LungLife AI on Thursday reported a narrowed loss amid lower administrative costs as it hailed 2023 as a year of considerable achievement.
The California-based developer of clinical diagnostic solutions for early lung cancer detection said pretax loss narrowed 29% to $5.4 million in 2023 from $7.6 million in 2022.
Administrative expenses decreased 24% to $5.2 million from $6.9 million.
Revenue rose 92% to $46,000 from $24,000, while finance income jumped to $223,000 from $88,000.
Chief Executive Officer Paul Pagano said: ‘2023 was a year of considerable achievement culminating in the conclusion of our multi-site clinical validation study, which was the primary objective at our initial public offering. A positive predictive value of over 80% in smaller indeterminate nodules is significant. This is where physicians consistently indicate the greatest unmet need and where currently available tools fall short.’
Looking ahead, Chair Roy Davis said net proceeds of $2.3 million from a fundraise in March are expected to provide the company with a cash runaway until early April next year.
LungLife AI shares were 0.2% lower at 29.45 pence each on Thursday afternoon in London.
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