FibroBiologics, Inc. ( (FBLG) ) has released its Q4 earnings. Here is a breakdown of the information FibroBiologics, Inc. presented to its investors.
FibroBiologics, Inc., a clinical-stage biotechnology company based in Houston, focuses on developing treatments and potential cures for chronic diseases using fibroblast cells and fibroblast-derived materials. The company boasts over 240 patents and is at the forefront of cell therapy and tissue regeneration.
In its full-year 2024 financial results, FibroBiologics highlighted significant progress in its clinical and research endeavors. The company completed the proprietary master cell bank for its fibroblast-based spheroids product candidate, CYWC628, and is preparing for a Phase 1/2 clinical trial in Australia to treat diabetic foot ulcers. Additionally, FibroBiologics has entered into a Standby Equity Purchase Agreement with Yorkville Advisors, providing financial flexibility for future developments.
Key financial metrics for 2024 include a net loss of approximately $11.2 million, a reduction from the previous year’s loss of $16.5 million, attributed to changes in the fair value of warrant liability. Research and development expenses increased to $4.5 million, reflecting the company’s investment in clinical trials and personnel expansion. General and administrative expenses rose to $9.2 million, primarily due to costs associated with operating as a public company.
Looking ahead, FibroBiologics aims to initiate and complete its Phase 1/2 clinical trial in Australia by the end of 2025, while also advancing its investigational therapies for degenerative disc disease and psoriasis. The company remains committed to addressing the root causes of diseases, creating value for both patients and shareholders.