Comment by TheBridgeon Apr 22, 2025 2:30pm
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Post# 36547090
RE:One Step Closer
RE:One Step CloserAnd, it appears....Two Steps Farther Away.
Wed. April 16, 2025 - "Solvonis shares fall with "high risk" that losses will continue."
Sovonis said on Wednesday that it will be focusing on funding its research projects, after reporting no sources of revenue for its latest year.
The company reported a pretax loss of GBP1.4 million in 2024, narrowed from a GBP3.1 million loss the previous year.
Furthermore, Solvonis sid there is "a high risk that the group will continue to remain loss making for the foreseeable future."
The company generated no revenue in 2024, having reported GBP587,000 in 2023.
The firm said that its ongoing activities are being supported by equity fundraising, existing cash resources and funds received from existing debt facilities entered into by Awakin Life Sciences Ltd.
The company also said that some of its research programmes are at a very early stage of progression and that there is "a greater risk of those projects not being commercialised or abandoned."
It added that it has been facing uncertainty relating to the success and the revenue-generating potential of royalty agreements with drug developer and marketer Argent Biopharma, which focuses on addressing unmet medical needs.
The firm also noted difficulties affecting biotechnology and parmaceutical companies in 2024.
In particular, it said the sector faced challenges enrolling patients in clinical trials which could result in the completion of the trials being delayed or cancelled. The sector also faced general delays in clinical tests, which may result in delays in commercialising product candidates as well as a lack of specialised staff members.
Solvonis shares fell 14% to 0.14 pence in London on Wednesday afternoon.
By Olivia Mason-Myhill, Alliance News Reporter
Alliance News Ltd.
Looks like we have ourselves in between a rock and a hard place. Now we're down to hope!