Core Viewpoint - Bionano Genomics, Inc. has announced a public offering of 5,000,000 shares of common stock and associated Series E and Series F warrants, aiming to raise approximately $10 million before expenses, with potential additional proceeds of about $20 million if the warrants are fully exercised [1][3]. Group 1: Offering Details - The public offering price is set at $2.00 per share, with Series E warrants expiring in five years and Series F warrants expiring in eighteen months [1]. - The offering is expected to close on or about September 17, 2025, pending customary closing conditions [1]. - H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering [2]. Group 2: Financial Proceeds - The gross proceeds from the offering are expected to be approximately $10 million before deducting fees and expenses [3]. - If fully exercised, the Series Warrants could provide an additional gross proceeds of approximately $20 million [3]. - The net proceeds will be used for working capital and general corporate purposes [3]. Group 3: Company Overview - Bionano Genomics provides genome analysis solutions aimed at enhancing research and clinical applications [6]. - The company focuses on optical genome mapping (OGM) solutions, diagnostic services, and software, with a mission to transform genome analysis [6]. - Bionano also offers nucleic acid extraction and purification solutions using proprietary isotachophoresis technology [6].

Core Insights - Bionano Genomics has published a book series focusing on chromoanagenesis, emphasizing the advantages of optical genome mapping (OGM) in this area of research [1][4] - Chromoanagenesis is linked to complex karyotypes and poor prognosis in cancers, making its detection crucial for understanding disease biology [2][4] - OGM offers high-resolution genome-wide views of structural variants, facilitating the identification of genomic variations associated with chromoanagenesis [2][4] Company Overview - Bionano Genomics specializes in genome analysis solutions, aiming to transform genomic insights through OGM technology and related services [5] - The company provides OGM solutions applicable in various research fields, including basic, translational, and clinical research [5] - Bionano also offers diagnostic testing services through its subsidiary, Lineagen, Inc., which utilizes OGM technology [5] Research Developments - The initial study utilizing OGM for chromoanagenesis was published in January 2025, focusing on acute myelogenous leukemia (AML) [3] - The book series includes studies expanding OGM applications to other cancers like multiple myeloma (MM) and chronic lymphocytic leukemia (CLL) [3] - New methodologies, such as dam-assisted fluorescent tagging of chromatin accessibility, are being developed for detailed analysis of chromatin structures [3]

Core Insights - Bionano Laboratories announced a preliminary payment determination from CMS for a new CPT code for optical genome mapping (OGM) in detecting genetic disorders, priced at $1263.53, which is higher than existing microarray codes [1][2][3] Group 1: CPT Code and Pricing - The new Category I CPT code for OGM will facilitate reimbursement for laboratory developed tests (LDTs) based on OGM, providing a pricing advantage over traditional methods [2][3] - The new CPT code 81354 for constitutional genetic disease analysis is expected to be priced at $1263.53, which is $363.53 higher than code 81228 and $103.53 higher than code 81229 [1][2] Group 2: Clinical Applications and Impact - OGM-Dx™ Postnatal Whole Genome SV and OGM-Dx™ Prenatal Whole Genome SV are expected to be covered under the new CPT code, indicating their relevance in clinical settings [2][3] - The introduction of this CPT code is anticipated to enhance awareness and support for OGM in both oncology and clinical genetic testing communities globally [3] Group 3: Company Overview - Bionano Laboratories, a subsidiary of Bionano Genomics, specializes in CLIA-certified LDTs utilizing OGM technology to advance genetic diagnostics [4][5] - The company aims to transform genome analysis through innovative solutions and diagnostic services, including OGM and related software [5]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than the traditional "buying low and selling high" approach, aiming for quicker profits [1] Group 1: Momentum Investing Characteristics - Fast-moving trending stocks can be