Mon, Jun 30, 9:32 PM (13 days ago)
IMAC Holdings, Inc. (Ticker: BACK) is a company focused on proteomic products that support oncology clinical treatment decisions and biopharmaceutical drug development. The company has recently acquired laboratory capabilities from Theralink Technologies, Inc., and has the technical capability and intellectual property licenses to engage in clinical testing of breast cancer patients to determine which medications and treatments will be most effective. ### Financial Performance - **Revenue**: The company reported $0.07 million in net revenue for the year ended December 31, 2024. - **Net Loss**: The company incurred a net loss of $9.0 million for the year ended December 31, 2024, which includes $6.3 million from continuing operations and $2.7 million from discontinued operations. - **Operating Expenses**: Operating expenses were $5.4 million for the year ended December 31, 2024, which includes salaries and benefits, legal fees, professional fees and consulting, insurance, occupancy, and other expenses. - **Earnings Per Share**: The company reported a net loss per share from continuing operations of $6.01 and a loss per share from discontinued operations of $1.75, resulting in a total net loss per share of $7.76. ### Strategic Overview - **Product Portfolio**: The company's product is a unique and patented RPPA technology platform, which can quantify protein signaling to support oncology clinical treatment decisions and biopharmaceutical drug development. - **Market Position**: The company is currently focused on the breast cancer diagnostics market but plans to expand to other tumor types and add additional biomarkers with broad potential applications. - **Future Outlook**: The company anticipates expanding its product portfolio to include the Ignite RPPA Pan-Tumor Assay 1.0 in 2025 and the Ignite RPPA Pan-Tumor Assay 2.0 in 2026 to support the treatment of various solid tumor cancer indications. ### Risk Factors - **Regulatory Risks**: The company faces regulatory risks related to the FDA's proposed regulatory process for Laboratory Developed Tests (LDTs), which may delay the offering of certain tests and result in additional validation costs and fees. - **Competition**: The company faces intense competition in the cancer information field, with competitors having substantially greater research and development capabilities. - **Financial Condition**: The company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations, raising substantial doubt about its ability to continue as a going concern. ### Market Position Changes - **Delisting**: The company's common stock was suspended from trading on Nasdaq and currently trades on the OTC Pink Market, which may adversely affect the flexibility of holders of common stock to resell their securities in the secondary market. ### Amendment Details - **Restatement**: The company has restated its consolidated financial statements as of and for the period ended December 31, 2024 to correct misstatements related to the accounting for its preferred dividends and earnings per share. - **Impact**: The restatement primarily reflects adjustments to correct errors with respect to the accounting for its preferred dividends and earnings per share, which were material to the previously issued financial statements.