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ROSECLIFF ACQU(RCLF) - 2025 Q1 - Quarterly Results
RCLFROSECLIFF ACQU(RCLF)2025-05-14 20:01

Financial Performance - Research & Development Revenue for FY 2024 was 29.6million,a63.529.6 million, a 63.5% increase from 18.1 million in FY 2023[12] - The net loss for FY 2024 was (15.3)million,or(15.3) million, or (0.85) per share, compared to a net loss of (20.9)million,or(20.9) million, or (1.48) per share, for FY 2023[17] - Gross profit for the year ended December 31, 2024, was 13,274,000,up6813,274,000, up 68% from 7,880,000 in 2023[31] - Operating loss decreased to 6,582,000fortheyearendedDecember31,2024,comparedto6,582,000 for the year ended December 31, 2024, compared to 12,984,000 in 2023, indicating improved operational efficiency[31] - Net loss for the year ended December 31, 2024, was 15,315,000,areductionfrom15,315,000, a reduction from 20,854,000 in 2023, reflecting a 27% improvement[31] - Basic and diluted net loss per share for 2024 was 0.85,downfrom0.85, down from 1.48 in 2023, showing a significant reduction in loss per share[31] - Total comprehensive loss for the year ended December 31, 2024, was 15,324,000,comparedto15,324,000, compared to 20,842,000 in 2023, reflecting a 27% decrease[31] - Cash used in operating activities for the year ended December 31, 2024, was 9,198,000,animprovementfrom9,198,000, an improvement from 13,240,000 in 2023[33] - Net cash provided by financing activities in 2024 was 9,575,000,comparedto9,575,000, compared to 3,844,000 in 2023, indicating increased financing support[33] - The company ended 2024 with cash of 5,157,000,upfrom5,157,000, up from 4,790,000 at the beginning of the year[33] Revenue Projections - The Company expects to realize its first commercial product revenue in the second half of 2025, with a forecasted revenue of approximately 21.5millionforFY2025[19]ResearchandDevelopment−TheCompanyhasamulti−year,non−dilutiveBARDAPBScontractvaluedatupto21.5 million for FY 2025[19] Research and Development - The Company has a multi-year, non-dilutive BARDA PBS contract valued at up to 150 million, with an initial award of approximately 54.9million[4]−ResearchanddevelopmentrevenueforQ42024was54.9 million[4] - Research and development revenue for Q4 2024 was 7,604,000, a 44% increase from 5,287,000inQ42023[31]−TheBurnValidationStudyinvolved160patientsat14burncentersacrosstheUS,makingitoneofthelargestburnstudiesconducted[9]−TheCompanyplanstosubmitregulatoryfilingsfortheDeepViewSystemforburnsinthefirsthalfof2025[3]ProductPerformance−TheDeepViewSystemachievedanimage−wisesensitivityscoreof86.65,287,000 in Q4 2023[31] - The Burn Validation Study involved 160 patients at 14 burn centers across the US, making it one of the largest burn studies conducted[9] - The Company plans to submit regulatory filings for the DeepView System for burns in the first half of 2025[3] Product Performance - The DeepView System achieved an image-wise sensitivity score of 86.6%, significantly outperforming burn physicians' clinical judgment annotation score of 40.8%[5] Contractual Agreements - The Company completed an equity financing and long-term debt transaction, raising 11.2 million to support its objectives[16] Margins - The gross margin for FY 2024 rose to 44.9% from 43.6%, reflecting the expansion of work under the BARDA PBS contract[13] Cash Position - As of December 31, 2024, cash was 5.2million,withtotalcurrentassetsamountingto5.2 million, with total current assets amounting to 10.1 million[29]