Bone Biologics (BBLG)
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Bone Biologics Executives to be Interviewed in a "CEO Chat" by Zacks Small-Cap Research Analyst on June 20th
Newsfilter· 2024-06-17 12:00
Company Overview - Bone Biologics Corporation is focused on developing orthobiologic products for spine fusion markets [1][3] - The company is engaged in regenerative medicine for bone and is working with strategic partners on preclinical research of the Nell-1 protein [3] Upcoming Event - The company's president and CEO, Jeffrey Frelick, and CFO, Deina Walsh, will participate in a "CEO Chat" on June 20, 2024, at the Life Science Investor Forum [1] - The interview will start at 11:00 a.m. Eastern time and will be accessible for investors to view [1][2] - Management will also hold one-on-one meetings with investors on the same day from 11:30 a.m. to 5:00 p.m. Eastern time [1] Investor Engagement - Investors are encouraged to preregister for the event to facilitate participation and receive updates [1] - A chat function will be available for investors to ask questions during the event [1] - The interview will be available for viewing on the company's website for 90 days post-event [2]
Bone Biologics (BBLG) - 2024 Q1 - Quarterly Report
2024-05-14 20:31
PART I – FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements.) The company reported no revenue, a significantly reduced net loss, and an improved balance sheet, but faces substantial doubt about its ability to continue as a going concern [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased slightly to $3.84 million while total liabilities decreased significantly to $164,626 due to a legal settlement Condensed Consolidated Balance Sheet Data (Unaudited) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $3,227,634 | $3,026,569 | | Total current assets | $3,839,574 | $3,737,763 | | **Liabilities & Equity** | | | | Accounts payable and accrued expenses | $146,186 | $360,662 | | Accrued legal settlement | $0 | $414,989 | | Total liabilities | $164,626 | $831,402 | | Total stockholders' equity | $3,674,948 | $2,906,361 | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company's Q1 2024 net loss improved to $0.9 million from $3.7 million year-over-year, driven by a 90.5% decrease in R&D expenses Condensed Consolidated Statements of Operations (Unaudited) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenues | $0 | $0 | | Research and development expenses | $245,625 | $2,590,645 | | General and administrative expenses | $657,911 | $556,892 | | Loss from operations | ($903,536) | ($3,147,537) | | Net loss | ($865,970) | ($3,709,899) | | Loss per share - basic and diluted | ($1.31) | ($55.20) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $1.3 million, offset by $1.5 million from financing activities, resulting in a cash balance of $3.23 million Cash Flow Summary (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,303,411) | ($1,349,993) | | Net cash provided by financing activities | $1,504,476 | $0 | | Net increase (decrease) in cash | $201,065 | ($1,349,993) | | Cash, end of period | $3,227,634 | $6,188,319 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's 'Going Concern' issue, with cash reserves of $3.2 million only funding operations through Q3 2024 - The company is a medical device company focused on bone regeneration using the NELL-1 protein, licensed exclusively from UCLA TDG, which requires FDA pre-market approval[25](index=25&type=chunk) - The company has an **accumulated deficit of approximately $81.8 million** and incurred a net loss of **$0.9 million in Q1 2024**, raising substantial doubt about its ability to continue as a going concern[29](index=29&type=chunk) - Cash on hand of **$3.2 million** as of March 31, 2024, is expected to fund operations only through the **third quarter of 2024**, with estimated operating expenditures for the next twelve months at **$6.9 million**[29](index=29&type=chunk)[30](index=30&type=chunk) - The company is obligated to make future milestone payments to UCLA TDG, including **$250,000** upon Pivotal Study enrollment, **$500,000** upon Pre-Market Approval, and **$1,000,000** upon First Commercial Sale[75](index=75&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses reduced R&D expenses, a significant 'going concern' warning, and the need for an estimated $29 million to potentially achieve FDA approval [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q1 2024 operating expenses fell 71.3% due to lower R&D costs, resulting in a net loss improvement to $0.9 million from $3.7 million in Q1 2023 Operating Expenses Comparison (Q1 2024 vs Q1 2023) | Expense Category | Q1 2024 | Q1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Research and development | $245,625 | $2,590,645 | (90.52)% | | General and administrative | $657,911 | $556,892 | 18.14% | | **Total operating expenses** | **$903,536** | **$3,147,537** | **(71.29)%** | - The **significant decrease in R&D costs** is attributed to high expenses in 2023 for the production of the NELL-1 protein required for the initial clinical study[104](index=104&type=chunk) - The **increase in G&A costs** is mainly attributed to legal expenses related to settling ongoing litigation[105](index=105&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity challenges, with $3.2 million in cash expected to last only through Q3 2024 despite a recent $1.5 million offering - The company has incurred **accumulated losses of $81.8 million** and its ability to continue as a **going concern is in substantial doubt**[108](index=108&type=chunk) - Cash of **$3,227,634** at March 31, 2024, is expected to fund operations through the **third quarter of 2024**[111](index=111&type=chunk) - The company anticipates needing approximately **$5 million** to complete first-in-man studies and an additional **$24 million** to achieve FDA approval[111](index=111&type=chunk) - A public offering on March 6, 2024, provided **net proceeds of $1,504,476**[109](index=109&type=chunk)[112](index=112&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that this item is not applicable - Not applicable[114](index=114&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - Based on an evaluation as of March 31, 2024, the Chief Financial Officer and Chief Executive Officer concluded that the company's **disclosure controls and procedures were effective**[115](index=115&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[116](index=116&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company settled a lawsuit for a total of $750,000, paying $414,989 out-of-pocket, leading to the case's dismissal - The company entered into a Settlement Agreement on January 10, 2024, to resolve a lawsuit involving claims of breach of contract and tortious interference[117](index=117&type=chunk) - Under