difficult to enter at the right time, as they may lose momentum if future growth does not justify their high valuations [2] - Investing in bargain stocks that have recently shown price momentum can be a safer strategy, utilizing tools like the Zacks Momentum Style Score to identify potential opportunities [3] Group 2: Bionano Genomics, Inc. (BNGO) Analysis - BNGO has shown a four-week price change of 37.1%, indicating strong recent price momentum and growing investor interest [4] - Over the past 12 weeks, BNGO's stock gained 9.3%, with a beta of 2.25, suggesting it moves 125% higher than the market in either direction [5] - BNGO has a Momentum Score of A, indicating a favorable time to invest based on momentum [6] Group 3: Earnings Estimates and Valuation - An upward trend in earnings estimate revisions has contributed to BNGO earning a Zacks Rank 2 (Buy), which is associated with strong momentum effects [7] - BNGO is trading at a Price-to-Sales ratio of 0.68, suggesting it is undervalued, as investors pay only 68 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides BNGO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies to help identify potential winning stocks based on various investing styles [9]

Summary of Bionano Genomics FY Conference Call Company Overview - **Company**: Bionano Genomics (NasdaqCM: BNGO) - **Industry**: Biotechnology, specifically focusing on digital pathology and optical genome mapping Key Points and Arguments 1. **Transformation and Market Position**: Bionano Genomics has undergone a significant transformation over the past year, focusing on digitizing pathology processes and positioning itself as a digital pathology company [2][4] 2. **Market Opportunity**: The company estimates an available market of approximately $10 billion, consisting of around 10,000 labs processing about 10 million cases annually [4] 3. **Challenges with Traditional Methods**: Traditional cytogenetic methods like karyotyping are outdated, labor-intensive, and often yield limited clinical utility, with only about 50% providing useful information for therapy guidance [5][6] 4. **Optical Genome Mapping (OGM)**: OGM offers a faster, simpler workflow that consolidates multiple traditional methods into one, consistently finding more actionable variants compared to karyotyping [7][8] 5. **CPT Codes**: The establishment of Category 1 CPT codes by the American Medical Association for OGM in hematologic malignancies and constitutional genetic disorders enhances reimbursement prospects and adoption [8][9][21] 6. **Complementary Technology**: OGM is not in competition with sequencing but is complementary, allowing labs to run both technologies side by side for improved results [9][13] 7. **Product Portfolio**: The company offers a broad product portfolio, including the Stratus and Saphyr instruments, the Ionic Purification System, and VIA software, which enhances workflow efficiency [10][11][12] 8. **Focus on Routine Use Customers**: The strategy has shifted towards supporting existing customers who consistently purchase consumables, aiming to increase their utilization and profitability [17][18] 9. **Revenue Growth**: In 2025, the company reported mid-double-digit growth in consumables and software revenue from existing customers, with expectations for continued acceleration [19][20] 10. **Cost Structure Improvements**: Bionano Genomics has significantly reduced its operating costs and improved gross margins, achieving 52% in the second quarter of 2025 [22][23] 11. **Future Guidance**: The company has reiterated its annual revenue guidance of $26 million to $30 million and raised its guidance for new system installations from 15-20 to 20-25 [24] Additional Important Content - **Publications as Growth Indicators**: A record number of publications in the second quarter of 2025 indicates strong product usage and potential for attracting new customers [20][21] - **Geographic Focus**: Key markets include the United States, Canada, Western Europe, and Israel, where OGM has a strong foothold [5][14] - **Application Areas**: The primary application areas for OGM include hematologic malignancies, constitutional genetic diseases, and cell and gene therapy [14][16] This summary encapsulates the critical insights from the Bionano Genomics FY Conference Call, highlighting the company's strategic direction, market opportunities, and financial performance.

