Sharps Technology, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a continued focus on the commercialization of its safety syringe products, despite ongoing challenges. As of September 30, 2024, the company’s total assets were $11.3 million, a decrease from $11.8 million at the end of 2023. Current assets also fell to $4.7 million from $4.8 million, while total liabilities increased to $4.7 million from $3.9 million, leading to a decline in stockholders' equity from $7.9 million to $6.5 million.

For the third quarter of 2024, Sharps reported a net loss of $1.7 million, an improvement from a net loss of $2.0 million in the same period of 2023. The loss per share decreased significantly from $(3.77) to $(1.27). Operating expenses for the quarter were $2.0 million, down from $2.4 million year-over-year, primarily due to reductions in general and administrative expenses, which fell from $2.1 million to $1.9 million. Research and development expenses also decreased from $225,191 to $145,611, reflecting a strategic shift towards manufacturing readiness.

For the nine months ended September 30, 2024, the net loss was $4.8 million, compared to $6.7 million in the prior year. The company reported a decrease in cash used in operating activities, from $6.1 million to $5.2 million, attributed to lower operating expenses. However, cash at the end of the period was $2.5 million, down from $5.6 million a year earlier.

Sharps Technology has not generated significant revenue since its inception, and it continues to face substantial doubt regarding its ability to continue as a going concern. The company plans to finance its operations through equity sales and traditional financing sources. In September 2024, it entered into a securities purchase agreement for $4.4 million, which is expected to support its working capital needs.

Strategically, the company has been active in expanding its product offerings and distribution agreements. It has entered into a supply agreement with Stericare Solutions for 520 million units of Sologard syringes, expected to generate over $50 million in revenue. Additionally, the company is in discussions with healthcare companies for sales of its syringe products, targeting both U.S. and international markets.

The company also completed a reverse stock split effective October 16, 2024, to comply with Nasdaq listing requirements, following a notification of non-compliance due to its stock price falling below $1.00. As of November 2024, Sharps regained compliance with Nasdaq listing rules.