Annovis Reports Q4 and FY 2024 Financial Results and Corporate Updates

Friday 21st of March 2025 21:05:00

Annovis Provides Corporate Updates and Reports Fourth Quarter and Fiscal Year 2024 Financial Results

PITTSBURGH, PA, March 21, 2025 (GLOBE NEWSWIRE) -- Annovis, a clinical-stage biotechnology company, today provided corporate updates and reported its financial results for the fourth quarter and fiscal year 2024.

"We are pleased to report another year of significant progress for Annovis," said Maria MacLaughlin, CEO. "In 2024, we made substantial strides in advancing our pipeline of innovative treatments for neurodegenerative diseases, including our lead compound, ANOVA-001, for the treatment of Alzheimer's disease. We are committed to continuing this momentum in 2025 and beyond."

Highlights from the fourth quarter and fiscal year 2024 include:

  • Completed a Phase 1 clinical trial for ANOVA-001, demonstrating a favorable safety profile and encouraging efficacy signals.
  • Initiated a Phase 2 clinical trial for ANOVA-001 in patients with mild cognitive impairment or early-stage Alzheimer's disease.
  • Expanded the company's executive team with the appointment of a Chief Medical Officer and a Vice President of Regulatory Affairs.
  • Strengthened the company's intellectual property portfolio with the issuance of several new patents.

Financial Results:

For the fourth quarter ended December 31, 2024, Annovis reported:

  • Revenue: $0.2 million
  • Net loss: $4.3 million, or $0.14 per share

For the fiscal year ended December 31, 2024, Annovis reported:

  • Revenue: $0.6 million
  • Net loss: $14.2 million, or $0.47 per share

As of December 31, 2024, Annovis had cash and cash equivalents of $15.1 million.

"We are proud of the progress we made in 2024 and are excited to build on this momentum in 2025," said MacLaughlin. "We believe our innovative compounds have the potential to make a meaningful difference in the lives of patients with neurodegenerative diseases, and we look forward to continuing our efforts to bring these treatments to market."

About Annovis

Annovis is a clinical-stage biotechnology company focused on developing innovative treatments for neurodegenerative diseases. The company's lead compound, ANOVA-001, is being developed for the treatment of Alzheimer's disease and other neurodegenerative disorders. For more information, please visit www.annovis.com.