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TC BioPharm | 10-K: Annual report

SEC announcement ·  Apr 1 17:16
Summary by Moomoo AI
TC BioPharm (Holdings) PLC, a clinical-stage biopharmaceutical company, reported financial results for the fiscal year ended December 31, 2023. The company has not generated revenue from product sales and does not expect to do so until regulatory approvals are obtained for their product candidates. Operating expenses for the year totaled £14.2 million, with research and development expenses accounting for £7.8 million, primarily due to increased work on unmodified cell therapy programs. Administrative expenses decreased by 8% to £6.5 million, mainly due to lower share-based compensation expense and legal fees. The company reported a net loss of £5.9 million for the year, compared to a net loss of £1.3 million in the previous year. The increased loss was attributed to a decrease in revenue from collaboration agreements...Show More
TC BioPharm (Holdings) PLC, a clinical-stage biopharmaceutical company, reported financial results for the fiscal year ended December 31, 2023. The company has not generated revenue from product sales and does not expect to do so until regulatory approvals are obtained for their product candidates. Operating expenses for the year totaled £14.2 million, with research and development expenses accounting for £7.8 million, primarily due to increased work on unmodified cell therapy programs. Administrative expenses decreased by 8% to £6.5 million, mainly due to lower share-based compensation expense and legal fees. The company reported a net loss of £5.9 million for the year, compared to a net loss of £1.3 million in the previous year. The increased loss was attributed to a decrease in revenue from collaboration agreements, which was fully recognized in the prior year. TC BioPharm has not declared or paid dividends and does not anticipate doing so in the foreseeable future. The company's cash and cash equivalents stood at £2.5 million as of December 31, 2023. TC BioPharm continues to focus on the development of gamma-delta T cell therapies and expects to incur significant losses in the foreseeable future as it progresses through clinical trials. The company's ability to continue operations is dependent on raising additional capital, which may come from equity offerings, debt financing, or other sources. The financial statements have been prepared assuming the company will continue as a going concern, but there is substantial doubt about its ability to do so without additional funding.

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