Company Overview - Bionano Genomics, Inc. is a provider of genome analysis solutions aimed at addressing complex questions in biology and medicine [3] - The company's mission is to transform genome visualization through optical genome mapping (OGM) solutions, diagnostic services, and software [3] - Bionano offers OGM solutions applicable in basic, translational, and clinical research, along with a platform-agnostic genome analysis software and nucleic acid extraction solutions using proprietary isotachophoresis (ITP) technology [3] Upcoming Conference - Erik Holmlin, PhD, the CEO of Bionano, will present at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025 [1] - The presentation is scheduled from 3:00 p.m. to 3:30 p.m. ET [2] - A recording of the session will be available on the Bionano website for at least 30 days following the conference [2]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing - Momentum investors often face challenges in determining the right entry point, as stocks may lose momentum when their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Bionano Genomics, Inc. (BNGO) - BNGO has shown a significant price increase of 19.4% over the past four weeks, indicating growing investor interest [4] - The stock has gained 13.2% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [5] - BNGO has a high beta of 2.06, suggesting it moves 106% more than the market in either direction, indicating fast-paced momentum [5] - The stock holds a Momentum Score of A, suggesting it is an opportune time to invest [6] - BNGO has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is currently trading at a Price-to-Sales ratio of 0.70, indicating it is reasonably valued at 70 cents for each dollar of sales [7] Group 3: Additional Investment Opportunities - Besides BNGO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies tailored to help investors find winning stock picks [9]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $6.7 million, a decrease of 13% compared to Q2 2024, but a 5% decrease when adjusted for discontinued services [11] - Non-GAAP gross margin for Q2 2025 was 52%, significantly higher than the 35% reported a year ago [12] - Non-GAAP operating expenses for Q2 2025 were $8.8 million, down 53% from $18.8 million in Q2 2024 [12][16] - Cash and cash equivalents at the end of the quarter were $27.4 million, with $11 million subject to restrictions [13] Business Line Data and Key Metrics Changes - The company sold 7,233 flow cells in Q2 2025, reflecting a 17% increase year-over-year [12] - Revenue from consumables and software combined grew 16% year-over-year in Q2 2025 [15] - The percentage of consumables and software revenue increased from 55% in 2024 to 73% in Q2 2025 [15] Market Data and Key Metrics Changes - The optical genome mapping (OGM) community surpassed 10,000 published clinical research genomes, marking a significant milestone [19] - The 2025 quarter had the highest number of publications in the history of optical genome mapping [19] Company Strategy and Development Direction - The company is focusing on digital pathology, particularly in cytogenetics and molecular pathology, with plans to expand into clinical and anatomic pathology [6] - The strategy includes supporting routine users, driving utilization of VIA software, building reimbursement support for OGM, and improving profitability [10] - The company aims to consolidate workflows in pathology through AI-driven software and optical genome mapping [7][8] Management's Comments on Operating Environment and Future Outlook - Management reiterated full-year revenue guidance of $26 to $30 million, with Q3 revenues expected to be in the range of $6.7 to $7.2 million [20] - The company raised expectations for new OGM installations in 2025 to 20-25 systems, up from the previous range of 15-20 [20] - Management expressed confidence in the ongoing strategy and the potential for significant business upside [51] Other Important Information - The company has made substantial progress in reducing operating expenses, cutting over $100 million in annual non-GAAP operating expenses since 2023 [16] - The release of new software updates is expected to enhance the usability of OGM workflows [18] Q&A Session Summary Question: How universal is the use of VIA software among OGM users? - Management indicated that VIA is installed in about a third of the OGM systems, with higher adoption among routine users, suggesting significant opportunities for expansion [24][25] Question: Are there efforts to market VIA to non-OGM users? - Management confirmed that a substantial amount of software is sold for non-OGM applications, and there is potential for cross-selling to convert these users into OGM customers [27][28] Question: What role does AI play in the VIA software? - AI enhances the analysis of variants by leveraging