From GlobeNewswire: 2025-03-27 07:30:00

Spectral Medical Inc. announced its financial results for Q4 2024 and the full year, showing revenue growth and progress in its Tigris trial for endotoxic septic shock. The company enrolled 154 patients in the trial, with 59 enrolled in 2024 and a strong start in 2025. Spectral is close to reaching its target of 150 evaluable patients.

The Tigris trial, evaluating PMX for septic shock, has enrolled 154 patients to date. Despite enrollment challenges in Q4 2024 due to supply chain disruptions, the trial saw robust enrollment in 2024 with 59 patients. With a focus on reaching 150 evaluable patients, Spectral is nearing completion, with an estimated 2-4 patients needed to reach the target.

Spectral’s financial review for Q4 2024 showed revenue of $645,000, a significant increase from the previous year. Operating expenses were $(2,513,000), excluding certain impacts from investments and derivative liability adjustments. The company reported a loss from continuing operations of $(3,158,000), an improvement from the previous year.

Spectral is actively evaluating financing options to support its PMX commercialization efforts. The company anticipates providing updates on funding solutions in the coming weeks. As of December 31, 2024, Spectral had cash of $2,988,000 and a total of 284,316,207 common shares outstanding.

Spectral is a Phase 3 company seeking FDA approval for PMX, a therapy for septic shock. The Tigris Trial is evaluating PMX in addition to standard care for endotoxic septic shock. Spectral is focused on completing enrollment and advancing PMX towards potential FDA approval, with a partnership with Vantive for commercialization activities.



Read more at GlobeNewswire:: Spectral Medical Announces Fourth Quarter and Fiscal 2024