Glucotrack Reports Full Year 2024 Financial Results and Recent Corporate Highlights

About this update from Glucotrack, Inc.

Transformational 2024: successfully advanced from preclinical to clinical stage company Strengthened leadership team to drive growth and advance clinical development Investigational Device Exemption (IDE) approval for continuous blood glucose monitoring (CBGM) technology from FDA expected in Q4 2025 Rutherford, NJ, March 31, 2025 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical technology company focused on the design, development, and commercialization of novel technologies for people with diabetes, today reported financial results and recent corporate highlights for the fourth quarter and full year ended December 31, 2024. “2024 was transformative for Glucotrack as we advanced the development of our CBGM technology and successfully transitioned from a preclinical to a clinical stage company. As we move into the next phase of growth, we have also strengthened our leadership team with key additions to our senior leadership, clinical and regulatory management team as well as our Medical Advisory Board,” said Paul V. Goode, PhD, President and Chief Executive Officer of Glucotrack. “We are confident that our differentiated technology for blood glucose monitoring will change the lives of those living with diabetes and improve patient outcomes. This will be the first fully implantable CBGM technology with a multi-year monitoring system and real-time measuring capabilities, offering differentiated benefits of accuracy, convenience and independence for patients.” Dr. Goode continued, “As we look to 2025, I am pleased with the progress we are making to advance our technology. Moving towards these goals, we will continue to look for ways to strengthen our capital structure. We recently secured multiple funding rounds, demonstrating investors’ continued support of our mission, vision, and strategy. We are committed to pursuing additional financing strategies that align with our mission, create value for our shareholders, and provide additional runway to enable us to continue executing on our strategic priorities. We are optimistic about 2025 and look forward to updating you on our progress periodically.” Fourth Quarter 2024 & Recent Highlights Advanced Product and Clinical Development Strengthened Financial Position Strengthened Leadership and Board to Drive Clinical Development Anticipated Milestones in 2025 Financial Results for the Year Ended December 31, 2024 Research and Development Expenses: Research and development expenses were $9.5 million for the full year 2024 compared to $4.7 million for the full year 2023. The increase of $4.8 million was primarily attributable to increased activities related to product design, development and manufacturing activities and pre-clinical animal studies. Marketing, General and Administrative Expenses: Marketing, General and Administrative expenses were $5.1 million for the full year 2024 compared to $2.4 million for the full year 2023. The increase of $2.7 million was primarily attributable to increased legal and professional fees, personnel costs and placement agent fees. Net Loss: Net loss for the full year 2024 was $22.6 million compared to a net loss of $7.1 million for the full year 2023. The increase in net loss is attributable primarily to the operating expenses of $7.5 million discussed above in addition to non-cash losses of $7.5 million related to the settlement of debt and the issuance of warrants containing derivative features. Cash Position: Cash and cash equivalents as of December 31, 2024, were $5.6 million, compared with $4.5 million in cash and cash equivalents as of December 31, 2023. The net increase in cash and cash equivalents compared to December 31, 2023 was attributable to the $13.7 million from financing activities offset by cash used in operating and investing activities of $12.6 million. On a pro forma basis, cash and cash equivalents as of December 31, 2024 was $11.9 million when adjusted for proceeds from financing activities during the first quarter 2025 of $6.3 million. Based on current plans and assumptions, the Company believes that its existing cash and cash equivalents will be sufficient to fund its 2025 operating plan to initiate human clinical trials and related milestones. GLUCOTRACK INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS GLUCOTRACK INC. CONSOLIDATED BALANCE SHEETS GLUCOTRACK INC. UNAUDITED PRO FORMA BALANCE SHEET The unaudited pro forma information gives effect to the first quarter 2025 Offerings, the exchange of Series B Warrants to common stock, and the revaluation of Series A Warrants. The unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what the results of operations or financial position of the Company would have been had the transactions described above actually occurred on the dates indicated, nor do they purport to project the financial condition of the Company for any future period or as of any future date. The unaudited pro forma financial information should be read in conjunction with the Company’s financial statements and notes thereto included elsewhere in this Annual Report. UNAUDITED PRO FORMA CONDENSED BALANCE SHEET About Glucotrack, Inc. Glucotrack, Inc. (NASDAQ: GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous blood glucose monitoring system for people living with diabetes. Glucotrack’s CBGM is a long-term, implantable system that continually measures blood glucose levels with a sensor longevity of 3 years, no on-body wearable component and with minimal calibration. For more information, please visit  http://www.glucotrack.com . Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “believe”, “expect”, “plan” and “will” are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. These statements relate only to events as of the date on which the statements are made, and Glucotrack undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated by Glucotrack will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Readers are cautioned that certain important factors may affect Glucotrack’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Glucotrack’s results include, but are not limited to, the ability of Glucotrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including U.S. Food and Drug Administration approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to Glucotrack’s future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Glucotrack’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 31, 2025. Contacts: Investor Relations: [email protected] Media: [email protected]

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