Workflow
Ainos(AIMD) - 2024 Q2 - Quarterly Results
AIMDAinos(AIMD)2024-08-05 20:30

Revenue Performance - Revenues for Q2 2024 were nil, a decline from US28,555inQ22023,duetothecessationofCOVID−19antigenrapidtestkitsales[5].−RevenuesforthethreemonthsendedJune30,2024,were28,555 in Q2 2023, due to the cessation of COVID-19 antigen rapid test kit sales[5]. - Revenues for the three months ended June 30, 2024, were 28,555, compared to 20,729forthesameperiodin2023,indicatingayear−over−yearincreaseofapproximately3720,729 for the same period in 2023, indicating a year-over-year increase of approximately 37%[27]. Cost and Expenses - Cost of revenues decreased to US25,373 in Q2 2024 from US55,817inQ22023,primarilyduetolowersalesvolume[6].−TotaloperatingexpensesincreasedtoUS55,817 in Q2 2023, primarily due to lower sales volume[6]. - Total operating expenses increased to US3,023,636 in Q2 2024 from US2,289,336 in Q2 2023, driven by higher co-research and staffing expenditures[8]. - SG&A expenses increased to US1,044,880 in Q2 2024 from US618,149 in Q2 2023, with non-cash expenses excluded, SG&A rose to US706,211 from US497,124[11].−TotaloperatingexpensesforthethreemonthsendedJune30,2024,were497,124[11]. - Total operating expenses for the three months ended June 30, 2024, were 3,023,636, an increase from 2,289,336inthesameperiodof2023,reflectingariseofabout322,289,336 in the same period of 2023, reflecting a rise of about 32%[27]. - Research and development expenses for the six months ended June 30, 2024, were 4,063,404, up from 3,370,070inthesameperiodof2023,reflectinganincreaseofabout203,370,070 in the same period of 2023, reflecting an increase of about 20%[27]. Profitability - Gross profit was negative US25,373 in Q2 2024, an improvement from negative US27,262inQ22023[7].−NetlossattributabletocommonstockshareholderswasUS27,262 in Q2 2023[7]. - Net loss attributable to common stock shareholders was US3,195,022 in Q2 2024, compared to US2,349,727inQ22023[12].−GrosslossforthesixmonthsendedJune30,2024,was2,349,727 in Q2 2023[12]. - Gross loss for the six months ended June 30, 2024, was 31,398, compared to 78,946forthesameperiodin2023,showingareductioningrosslossofapproximately6078,946 for the same period in 2023, showing a reduction in gross loss of approximately 60%[27]. - Net loss for the three months ended June 30, 2024, was 3,195,022, compared to 2,349,727forthesameperiodin2023,representinganincreaseinnetlossofapproximately362,349,727 for the same period in 2023, representing an increase in net loss of approximately 36%[27]. Cash and Assets - Cash and cash equivalents as of June 30, 2024, were US8,014,098, up from US1,885,628asofDecember31,2023[13].−Cashandcashequivalentsincreasedsignificantlyto1,885,628 as of December 31, 2023[13]. - Cash and cash equivalents increased significantly to 8,014,098 as of June 30, 2024, from 1,885,628asofDecember31,2023,markinganincreaseofover3241,885,628 as of December 31, 2023, marking an increase of over 324%[25]. - Total assets increased to 35,539,387 as of June 30, 2024, up from 31,841,804asofDecember31,2023,representingagrowthofapproximately1131,841,804 as of December 31, 2023, representing a growth of approximately 11%[25]. Liabilities and Equity - Total current liabilities rose to 5,743,199 as of June 30, 2024, compared to 1,336,838asofDecember31,2023,indicatinganincreaseofapproximately3291,336,838 as of December 31, 2023, indicating an increase of approximately 329%[25]. - Total liabilities increased to 14,827,111 as of June 30, 2024, from 7,394,223asofDecember31,2023,representinganincreaseofapproximately1007,394,223 as of December 31, 2023, representing an increase of approximately 100%[25]. - Stockholders' equity decreased to 20,712,276 as of June 30, 2024, down from 24,447,581asofDecember31,2023,indicatingadeclineofapproximately1524,447,581 as of December 31, 2023, indicating a decline of approximately 15%[25]. Research and Development - R&D expenses rose to US1,978,756 in Q2 2024 from US$1,671,187 in Q2 2023, reflecting increased technology and product research costs[10]. - The company aims to complete enrollment of 30 subjects for the FCGS clinical study by the end of 2024, with trial report expected in Q1 2025[14]. - Ainos is targeting Q3 2024 for design completion and Q4 2024 for clinical trial kickoff of the Next-Gen Ainos Flora VOC POCT device[15].