the agreement, the company agreed to a total payment of **$750,000** to the plaintiffs, paying **$414,989** of this amount on February 7, 2024, with the remainder covered by its insurance carrier[117](index=117&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the last Annual Report on Form 10-K - There have been **no material changes** from the risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[118](index=118&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or use of proceeds during the period - None[118](index=118&type=chunk) [Other Information](index=26&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the first quarter of 2024 - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended March 31, 2024[119](index=119&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) The report includes exhibits such as warrant forms, purchase agreements, and amended executive employment agreements - Exhibits filed include forms of Warrants, Pre-Funded Warrants, and Placement Agent Warrants from the **March 6, 2024 offering**[121](index=121&type=chunk) - An Amended and Restated Employment Agreement for CEO Jeffrey Frelick and an amendment to the Employment Agreement for CFO Deina Walsh are included as exhibits[121](index=121&type=chunk)
Bone Biologics Announces Closing of $2.0 Million Public Offering
Businesswire· 2024-03-06 21:15
Core Viewpoint - Bone Biologics Corporation has successfully closed a public offering, raising approximately $2.0 million through the sale of 781,251 shares of common stock and accompanying warrants, aimed at funding clinical trials and other corporate purposes [1][2]. Group 1: Offering Details - The public offering consisted of 781,251 shares of common stock priced at $2.56 per share, along with warrants to purchase an equal number of shares at an exercise price of $2.43, which are exercisable immediately and will expire in five years [1][2]. - H.C. Wainwright & Co. served as the exclusive placement agent for this offering [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for funding clinical trials, maintaining and extending the patent portfolio, and for working capital and other general corporate purposes [2]. Group 3: Company Background - Bone Biologics focuses on regenerative medicine for bone, particularly in spinal fusion procedures, and is developing a bone graft substitute product based on preclinical research of the Nell-1 protein [4].
Bone Biologics Announces Pricing of $2.0 Million Public Offering
Businesswire· 2024-03-04 14:15
Core Viewpoint - Bone Biologics Corporation has announced a public offering of 781,251 shares of common stock at a price of $2.56 per share, along with warrants to purchase an equal number of shares, aiming to raise approximately $2.0 million for clinical trials and other corporate purposes [1][2]. Group 1: Offering Details - The public offering includes 781,251 shares of common stock and warrants, priced at $2.56 per share, with warrants having an exercise price of $2.43, exercisable immediately and expiring in five years [1][2]. - The expected gross proceeds from the offering are approximately $2.0 million before deducting fees and expenses [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to fund clinical trials, maintain and extend the patent portfolio, and for working capital and other general corporate purposes [2]. Group 3: Company Background - Bone Biologics focuses on regenerative medicine for bone, particularly in spinal fusion procedures, and is developing a bone graft substitute product based on preclinical research of the Nell-1 protein [5].
Bone Biologics Reports Progress With NB1 Clinical Program
Businesswire· 2024-03-01 13:00
Core Viewpoint - Bone Biologics Corporation is advancing its product candidate NB1 into human clinical testing for spinal fusion, with three hospital sites engaged for a pilot clinical trial evaluating its safety and effectiveness in treating degenerative disc disease [1][2]. Company Overview - Bone Biologics Corporation focuses on regenerative medicine for bone, particularly through its NB1 bone graft device, which is designed for spinal fusion procedures and has potential applications in trauma and osteoporosis [5]. Product Details - NB1 is a recombinant human protein (rhNELL-1) combined with demineralized bone matrix, aimed at enhancing bone regeneration and healing, especially in challenging cases [3]. - The mechanism of action for rhNELL-1 involves receptor binding and intracellular signaling to promote osteogenic gene expression and bone formation [3]. Market Opportunity - The global market for bone graft substitutes in spine fusion is estimated at $3 billion annually, with additional long-term opportunities in the $11 billion market for osteoporosis treatment and the $8 billion market for trauma treatment [4].
Bone Biologics (BBLG) - Prospectus(update)
2024-02-26 21:50
As filed with the Securities and Exchange Commission on February 26, 2024 Registration Statement No. 333-276771 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 2834 42-1743430 (I.R.S. Employer Identification Number) 2 Bu ...
Bone Biologics (BBLG) - Prospectus(update)
2024-02-23 22:09
Registration Statement No. 333-276771 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 As filed with the Securities and Exchange Commission on February 23, 2024 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BONE BIOLOGICS CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 2834 42-1743430 (I.R.S. Employer ...
Bone Biologics (BBLG) - 2023 Q4 - Annual Report
2024-02-20 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.001 par value per share BBLG The Nasdaq Capital Market Warrants to Purchase Common stock, $0.001 par value per share BBLGW The Nasdaq Capital Market Emerging growth company ☐ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2023 ☐ TRANSITION REPORT PURSUA ...
Bone Biologics (BBLG) - Prospectus
2024-01-30 22:09
As filed with the Securities and Exchange Commission on January 30, 2024 Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER (Primary Standard Industrial Classification Code Number) THE SECURITIES ACT OF 1933 BONE BIOLOGICS CORPORATION (Exact name of registrant as specified in its charter) Delaware 2834 42-1743430 (I.R.S. Employer Identification Number) 2 Burlington Woods Drive, Suite 100 Burlington, MA 01803 (781) 552 ...
Bone Biologics (BBLG) - 2023 Q3 - Quarterly Report
2023-11-13 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 42-1743430 (State or other jurisdiction of incorporation or formation) (I.R.S. employer identification number) Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.001 par value per share BBLG The Nasdaq Capital Market Warrants to Purchase Common stock, $0.001 par value per share BBLGW The Nasdaq Capital Market Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smal ...