Biora Therapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company, which focuses on developing oral biotherapeutics, experienced a notable decrease in total current assets, which fell to $6.1 million from $19.1 million at the end of 2023. Total assets also decreased to $14.5 million, down from $31.2 million. Current liabilities surged to $120.6 million, compared to $63.0 million at the end of the previous fiscal year, contributing to an increase in total stockholders' deficit to $(106.6 million).
Revenue for the third quarter of 2024 was reported at $32,000, a significant increase from $0 in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $892,000, up from $4,000 in the prior year. Operating expenses decreased to $16.3 million for the third quarter, down from $23.3 million in 2023, and totaled $48.4 million for the nine months, compared to $53.8 million in the previous year. The loss from operations narrowed to $(16.2 million) for the third quarter, compared to $(23.3 million) in 2023, and $(47.5 million) for the nine months, down from $(53.8 million).
Biora reported a net loss of $(18.4 million) for the third quarter of 2024, significantly reduced from $(73.5 million) in the same quarter of 2023. The net loss for the nine months ended September 30, 2024, was $(16.1 million), a substantial improvement from $(108.7 million) in the prior year. The company also recorded a gain on warrant liabilities of $8.3 million for the third quarter, compared to $4.6 million in 2023.
Strategically, Biora has undergone a transformation since June 2021, which included the closure of its genetics laboratory and the sale of Avero, leading to a shift in revenue sources. The company has also divested its investment in Enumera Molecular, realizing $3.0 million from the sale of its remaining stake. As of September 30, 2024, Biora had $3.0 million in cash and cash equivalents, with a working capital deficit and a need for additional capital to fund operations.
The company is currently in compliance with its debt covenants but faces potential challenges in maintaining this compliance in the future. Biora plans to raise funds through equity offerings and debt financing to support its operations, as it does not anticipate generating significant product revenue until successful development and regulatory approval of its therapeutics.
About BIORA THERAPEUTICS, INC.
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