OpGen, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a dramatic decline in revenue, reporting total revenue of $0 for the three months ended September 30, 2024, compared to $699,022 for the same period in 2023. This decline is attributed to the insolvency filings of its subsidiaries, Curetis GmbH and Ares Genetics, which resulted in the loss of product sales and collaboration revenue.

For the nine months ended September 30, 2024, total revenue was $196,149, a decrease of approximately 92% from $2,348,601 in the same period of 2023. Product sales fell to $169,373 from $1,409,534, while laboratory services revenue decreased to $26,776 from $112,810. Collaboration revenue was completely eliminated, dropping from $826,257 in 2023.

Despite the revenue drop, OpGen reported a net income of $8,931,078 for the three months ended September 30, 2024, a significant turnaround from a net loss of $(4,062,957) in the same quarter of 2023. For the nine-month period, net income was $7,642,696, compared to a net loss of $(15,626,883) in the prior year. This improvement was largely driven by a gain on extinguishment of debt amounting to $9,738,487 and a reduction in operating expenses.

Total operating expenses for the three months ended September 30, 2024, were $783,885, down approximately 82% from $4,264,647 in 2023. The decrease in expenses was primarily due to the deconsolidation of Curetis and Ares Genetics following their insolvency, which led to a significant reduction in research and development, general and administrative, and sales and marketing expenses.

As of September 30, 2024, OpGen reported total assets of $5,469,826, a substantial increase from $1,882,274 at the end of 2023. Total current liabilities decreased significantly to $589,763 from $11,422,242, resulting in total stockholders’ equity improving to $2,986,269 from a deficit of $(11,561,584).

Strategically, OpGen is repositioning itself in the financial technology sector, planning to exit its Unyvero business. The company has also engaged in various financing activities, including the sale of Series E Convertible Preferred Stock and common stock, which provided gross proceeds of $3.0 million and $2.0 million, respectively. However, the company faces challenges, including non-compliance with Nasdaq's minimum stockholders’ equity requirement, leading to a potential suspension of its securities from trading.

Overall, OpGen's financial performance reflects a complex transition period marked by significant operational changes and strategic pivots following the insolvency of its subsidiaries.