Verici Dx plc, a developer of advanced clinical diagnostics for organ transplants, has released its audited financial results for the year ended December 31, 2024. The company reported record revenues of US$3.3 million, up from US$1.0 million in 2023, primarily due to a commercial contract with Thermo Fisher for the PTRA (Pre Transplant Risk Assessment) test. The adjusted EBITDA loss for the year was US$5.4 million, an improvement from US$7.6 million in 2023. Verici Dx also conducted an equity fundraise in February 2024, raising US$8.2 million in gross proceeds.
Operational highlights include the successful transfer of urine samples to Thermo Fisher, triggering milestone payments, and a collaboration with The Westmead Institute for Medical Research in Australia. The company received CLIA certification and CAP accreditation for its clinical laboratory, enabling testing for patients across 51 US states.
Post-period highlights include securing Medicare coverage for Verici Dxs Tutiviaâ„¢ assay and a strong acceleration in Tutiviaâ„¢ testing orders in Q1 2025. The company is proposing an equity fundraising to extend its cash runway and achieve commercial objectives for Tutiviaâ„¢.
The directors believe that additional funding can be obtained to enable the company to continue operations for at least the next 12 months. However, there is uncertainty regarding the timing and quantum of cash receipts from revenue, and the directors are taking steps to secure funding arrangements.