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Biora Therapeutics (BIOR) investor relations material

Biora Therapeutics Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary14 Nov, 2024

Executive summary

  • Clinical-stage biotech focused on oral biotherapeutics, with NaviCap for GI-targeted and BioJet for systemic delivery; advanced development of smaller, higher-capacity BioJet device with animal testing planned in Q4 2024.

  • Shifted partnering strategy to focus on licensing BioJet device, citing strong pharma interest.

  • No significant product revenue; pipeline in early clinical and preclinical stages, with ongoing R&D investment.

  • Underwent two reverse stock splits (1-for-25 in Jan 2023, 1-for-10 in Oct 2024) to maintain Nasdaq compliance.

  • Substantial doubt exists about ability to continue as a going concern due to limited cash and high accumulated deficit.

Financial highlights

  • Revenue for Q3 2024 was $32,000, up from $4,000 in Q3 2023; nine-month revenue was $892,000.

  • Net loss for Q3 2024 was $18.4M, improved from $73.5M in Q3 2023; nine-month net loss was $16.1M, improved from $108.7M.

  • Operating expenses for Q3 2024 were $16.3M, down from $23.3M in Q3 2023 and $16.1M in Q2 2024.

  • Cash and equivalents at September 30, 2024 were $3.0M–$3.2M, with a working capital deficit and $967.1M accumulated deficit.

  • Cash used in operations for the nine months ended September 30, 2024 was $32.2M.

Outlook and guidance

  • Current cash is not expected to fund operations for 12 months; additional capital is required.

  • Plans to raise capital through equity offerings, debt financings, or strategic transactions.

  • R&D expenses expected to remain flat in 2024 as clinical trials continue.

  • Plans to share additional canine study data and begin primate studies with BioJet device in Q4 2024.

  • Operating cash burn reduced by 40% to under $2.5M per month going forward.

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Frequently asked questions

Biora Therapeutics Inc. is a biotechnology company focused on developing innovative oral biotherapeutics for the treatment of chronic diseases. The company specializes in creating drug delivery systems that allow for the targeted delivery of therapeutics to the gastrointestinal (GI) tract, aiming to improve treatment outcomes and patient experiences. Biora’s pipeline includes therapies for conditions such as inflammatory bowel disease (IBD) and other GI-related disorders, leveraging its proprietary technology platforms for precision medicine. The company is headquartered in San Diego, California, USA, and its shares are listed on the NASDAQ.

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