databases to improve accuracy and speed in reporting [29] Question: Can you clarify the return rate for new systems placed? - Management stated it is premature to discuss return rates, but they expect low returns due to the strategic shift in customer focus [36][37] Question: How does the new CPT code differ from the first one? - The new CPT code is for constitutional genetic disorders, which may lead to differences in pricing and facilitate reimbursement [40][41] Question: Is the instrument placement guidance conservative? - Management acknowledged that the guidance is conservative, considering potential delays in installations [45] Question: What is the expected time for new customers to reach maturity? - It typically takes a minimum of three months, with six to nine months being a healthy timeframe for labs to reach routine use [47][48]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, detailing financial position, performance, and cash flows, with a going concern warning [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows decreased cash, stable total assets, reduced liabilities, and increased stockholders' equity as of June 30, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $3,562 | $9,173 | | Total current assets | $42,662 | $39,489 | | Total assets | $76,010 | $76,670 | | Convertible debentures payable (current) | $11,762 | $20,362 | | Total current liabilities | $24,178 | $37,344 | | Total liabilities | $30,636 | $41,295 | | Accumulated deficit | $(703,184) | $(693,225) | | Total stockholders' equity | $45,374 | $35,375 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements show significantly lower net losses for Q2 and H1 2025 due to reduced operating expenses, despite decreased revenue Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $6,733 | $7,771 | $13,190 | $16,540 | | Loss from Operations | $(7,800) | $(17,018) | $(16,262) | $(48,139) | | Net Loss | $(6,857) | $(16,224) | $(9,958) | $(47,646) | | Net Loss Per Share | $(1.99) | $(14.41) | $(3.24) | $(47.50) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements show significantly reduced cash used in operations, with financing activities providing capital, resulting in a net cash decrease Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,251) | $(49,109) | | Net cash (used in)/provided by investing activities | $(12,087) | $76,217 | | Net cash provided by/(used in) financing activities | $12,360 | $(23,596) | | Net (decrease)/increase in cash | $(6,011) | $3,485 | | Cash, cash equivalents and restricted cash at end of period | $3,562 | $21,833 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes provide critical context, including a going concern warning due to recurring losses, and detail accounting policies, debt, and equity changes - The company effected a 1-for-60 reverse stock split on January 24, 2025. All share and per-share amounts have been retroactively adjusted[25](index=25&type=chunk) - Management has substantial doubt about the company's ability to continue as a going concern within 12 months, citing recurring net losses, negative cash flows, and the need to raise additional funding[28](index=28&type=chunk)[30](index=30&type=chunk) - As of June 30, 2025, the company had **$12.1 million** of principal outstanding under its Debentures and an accumulated deficit of **$703.2 million**[29](index=29&type=chunk) Revenue by Source - Six Months Ended June 30 (in thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Instruments | $2,088 | $3,874 | | Consumables | $6,523 | $6,033 | | Software | $3,703 | $3,431 | | **Total product revenue** | **$12,314** | **$13,338** | | Service and other | $876 | $3,202 | | **Total revenue** | **$13,190** | **$16,540** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased revenue but improved net loss due to cost cuts, emphasizing a strategic shift and reiterating substantial doubt about going concern [Overview and Recent Highlights](index=31&type=section&id=Overview%20and%20Recent%20Highlights) The company's OGM system installed base grew, flowcell sales increased, but it faces slowdowns in the Asia Pacific region - The installed base of OGM systems grew to **378** as of June 30, 2025, up **4%** from 363 a year prior[124](index=124&type=chunk) - Flowcell sales increased by approximately **17%** to **7,233 units** in Q2 2025 compared to 6,165 in Q2 2024[124](index=124&type=chunk) - The company is experiencing a slowdown in its Asia Pacific business due to regional headwinds and reliance on government funding by manufacturing partners[125](index=125&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Results show declining revenue but significantly improved profitability for Q2 and H1 2025, driven by substantial operating expense reductions Comparison of Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $6,733 | $7,771 | $(1,038) | (13)% | | Gross