Summary by Moomoo AI
BioVie Inc. reported financial results for fiscal year 2024, with net loss decreasing to $33.0 million from $50.3 million in FY2023. The improvement was driven by a $10.2 million reduction in R&D expenses and $2.7 million decrease in general and administrative costs. Revenue remains at zero as the company continues development of its drug candidates.The company ended FY2024 with $23.8 million in cash and cash equivalents, working capital of $14.7 million, and stockholders' equity of $15.5 million. Research and development expenses decreased to $23.1 million from $33.3 million, primarily due to completion of several clinical studies, partially offset by new study developments and increased Chemistry, Manufacturing and Controls expenses.Management indicates substantial doubt about the company's ability to continue as a going concern, citing recurring losses and negative cash flows. The company is exploring additional financing options including equity sales and strategic transactions. In March 2024, BioVie raised $21 million through a public offering of shares and warrants, demonstrating continued access to capital markets despite challenging conditions.
