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BioRestorative Therapies(BRTX) - 2024 Q2 - Quarterly Report
BRTXBioRestorative Therapies(BRTX)2024-08-13 20:30
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Revenue and Profitability - For the three months ended June 30, 2024, revenues were 89,100,comparedto89,100, compared to 64,500 for the same period in 2023, representing an increase of 38.2%[68] - Gross profit for the three months ended June 30, 2024, was 82,610,upfrom82,610, up from 64,500 in 2023, indicating a significant improvement in profitability[68] - Revenues for the six months ended June 30, 2024, increased to 124.1millionfrom124.1 million from 95.8 million in 2023, representing a growth of 29.5%[75] - Gross profit for the same period rose to 117.6million,comparedto117.6 million, compared to 95.8 million in 2023, indicating a significant increase[75] Expenses - Research and development expenses increased by 389,291,or43389,291, or 43%, to 1,292,182 for the three months ended June 30, 2024, compared to 902,891in2023[69]−Generalandadministrativeexpensesdecreasedby902,891 in 2023[69] - General and administrative expenses decreased by 1,018,925, or 45%, to 1,259,235forthethreemonthsendedJune30,2024,primarilyduetoareductioninstock−basedcompensation[70]−Researchanddevelopmentexpensesincreasedby1,259,235 for the three months ended June 30, 2024, primarily due to a reduction in stock-based compensation[70] - Research and development expenses increased by 215,677, or 10%, to 2,350,313forthesixmonthsendedJune30,2024,primarilyduetohigherlabsupplyandpayrollexpenses[77]−Generalandadministrativeexpensesdecreasedby2,350,313 for the six months ended June 30, 2024, primarily due to higher lab supply and payroll expenses[77] - General and administrative expenses decreased by 2,511,457, or 37%, to 4,345,356,mainlyduetoareductioninstock−basedcompensation[77]IncomeandLoss−Interestincomeroseto4,345,356, mainly due to a reduction in stock-based compensation[77] Income and Loss - Interest income rose to 175,945 for the three months ended June 30, 2024, compared to 96,187inthesameperiodof2023,reflectingimprovedreturnsonmarketablesecurities[71]−ThenetlossforthethreemonthsendedJune30,2024,was96,187 in the same period of 2023, reflecting improved returns on marketable securities[71] - The net loss for the three months ended June 30, 2024, was 4,028,562, a decrease from a net loss of 5,709,399in2023,indicatingareductioninlosses[68]−Interestincomeincreasedto5,709,399 in 2023, indicating a reduction in losses[68] - Interest income increased to 338,542 for the six months ended June 30, 2024, compared to 114,403in2023,drivenbyinvestmentsinmarketablesecurities[78]CashFlowandWorkingCapital−Cashandcashequivalentsincreasedto114,403 in 2023, driven by investments in marketable securities[78] Cash Flow and Working Capital - Cash and cash equivalents increased to 2,252,247 as of June 30, 2024, up from 884,377attheendof2023[79]−Workingcapitalimprovedby884,377 at the end of 2023[79] - Working capital improved by 900,754 to 9,683,935,supportedby9,683,935, supported by 7,505,646 in cash from financing activities[79] - Net cash used in operating activities was 4,182,945forthesixmonthsendedJune30,2024,comparedto4,182,945 for the six months ended June 30, 2024, compared to 3,662,831 in 2023[84] - Net cash provided by financing activities was 7,505,646forthesixmonthsendedJune30,2024,asignificantincreasefrom7,505,646 for the six months ended June 30, 2024, a significant increase from 411,701 in 2023[89] Business Development - The company generated 69,300incosmeticproductsalesrevenueinconnectionwithitsexclusivesupplyagreementwithCartessaforthethreemonthsendedJune30,2024[69]−ThecompanyexpectsanincreaseinroyaltyrevenuefromitssublicenseagreementwithSCTCinfutureperiodsduetoanticipatedgrowthindiscprocedures[68]−ThecompanyhasreceivedFDAauthorizationtocommenceaPhase2clinicaltrialforBRTX−100,targetingchroniclowerbackpainfromdegenerativediscdisease[63]−Thecompanyisdevelopingabiologics−basedcosmeticproductsbusinessandhasenteredintoafive−yearexclusivesupplyagreementwithCartessaAesthetics[65]Gains−Thecompanyrecognizedagainonexchangeofwarrantsamountingto69,300 in cosmetic product sales revenue in connection with its exclusive supply agreement with Cartessa for the three months ended June 30, 2024[69] - The company expects an increase in royalty revenue from its sublicense agreement with SCTC in future periods due to anticipated growth in disc procedures[68] - The company has received FDA authorization to commence a Phase 2 clinical trial for BRTX-100, targeting chronic lower back pain from degenerative disc disease[63] - The company is developing a biologics-based cosmetic products business and has entered into a five-year exclusive supply agreement with Cartessa Aesthetics[65] Gains - The company recognized a gain on exchange of warrants amounting to 1,711,698 for the six months ended June 30, 2024[78]