Profit | $3,477 | $2,585 | $892 | 35% | | Loss from Operations | $(7,800) | $(17,018) | $9,218 | (54)% | | Net Loss | $(6,857) | $(16,224) | $9,367 | (58)% | - The decrease in Q2 revenue was driven by a **38% drop** in instrument sales and a **66% drop** in service revenue, partially offset by a **28% increase** in consumables sales[138](index=138&type=chunk)[139](index=139&type=chunk) - Operating expenses in Q2 2025 decreased by **42%** year-over-year, primarily due to headcount reductions and other cost-saving initiatives announced in 2023 and 2024[137](index=137&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces critical liquidity issues and substantial doubt about its going concern, requiring additional capital in the near term - As of June 30, 2025, the company had **$3.6 million** in cash and cash equivalents, **$12.9 million** in short-term investments, and an accumulated deficit of **$703.2 million**[164](index=164&type=chunk) - Management has determined there is substantial doubt about the company's ability to continue as a going concern, as available cash is not sufficient to operate for the next twelve months[176](index=176&type=chunk) - Based on current plans, the company believes it can fund operations into the first quarter of 2026, but will require additional capital in the very near term to continue[174](index=174&type=chunk) - In the first half of 2025, the company raised approximately **$16.4 million** in gross proceeds from sales of common stock and warrants through its ATM facilities and other offerings[182](index=182&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is not required to provide this information as it qualifies as a smaller reporting company - As a smaller reporting company, Bionano Genomics is not required to provide the information for this item[192](index=192&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report (June 30, 2025)[195](index=195&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[196](index=196&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings - The company reports no material legal proceedings[198](index=198&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks, including financial viability, operational challenges, regulatory hurdles, intellectual property, and stock price volatility [Risks related to our financial condition and need for additional capital](index=49&type=section&id=Risks%20related%20to%20our%20financial%20condition%20and%20need%20for%20additional%20capital) The company faces substantial doubt about its going concern due to recurring losses, requiring immediate capital to avoid curtailing operations - The company has incurred recurring net losses since inception and expects losses to continue, with an accumulated deficit of **$703.2 million** as of June 30, 2025[203](index=203&type=chunk) - There is substantial doubt about the company's ability to continue as a going concern, and without raising sufficient additional capital in the very near term, it may be required to curtail, liquidate, or cease operations entirely[204](index=204&type=chunk) - The company's ability to raise capital may be limited by SEC rules, as its public float is less than **$75.0 million**, restricting the use of its Form S-3 shelf registration statement[206](index=206&type=chunk) [Risks related to our business operations](index=58&type=section&id=Risks%20related%20to%20our%20business%20operations) Operational risks include acquisition integration, market acceptance, supply chain reliance, lengthy sales cycles, and international and data security challenges - Acquisitions could disrupt business, and the company may not achieve the expected revenues or synergies, as exemplified by the full impairment of goodwill and intangible assets from the Purigen and Lineagen acquisitions[243](index=243&type=chunk)[250](index=250&type=chunk) - The company relies on a single contract manufacturer for its OGM systems and a limited number for its chip consumables, creating significant supply chain risk[285](index=285&type=chunk) - The company's products are currently for Research Use Only (RUO), and any move toward clinical diagnostic use would require expensive and uncertain regulatory clearance from the FDA[280](index=280&type=chunk) [Risks related to government regulation and diagnostic product reimbursement](index=72&type=section&id=Risks%20related%20to%20government%20regulation%20and%20diagnostic%20product%20reimbursement) Significant regulatory risks include FDA changes to LDTs, complex billing and reimbursement, and compliance with federal and state healthcare laws - A significant change in how the FDA regulates Laboratory Developed Tests (LDTs), which Bionano Laboratories provides, could materially harm the business[338](index=338&type=chunk) - Billing for diagnostic testing is complex and subject to risks of non-payment, audits, and