PURE Bioscience Reports $689,000 Net Loss and Decreased Revenue for Quarter Ending October 31, 2024

PURE Bioscience, Inc. reported its financial results for the quarter ending October 31, 2024, revealing a net loss of $689,000 on total revenue of $556,000. This represents a decrease in revenue compared to the same period last year, where the company recorded $722,000 in revenue and a net loss of $735,000. The decline in revenue was primarily attributed to reduced sales across its customer base, particularly in its flagship product, PURE® Hard Surface, which saw sales drop from $718,000 in the previous year to $389,000 in the current quarter.

The company's total assets increased to $924,000 as of October 31, 2024, up from $818,000 at the end of the previous fiscal year. Current liabilities also rose to $911,000, compared to $733,000 in July 2024, largely due to increased accounts payable. The stockholders' deficiency widened to $3,496,000, reflecting a cumulative net loss of $137.3 million since inception. The company continues to face significant liquidity challenges, with cash and cash equivalents totaling $346,000 at the end of the reporting period.

Operationally, PURE Bioscience has maintained its customer base, with 111,856,473 shares of common stock outstanding. The company has focused on expanding its distribution network and enhancing its product offerings, including the introduction of SILVÉRION, which contributed $166,000 to net product sales this quarter. However, the company remains heavily reliant on a few key customers, with two customers accounting for 40% of net product sales during the quarter.

Looking ahead, PURE Bioscience's management has expressed concerns regarding its ability to continue as a going concern, citing the need for additional capital to fund operations and implement its business plan. The company plans to seek further financing through equity and debt offerings, although it acknowledges the risks associated with potential dilution of existing shareholders and the challenges of securing favorable financing terms. The outlook remains uncertain as the company navigates its financial difficulties while striving to capitalize on market opportunities for its antimicrobial products.