Fri, Jun 7, 9:29 PM (92 days ago)
Pressure BioSciences, Inc. (PBIO) filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. Key highlights include: **Financial Performance:** - **Revenue:** Increased by 14% to $1.978 million, driven by higher sales of instruments. - **Net Loss:** Increased to $35.202 million from $17.804 million in 2022, primarily due to higher general and administrative expenses. - **Operating Expenses:** Significant increases in research and development (41% increase) and general and administrative expenses (141% increase). **Strategic Overview:** - PBIO shifted its primary focus from Pressure Cycling Technology (PCT) to Ultra Shear Technology (UST) due to its higher commercial potential. - Acquired Uncle Bud’s Health & Wellness to boost direct-to-consumer sales and leverage UST technology. **Future Outlook:** - Plans to raise approximately $10 million to reduce debt, fund UST development, and support operational growth. - Aims to commercialize UST across multiple market segments including nutraceuticals, pharmaceuticals, and food & beverages. **Risk Factors:** - Substantial doubt about the company's ability to continue as a going concern due to negative cash flows and significant debt. - Dependence on raising additional capital and achieving market acceptance for new technologies. **Market Position:** - No significant changes in market position were reported, but the company is focusing on expanding its customer base and market penetration. **Conclusion:** PBIO is actively working on leveraging its UST platform to drive future growth while addressing liquidity challenges and aiming to improve its financial condition through strategic initiatives and capital raising efforts.