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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.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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