Silo Pharma(SILO) - 2024 Q4 - Annual Report

Revenue and Loss - The company generated minimal revenues of $72,102 for both the years ended December 31, 2024 and 2023, related to the Aikido License and Sublicense Agreement [251]. - The net loss for the year ended December 31, 2024, was$ 4,392,880, compared to a net loss of $3,700,683 in 2023, reflecting an increase in losses [250]. - Net loss amounted to$ 4,392,880 in 2024, or $1.19 per common share, compared to a net loss of$ 3,700,683 or $1.20 per common share in 2023, an increase of$ 692,197 or 18.7% [263]. - Loss from continuing operations increased to $4,705,694 in 2024 from$ 3,855,592 in 2023, an increase of $850,102 or 22.1% [259]. - As of December 31, 2024, the company had an accumulated deficit of$ 15,264,691 [272]. Operating Expenses - Total operating expenses increased to $4,771,958 in 2024 from$ 3,921,856 in 2023, representing a rise of 21.8% [253]. - Compensation expenses increased by 4.0% to $906,773 in 2024, primarily due to higher health insurance and executive bonus payments [255]. - Selling, general and administrative expenses decreased to$ 298,284 in 2024 from $479,078 in 2023, a reduction of$ 180,794 or 37.7% [258]. Research and Development - Research and development expenses surged to $2,368,156 in 2024, up from$ 845,092 in 2023, indicating a significant focus on product development [253]. - Research and development expenses increased to $2,368,156 in 2024 from$ 845,092 in 2023, a rise of $1,523,064 or 180.2% [256]. - The company is developing SPC-15, an intranasal drug for PTSD and anxiety disorders, with a pre-IND meeting held with the FDA in September 2024 [237]. - SP-26, a ketamine-based implant for fibromyalgia, is currently in preclinical research, with initial animal studies evaluating its dosage and time release [240]. - SPC-14 targets Alzheimer's disease and is projected to tap into a global therapeutics market expected to exceed$ 30.8 billion by 2033 [244]. - The company has entered into a license agreement with the University of Maryland for a ketamine polymer implant and a sponsored research agreement with Columbia University for Alzheimer's treatment [235]. Cash Flow and Working Capital - Working capital decreased to $5,455,483 in 2024 from$ 6,905,568 in 2023, a decline of $1,450,085 or 21% [265]. - Net cash used in operating activities increased to$ 3,833,914 in 2024 from $3,224,498 in 2023, an increase of$ 609,416 or 18.9% [267]. - Net cash provided by investing activities was $973,777 in 2024, a positive change of$ 5,120,884 or 123.5% from $(4,147,107) in 2023 [269]. - Net cash provided by financing activities was$ 3,241,628 in 2024, a positive change of $3,712,749 or 788% from$ (471,121) in 2023 [270]. - The company believes it has sufficient cash to meet its obligations for a minimum of twelve months from the date of this filing [273]. Stock Repurchase - The stock repurchase plan authorized the repurchase of up to $1 million of common stock, with 355,710 shares repurchased at a total cost of$ 644,234 during 2023 and 2024 [248].