Annovis Bio Inc. reported its financial results for the first quarter ended March 31, 2025, on May 13, 2025. The company announced a net loss of $5.54 million for Q1 2025, an increase from the $1.07 million net loss in Q1 2024. This change was influenced by a smaller gain from the fair value of warrant liabilities compared to the prior year.
Operating loss decreased to $6.28 million in Q1 2025 from $7.81 million in Q1 2024, primarily due to a $1.50 million reduction in research and development (R&D) expenses. R&D expenses were $5.01 million in Q1 2025, down from $6.51 million in Q1 2024, reflecting close-out activities of previous studies, though partially offset by costs for the new pivotal Phase 3 AD study.
As of March 31, 2025, Annovis held $22.24 million in cash and cash equivalents, with cash used in operating activities totaling $8.10 million for the quarter. Management stated that the existing cash balance is projected to fund operations only until the fourth quarter of 2025, indicating substantial doubt about the company's ability to continue as a going concern without additional capital.
The first quarter was largely dedicated to the initiation of a pivotal Phase 3 clinical trial in early AD, with the first participants entering the study on February 5, 2025. The trial is actively activating clinical sites across the U.S. and enrolling patients, aiming for an estimated 760 participants. This dual 6/18-month study will evaluate symptomatic benefits and potential disease-modifying effects.
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