzamend successfully identified a maximum tolerated dose in Phase IIA trials and received FDA "study may proceed" letters for additional indications including bipolar disorder, major depressive disorder, and PTSD. The company also initiated a Phase I/IIA clinical trial for ALZN002 to treat mild to moderate dementia of Alzheimer's type.To strengthen its financial position, Alzamend secured new funding through Series B Preferred Stock sales to Ault Lending totaling $2.1 million and raised $1.3 million through an at-the-market offering. Post fiscal year-end, the company entered into agreements with Orchid Finance for up to $25 million in Series A Preferred Stock financing to advance its clinical programs.
