PainReform (PRFX) Provides Year-End Business Update

PainReform Ltd. (Nasdaq: PRFX) ("PainReform" or the "Company"), a specialty pharmaceutical company focused on the reformulation of established therapeutics and commercialization of the DeepSolar activities, today provided a business update for the year ended December 31, 2024.

Ehud Geller, Chairman and interim Chief Executive Officer of PainReform, stated, "While we remain committed to advancing the clinical development of PRF-110, our lead drug candidate targeting the extended post-operative pain relief market, we continue to execute our broader strategy of investing in high-margin, technology-driven sectors. The recent acquisition of DeepSolar, an AI-driven solar analytics platform, marks a significant milestone as PainReform expands into the high-growth clean energy sector—bringing the potential for meaningful revenue and long-term shareholder value. We expect DeepSolar’s scalable SaaS platform to drive revenue growth and intend to explore strategic partnerships with utility companies, solar technology providers, and smart grid operators.”

“Although we encountered a temporary setback in our Phase 3 clinical trial evaluating PRF-110 in post-surgical pain management for bunionectomy patients, we are focused on addressing the section of the final 24-hour data gap using advanced in-vitro and in-vivo models prior to proceeding with further clinical work. We have launched R&D activities to refine the pharmacokinetics and pharmacodynamics of PRF-110 based on the trial data.

In addition, PainReform previously received a notice from Nasdaq regarding non-compliance with the minimum shareholders’ equity requirement of $2.5 million. Following the recent $0.9 million raise through the Company’s at-the-market (ATM) program and the successful completion of the DeepSolar acquisition, the Company believes its shareholders’ equity now exceeds the required threshold. The Company remains committed to maintaining compliance with all applicable listing standards and continues to take proactive measures to ensure its equity position stays above the minimum requirement.

Financial Results for the Year Ended December 31, 2024

Research and development expenses were approximately $11.7 million for the year ended December 31, 2024, compared to approximately $6.0 million for the year ended December 31, 2023. The increase was primarily due to an increase in payments for clinical trial costs and manufacturing expenses that were offset by a decrease in subcontractors and consultants’ expenses.

General and administrative expenses were approximately $3.0 million for the year ended December 31, 2024, compared to approximately $3.6 million for the year ended December 31, 2023. The decrease was mainly due to insurance costs and share based compensation expenses.

Financial income, net, was approximately $93,000 for the year ended December 31, 2024, compared to financial income, net, of approximately $248,000 for the year ended December 31, 2023. The decrease was primarily due to a decrease of the cash in 2024.

Net loss for the year ended December 31, 2024 was approximately $14.6 million, compared to a net loss of approximately $9.3 million for the year ended December 31, 2023.

As of December 31, 2024, the Company had a positive working capital of approximately $2.0 million.

A copy of the Company’s annual report on Form 20-F for the year ended December 31, 2024 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on the Company’s investor relations website at https://painreform.com/investors/ . The Company will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at [email protected].

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