Inspira Technologies Reports Full Year 2024 Financial Results and Provides Business Updates
Rhea-AI Summary
Inspira Technologies (NASDAQ: IINN) reported its full year 2024 financial results and business updates. The company achieved significant milestones, including FDA 510(k) clearance for its INSPIRA™ ART100 system and its deployment to Westchester Memorial Center, NY. The HYLA™ blood sensor showed promising clinical results with 96% accuracy compared to traditional analyzers.
Financial highlights for 2024 include:
- Total operating expenses decreased to $11.27M from $12.13M in 2023
- R&D expenses reduced to $6.32M from $7.32M
- G&A expenses increased to $4.19M from $4.06M
- Net loss was $11.05M compared to $11.29M in 2023
- Cash position stood at $5.78M as of December 31, 2024
Key developments include a manufacturing partnership with Zriha Medical, positive results from infection prevention technology showing 95% bacterial reduction, and new INSPIRA ART100 system enhancements for improved efficiency.
Positive
- FDA 510(k) clearance obtained for INSPIRA ART100 system
- HYLA blood sensor achieved 96% accuracy in clinical trials
- Successful deployment of ART100 system to major US hospitals
- New manufacturing partnership established with Zriha Medical
- Infection prevention technology showed 95% bacterial reduction
- Operating expenses decreased by $866,000 year-over-year
Negative
- Net loss of $11.05M in 2024
- Cash position declined from $7.36M to $5.78M
- G&A expenses increased year-over-year
- Financial liabilities at fair value increased to $1.58M from $1.47M
News Market Reaction – IINN
On the day this news was published, IINN declined 0.06%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Significant progress in HYLA blood sensor and INSPIRA ART core technologies
RA'ANANA,
Dagi Ben-Noon, Chief Executive Officer of Inspira, commented: "2024 was a transformative year for Inspira, marked by significant technological advancements and a major regulatory milestone. We successfully obtained 510(k) clearance from the Food and Drug Administration ("FDA") for our INSPIRA™ ART100 system and began its preparation for deployment in leading hospitals in
Recent Business and Operational Highlights
- FDA-Cleared System Deployment: In January 2025, Inspira delivered its FDA-cleared INSPIRA ART100 systems to Glo-Med Networks Inc. for distribution to hospitals across the east coast of the
U.S. , including, as reported, a cardiothoracic surgery division at a leadingNew York hospital ranked among the top 15 percent of cardiothoracic programs in theU.S. The deployment includes collaborative support from both parties to ensure seamless integration of this unique technology into clinical use. - VORTX™ Technology Advancement: In January 2025, the Company unveiled a modular configuration for its VORTX blood oxygenation technology, representing a significant advancement in extracorporeal oxygenation with the potential to transform critical care practices by reducing harmful effects on blood components.
- HYLA™ Blood Sensor Clinical Results: In March 2025, Inspira announced positive results from the clinical study of its AI-powered HYLA™ blood sensor, which achieved
96% accuracy for a key parameter compared to traditional blood test analyzers. Additionally, a new indicator for identifying oxygen deficiencies demonstrated92.3% accuracy. The clinical study, conducted at Sheba Medical Center, involved six patients undergoing open-heart surgery with the clip-on HYLA blood sensor monitoring blood parameters in real-time. The Company plans to advance with the ongoing clinical study and expects FDA submission for the first HYLA configuration in the second half of 2025. - Manufacturing Partnership: In January 2025, the Company established a dedicated production line for a crucial flow mechanism component to be integrated into Inspira's products for use in the extracorporeal circulation of blood during the oxygenation process. The collaboration with Zriha Medical Ltd., a leading international manufacturer specializing in medical device production, enables to support scaling of production for its innovative respiratory support system and candidate technologies.
- INSPIRA ART100 System Enhancements: In January 2025, Inspira introduced new support features for the INSPIRA ART100 system designed to assist medical teams, reduce staff overhead, and improve efficiency through customizable protocols and advanced alarm troubleshooting capabilities.
- Infection Prevention Technology: In February 2025, Inspira reported positive initial results from its collaboration with Ennocure MedTech Ltd., with ex-vivo testing showing a
95% reduction in bacterial presence within 4 hours using a novel bio-electronic patch technology designed to prevent bloodstream infections. - Leadership Strengthening: In January 2025, the Company appointed Mr. Tal Parnes as the new Chairman of the Board, bringing over three decades of experience in the medical technology and pharmaceutical sectors to enhance the Company's strategic vision and market positioning. In January 2025, the Company accepted Prof. Goldwasser's resignation from his position, which was due to personal reasons.
- Increasing Operational Efficiency: In 2024, Inspira implemented strategic cost management while maintaining focused research and development (R&D) investments and achieving significant technological advancements. The Company strategically managed R&D expenses by optimizing personnel resources, and securing government grants, all without compromising progress toward critical product milestones.