recoupment from payors, which could negatively affect revenue and cash flow[343](index=343&type=chunk)[347](index=347&type=chunk) - The business is subject to numerous federal and state healthcare laws, including anti-kickback statutes and false claims laws, and non-compliance could result in substantial penalties[368](index=368&type=chunk) [Risks related to intellectual property](index=79&type=section&id=Risks%20related%20to%20intellectual%20property) Intellectual property risks include inadequate patent protection, potential challenges to existing patents, and costly infringement claims from third parties - The company relies on a global patent portfolio of over **135 issued patents**, but cannot guarantee that pending applications will issue or that existing patents will not be challenged or invalidated[378](index=378&type=chunk)[379](index=379&type=chunk) - Some of the company's intellectual property was developed with U.S. government funding and is subject to federal regulations, including "march-in" rights, which could limit exclusive rights[385](index=385&type=chunk) - The company may be subject to costly litigation if sued for infringing on the intellectual property rights of third parties, which could result in injunctions or substantial damage awards[391](index=391&type=chunk)[393](index=393&type=chunk) [Risks related to ownership of our securities](index=86&type=section&id=Risks%20related%20to%20ownership%20of%20our%20securities) Risks for investors include high stock price volatility, potential failure of reverse stock splits, and anti-takeover provisions - The company's stock price has been and is expected to remain highly volatile, which could lead to significant investment losses[421](index=421&type=chunk)[422](index=422&type=chunk) - The company has implemented multiple reverse stock splits to maintain its Nasdaq listing but cannot guarantee it will continue to meet the minimum bid price or other listing requirements[428](index=428&type=chunk)[429](index=429&type=chunk)[433](index=433&type=chunk) - Anti-takeover provisions in the company's charter documents and Delaware law could delay or prevent a change of control, potentially limiting the market price of its securities[446](index=446&type=chunk) [Risks Related to Our Review of Strategic Alternatives](index=91&type=section&id=Risks%20Related%20to%20Our%20Review%20of%20Strategic%20Alternatives) Review of strategic alternatives offers no assurance of a transaction, potentially leading to dissolution and significant stockholder loss - The company is evaluating strategic alternatives, but there is no guarantee that any transaction will be pursued or successfully consummated[453](index=453&type=chunk) - The process of evaluating strategic alternatives is costly and time-consuming, and may divert management's attention from the business[455](index=455&type=chunk) - If a strategic transaction is not completed, the board may decide to pursue dissolution and liquidation, where the cash available for distribution to stockholders would be uncertain and could be minimal[460](index=460&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=94&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None reported[466](index=466&type=chunk) [Item 3. Defaults Upon Senior Securities](index=94&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None reported[467](index=467&type=chunk) [Item 4. Mine Safety Disclosures](index=94&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[468](index=468&type=chunk) [Item 5. Other Information](index=94&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the quarter - No director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[469](index=469&type=chunk) [Item 6. Exhibits](index=95&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, securities forms, and certifications

[Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) Bionano's Q2 2025 revenue decreased 13% to $6.7 million, while gross margin improved to 52% and operating expenses fell 42% [Q2 2025 Financial Performance](index=1&type=section&id=Q2%202025%20Financial%20Performance) Q2 2025 revenue was $6.7 million, down 13% YoY, with gross margin at 52% and operating expenses reduced by 42% Q2 2025 Financial Summary | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $6.7 million | $7.8 million | -13% | | **Gross Margin** | 52% | 33% | +19 p.p. | | **Operating Expenses** | $11.3 million | $19.6 million | -42% | | **Cash & Equivalents (End of Quarter)** | $27.4 million | N/A | N/A | - The decrease in total revenue was driven by the discontinuation of clinical services (**$0.7M** in prior year) and a strategic shift away from new instrument placements, causing instrument revenue to fall to **$1.4M** from **$2.3M**[5](index=5&type=chunk) - Excluding instrument sales and discontinued services, the core business of