Predictive Oncology Inc ( (POAI) ) has released its Q4 earnings. Here is a breakdown of the information Predictive Oncology Inc presented to its investors.
Predictive Oncology Inc., a company specializing in AI-driven oncologic drug discovery, has reported its financial results for the year ending December 2024, highlighting its strategic focus on merging with Renovaro Inc. The company, which leverages artificial intelligence and machine learning to enhance drug development, operates within the biotechnology sector and is known for its extensive biorepository of tumor samples and CLIA laboratory capabilities.
In its latest earnings report, Predictive Oncology announced a loss from continuing operations of approximately $10.8 million on total revenue of $1.6 million for the year 2024. The company is progressing towards a merger with Renovaro Inc., which has already provided initial financing to integrate AI/ML platform technologies and expand business development in Europe and the United States.
Key financial highlights include a decrease in general and administrative expenses by $961,025, and a reduction in operations expenses by $417,120 compared to the previous year. The company also completed the sale of assets related to its subsidiary, Skyline Medical Inc., to DeRoyal Industries, which is expected to reduce ongoing expenses and sharpen its focus on AI/ML capabilities. Additionally, Predictive Oncology has developed a registry of drug candidates for potential repurposing and partnered with Tecan Group Ltd. to expand drug screening capabilities.
Despite the financial losses, Predictive Oncology’s management remains optimistic about the future, particularly with the anticipated merger with Renovaro. The merger is expected to create a new AI/ML drug discovery entity with significant market advantages, aiming to improve cancer patient outcomes through innovative diagnostic and therapeutic solutions. The company is committed to finalizing the merger agreement and advancing its strategic objectives.