CervoMed Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Updates

Core Insights - CervoMed Inc. reported positive results from the 16-week extension phase of the Phase 2b RewinD-LB trial for neflamapimod in dementia with Lewy bodies (DLB), indicating proof-of-concept for the treatment [1][2] - The company plans to initiate a Phase 3 trial in mid-2026 after discussions with regulatory authorities [1] - CervoMed was awarded the 2024 Prix Galien USA Award as "Best Startup" by the Galien Foundation [1] Financial Performance - As of December 31, 2024, CervoMed had approximately $38.9 million in cash, cash equivalents, and marketable securities, a significant increase from$7.8 million as of December 31, 2023, primarily due to proceeds from a private placement [4] - Grant revenue for the twelve months ended December 31, 2024, was approximately $9.7 million, up from$7.1 million in 2023, attributed to increased services performed during the RewinD-LB trial [6] - Research and Development (R&D) expenses rose to approximately $18.8 million in 2024 from$8.4 million in 2023, driven by increased costs related to the RewinD-LB trial [7] - General and Administrative (G&A) expenses increased to approximately $9.2 million in 2024 from$6.5 million in 2023, due to various factors including increased headcount and public company expenses [8] - The operating loss for the twelve months ended December 31, 2024, was approximately $18.2 million, compared to$7.8 million in 2023 [9] - The net loss for the same period was approximately $16.3 million, significantly higher than the net loss of approximately$2.2 million in 2023 [10] Clinical Development and Milestones - The 16-week results from the RewinD-LB trial will be presented at the 19th International Conference on Alzheimer's and Parkinson's Diseases in April 2025 [5] - The company expects to report results from the 32-week extension phase of the RewinD-LB trial in the second half of 2025 [5] - Initial safety and pharmacokinetic data from an ongoing trial in patients with mild-to-moderate DLB is anticipated in the fourth quarter of 2025 [5] - CervoMed plans to advance neflamapimod development in additional diseases, including initiating a Phase 2a trial for frontotemporal dementia in mid-2025 and a Phase 2 Restore Trial for ischemic stroke recovery in the second quarter of 2025 [5]