BioCardia, Inc., a clinical-stage biotherapeutic company focused on developing cellular and cell-derived therapeutics for cardiovascular and pulmonary diseases, reported a net loss of $7.9 million for the year ended December 31, 2024, compared to a net loss of $11.6 million in the previous year. Revenue for the same period decreased significantly to $58,000 from $477,000 in 2023, primarily due to the variability in collaboration agreement revenues, which depend on partner development activities. The company's accumulated deficit reached approximately $160.1 million as of December 31, 2024, reflecting ongoing operational losses since its inception.
In terms of operational developments, BioCardia is advancing its CardiAMP® autologous mononuclear cell therapy platform through pivotal clinical trials for ischemic heart failure with reduced ejection fraction (HFrEF) and chronic myocardial ischemia (CMI). The company completed enrollment in its Phase III CardiAMP HF trial in late 2023, with principal results expected to be presented at the American College of Cardiology Scientific Sessions in March 2025. Additionally, the CardiAMP Cell Therapy System received Breakthrough Device Designation from the FDA, which is intended to expedite the regulatory approval process for innovative therapies.
The company has also made strategic moves to enhance its financial position, including several financing rounds throughout 2024. Notably, BioCardia raised approximately $9.3 million in net proceeds from a public offering in September 2024, which involved the issuance of 2.4 million shares of common stock and accompanying warrants. This followed earlier financing efforts that generated $875,000 and $1.3 million in gross proceeds from private placements in February and November 2023, respectively. As of December 31, 2024, the company reported cash and cash equivalents of approximately $2.4 million, which management believes will not be sufficient to fund operations beyond May 2025, indicating a need for additional capital.
BioCardia's workforce consisted of 20 employees as of December 31, 2024, with no employees covered by collective bargaining agreements. The company is focused on attracting and retaining qualified personnel to support its research and development efforts. The ongoing clinical trials and the anticipated commercialization of its therapies will require significant resources, and the company is exploring various funding options, including equity and debt financing, to support its operations and development activities.
Looking ahead, BioCardia's future performance is contingent on the successful completion of its clinical trials and obtaining regulatory approvals for its therapeutic candidates. The company faces substantial competition in the biopharmaceutical industry, and its ability to generate revenue will depend on market acceptance of its products, pricing, and reimbursement from third-party payors. The management remains optimistic about the potential of its therapies but acknowledges the inherent risks and uncertainties associated with the development and commercialization of innovative biotherapeutics.
About BioCardia, Inc.
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