Summary by Moomoo AI
PMGC Holdings Inc. reported a net loss of $6.2 million for FY2024, compared to $4.3 million in FY2023, as the company completed its strategic transition from skincare to biotechnology. Revenue from continuing operations was minimal while operating expenses increased to $3.7 million from $1.1 million, primarily due to higher consulting fees of $1.4 million and administrative costs of $1.1 million. The company ended the year with $4.0 million in cash.The company divested its skincare business in January 2025 to focus on developing EL-22, a first-in-class engineered probiotic targeting muscle preservation during weight loss treatment. Through its subsidiary NorthStrive Biosciences, PMGC acquired key licenses including EL-22 which has completed Phase 1 trials. The company plans to submit an IND application in 2025 to evaluate EL-22 in combination with GLP-1 receptor...Show More
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