Full Year 2024 Financial Highlights
- Operating Expenses: Total operating expenses decreased to
US in the year ended December 31, 2024, from$11,267,000 US in the same period in 2023.$12,133,000 - R&D Investments: R&D expenses decreased to
US for the year ended December 31, 2024, from$6,323,000 US in the same period in 2023. The decrease was primarily attributable to the reflection of the exchange rate on salary and related expenses, changes in the Company's staffing and development project's needs, and an Israel Innovation Authority grant deducted from the R&D expenses.$7,320,000 - G&A Expenses: General and administrative (G&A) expenses increased to
US for the year ended December 31, 2024, from$4,185,000 US in the same period in 2023. The increase was primarily attributable to an increase in professional fees, salary and related expenses and share-based compensation.$4,063,000 - Sales and Marketing: Sales and marketing (S&M) expenses increased to
US for the year ended December 31, 2024, from$754,000 US in the same period in 2023. The increase is attributable to an increase in salary and related expenses and share-based compensation that is offset by decrease in professional fees paid for projects related to digital marketing and media materials.$746,000 - Net Loss: Net loss attributable to ordinary shareholders was
US in 2024, compared with$11,053,000 US in 2023.$11,286,000 - Cash Position: As of December 31, 2024, the Company had cash, cash equivalents and deposits of
US compared to$5,779,000 US as of December 31, 2023, providing financial stability to support ongoing product development and upcoming regulatory submissions.$7,361,000 - Financial Liabilities: As of December 31, 2024, financial liabilities at fair value totaled
US compared to$1,575,000 US . The financial liabilities represent the fair value of the Company's equity liabilities.$1,470,000
About Inspira Technologies
Inspira Technologies is developing innovative respiratory support and diagnostics technologies. The Company's flagship INSPIRA ART system aims to revolutionize critical care by enabling patients to remain awake during treatment while stabilizing oxygen levels without mechanical ventilation. The FDA-cleared INSPIRA ART100 system has received regulatory approvals for Cardiopulmonary Bypass procedures in the
For more information, visit: https://inspira-technologies.com
Forward-Looking Statement Disclaimer
This press release contains express or implied forward-looking statements pursuant to
STATEMENTS OF BALANCE SHEETS
(US dollars in thousands)
December 31, | December 31, | ||
2024 | 2023 | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | 5,111 | 5,041 | |
Cash deposits | 668 | 2,320 | |
Other accounts receivable | 587 | 432 | |
Inventory | 444 | - | |
Total current assets | 6,810 | 7,793 | |
Non-Current Assets: | |||
Right of use assets, net | 761 | 1,011 | |
Property, plant and equipment, net | 499 | 506 | |
Total non-current assets | 1,260 | 1,517 | |
Total Assets | 8,070 | 9,310 |
December 31, | December 31, | ||
2024 | 2023 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current Liabilities: | |||
Trade accounts payables | 154 | 198 | |
Other accounts payable | 1,364 | 1,026 | |
Lease liabilities | 277 | 290 | |
Financial Liabilities at Fair Value | 1,575 | 1,470 | |
Total current liabilities | 3,370 | 2,984 | |
Non-Current Liabilities: | |||
Lease liabilities | 378 | 588 | |
Total non- current liabilities | 378 | 588 | |
Shareholders' Equity: | |||
Share capital and additional paid in capital | 70,896 | 61,259 | |
Accumulated deficit | (66,574) | (55,521) | |
Total equity | 4,322 | 5,738 | |
Total Liabilities and Shareholders' Equity | 8,070 | 9,310 |
STATEMENTS OF COMPREHENSIVE LOSS
(US dollars in thousands)
Year ended | Year ended | ||
Research and development expenses | 6,323 | 7,320 | |
General and administrative expenses | 4,185 | 4,063 | |
Sales and marketing expenses | 754 | 746 | |
Other expenses (income) | 5 | 4 | |
Operating loss | 11,267 | 12,133 | |
Interest Income from deposits | (172) | (318) | |
Finance expenses(income), net | (42) | (529) | |
Loss before tax | 11,053 | 11,286 | |
Taxes on income | - | - | |
Total comprehensive loss for the period | 11,053 | 11,286 |
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(US dollars in thousands)
For the year Ended December 31, 2024:
Number of shares | Share capital and additional paid in capital | Accumulated deficit | Total | |||||||||||||||
Balance on January 01, 2024 | 15,652,176 | 61,259 | (55,521) | 5,738 | ||||||||||||||
Changes during the period: | ||||||||||||||||||
Issuance of ordinary shares, private warrants and Pre-funded warrants, net | 6,231,169 | 7,679 | - | 7,679 | ||||||||||||||
Exercise of options | 19,048 | 2 | - | 2 | ||||||||||||||
Exercise of June 2024 Pre-funded warrants into ordinary shares | 1,709,760 | 2 | - | 2 | ||||||||||||||
Restricted share unit ("RSU") vesting | 594,943 | - | - | - | ||||||||||||||
Issuance of ordinary Shares- advisor fees | 45,000 | 62 | - | 62 | ||||||||||||||
Share-based compensation | - | 1,892 | - | 1,892 | ||||||||||||||
Comprehensive and net loss | - | - | (11,053) | (11,053) | ||||||||||||||
Balance on December 31, 2024 | 24,252,096 | 70,896 | (66,574) | 4,322 | ||||||||||||||
For More Financial Information:
For a comprehensive understanding of the Company's financial reports and related management's discussion and analysis for applicable periods, please review the company's annual report on Form 20-F for the fiscal year ended December 31, 2024, available on the company's EDGAR profile at https://www.sec.gov/edgar
Company Contact
Inspira Technologies – Media Relations
Email: info@inspirao2.com
Phone: +972-9-9664485
Capital Markets & Investor Contact
Arx | Capital Markets Advisors
North American Equities Desk
inspira@arxadvisory.com
Logo: https://mma.prnewswire.com/media/1668495/Inspira_Technologies_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/inspira-technologies-reports-full-year-2024-financial-results-and-provides-business-updates-302398325.html
SOURCE Inspira Technologies
FAQ
What were the clinical results of IINN's HYLA blood sensor in 2024?
How much did Inspira Technologies (IINN) reduce its operating expenses in 2024?
When will IINN submit the HYLA blood sensor for FDA clearance?
What was IINN's cash position at the end of 2024?
What results did IINN's infection prevention technology achieve in 2025?