consumables, software, and other services saw revenue increase by **11%**[5](index=5&type=chunk) [Q2 2025 Business & Operational Progress](index=1&type=section&id=Q2%202025%20Business%20%26%20Operational%20Progress) Operational progress includes a 17% increase in flowcell sales, 4% OGM system base growth, and a new Category I CPT code - Nanochannel array flowcell sales, a key indicator of system utilization, increased by **17%** YoY to **7,233 units**[5](index=5&type=chunk) - The total installed base of OGM systems reached **378**, a **4%** increase from the **363 systems** at the end of Q2 2024[5](index=5&type=chunk) - The American Medical Association (AMA) established a **second Category I CPT code** for OGM in cytogenomic genome-wide analysis, which can facilitate reimbursement and adoption[5](index=5&type=chunk) - A new quarterly record of **119 peer-reviewed publications** was achieved, highlighting growing scientific validation and utilization of OGM[5](index=5&type=chunk) [2025 Financial Outlook](index=3&type=section&id=2025%20Financial%20Outlook) Bionano reiterated 2025 revenue guidance of $26-30 million, increased OGM installation targets, and confirmed cash runway into Q1 2026 2025 Financial Guidance | Guidance Metric | 2025 Outlook | | :--- | :--- | | **Full Year 2025 Revenue** | $26.0 - $30.0 million (Reiterated) | | **Q3 2025 Revenue** | $6.7 - $7.2 million (Initiated) | | **New OGM Installations (FY 2025)** | 20 to 25 (Increased from 15-20) | | **Cash Runway** | Into Q1 2026 | [Financial Statements](index=7&type=section&id=Financial%20Statements) Detailed unaudited financial statements for Q2 2025 include the Balance Sheet, Statement of Operations, and GAAP to Non-GAAP reconciliation [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets were $76.0 million, liabilities $30.6 million, and stockholders' equity $45.4 million Condensed Consolidated Balance Sheet Summary | Balance Sheet Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash, Cash Equivalents & Investments** | $27.4 million | $20.5 million | | **Total Assets** | $76.0 million | $76.7 million | | **Total Liabilities** | $30.6 million | $41.3 million | | **Total Stockholders' Equity** | $45.4 million | $35.4 million | [Condensed Consolidated Statement of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) Q2 2025 revenue was $6.7 million, with a net loss of $6.9 million, significantly reduced by a 42% drop in operating expenses Condensed Consolidated Statement of Operations Summary | Income Statement (Three Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenue** | $6,733,000 | $7,771,000 | | **Gross Profit** | $3,477,000 | $2,585,000 | | **Total Operating Expenses** | $11,277,000 | $19,603,000 | | **Loss from Operations** | ($7,800,000) | ($17,018,000) | | **Net Loss** | ($6,857,000) | ($16,224,000) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) Reconciliation shows Q2 2025 non-GAAP gross margin at 52% and non-GAAP operating expenses reduced by 53% to $8.8 million GAAP to Non-GAAP Reconciliation Summary | Metric (Three Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **GAAP Gross Margin %** | 52% | 33% | | **Non-GAAP Gross Margin %** | 52% | 35% | | **GAAP Operating Expense** | $11.3 million | $19.6 million | | **Non-GAAP Operating Expense** | $8.8 million | $18.8 million | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) Supplementary information includes a company overview, non-GAAP financial measure explanations, and forward-looking statements disclaimer [About Bionano](index=4&type=section&id=About%20Bionano) Bionano provides genome analysis solutions, including OGM technology, diagnostic services, and software for research and clinical applications - Bionano's business is centered on providing genome analysis solutions through its **optical genome mapping (OGM) systems**, **diagnostic testing services**, and **analysis software**[8](index=8&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures are used to supplement GAAP results by excluding non-cash or non-recurring items for clearer operational insights - Bionano uses **non-GAAP metrics** to supplement GAAP results, believing they offer better insight into performance and trends by excluding certain non-cash or non-recurring items[11](index=11&type=chunk) - Key adjustments to derive non-GAAP figures include excluding **stock-based compensation**, **amortization of intangibles**, **changes in fair value of contingent consideration**, and **restructuring expenses**[10](index=10&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements regarding future performance are subject to significant risks and uncertainties - The report contains **forward-looking statements** concerning future financial results (including revenue guidance), OGM adoption, and cash runway, which are subject to inherent risks and uncertainties[14](index=14&type=chunk)