Company Summary: IMAC Holdings, Inc.

Business Overview

• Core Focus:
  • Provides services related to proteomic products that aid in oncology clinical treatment decisions and biopharmaceutical drug development.
  • Specializes in analyzing protein signaling pathways to identify drug targets and support personalized cancer therapy.

Recent Strategic Changes

• Previously operated outpatient regenerative medicine centers, retail stores (The BackSpace), and investigated new drug therapies.
• Discontinued patient care services at all locations as of December 31, 2023.
• Acquisition:
  • In May 2024, acquired assets and rights of Theralink Technologies, Inc..
  • Assets include a CLIA-certified, CAP-accredited, and NYS-CLEP certified laboratory located in Golden, Colorado, equipment, and licensing rights related to cancer immunotherapy prediction and proteomics platforms.
• Subsidiary Formation:
  • In May 2024, formed Ignite Proteomics LLC to operate the lab, deliver proteomics services, and commercialize licensed technology from Vanderbilt University and George Mason University.

Technology & Intellectual Property

• Main Product:
  • A patented Reverse Phase Protein Array (RPPA) platform that quantifies protein signaling.
  • Supports oncology treatment decisions by identifying active protein targets involved in cancer progression.
• Key Assays:
  • Currently offers an Ignite RPPA Assay for Breast Cancer, aiding in targeted therapy selection.
  • Plans to expand with Pan-Tumor Assay 1.0 (launch in 2025) and 2.0 (2026) to include other cancers.
• Licenses:
  • Exclusive license from Vanderbilt University for patents covering Vanderbilt Patent portfolio; includes royalty agreements.
  • License from George Mason University for technology related to theranostics; involves royalties and options for additional patents.

Business Model & Revenue

• Generates revenue primarily from:
  • Clinical diagnostic testing.
  • Research contracts with academic institutions and biopharmaceutical companies.
  • Participation in clinical trials and registries.
  • Strategic partnerships to accelerate development of targeted therapies.
• Focuses initially on breast cancer, with expansion plans into other tumor types and biomarkers.
• International Expansion: Future plans to explore international markets; currently only offers products/nationwide services in the U.S.

Market Position & Strategy

• Aims to become a leading proteomic diagnostics resource in oncology.
• Believes strong clinical data, guideline endorsements (including NCCN), and research collaborations will position them for clinical adoption.
• Projects high gross margins due to RPPA-based tests.
• Plans to support drug discovery and preclinical research collaborations utilizing its IP and lab services.

Financial Highlights (as of the latest reporting periods)

• Employees: 15 full-time employees (as of March 31, 2025).
• Revenue:
  • For the fiscal year ending December 31, 2024: approximately $0.07 million.
  • For 2023: no revenue reported.
• Net Loss:
  • For 2024: approximately $6.3 million.
  • For 2023: approximately $0 (indicating a loss from prior operations or discontinued operations).
• The company has a significant accumulated deficit of about $65 million.
• Market Cap: About $3.1 million as of June 30, 2024.
• Shares Outstanding: 3,784,966 as of March 31, 2025.

Key Notes

• Transitioned from outpatient clinics to a biotech-focused diagnostics company.
• Engaged in licensing, IP development, and lab testing with significant emphasis on oncology biomarkers and targeted therapy support.
• Focused on establishing reimbursement pathways (Medicare and private insurers) for its novel RPPA tests.
• Business operations have shifted away from direct patient care to bioinformatics, research, and clinical assay development.