Financial Performance - Net revenue for Q2 2024 was 19,738 in Q2 2023, representing a growth of approximately 12,100%[11] - Total operating expenses for Q2 2024 were 1,798,088 in Q2 2023, indicating an increase of about 149%[11] - The net loss for Q2 2024 was 1,740,173 in Q2 2023, reflecting an increase in losses of approximately 21%[11] - For the six months ended June 30, 2024, the net loss was 3,272,963 for the same period in 2023, indicating an increase in losses of approximately 24%[16] - The Company reported total net revenue of 20,659 for the same period in 2023[36] - Total net revenue for the three months ended June 30, 2024, was 19,738 for the same period in 2023, reflecting a significant increase due to the acquisition of Precision Pathology Laboratories Services, LLC[45] Expenses and Losses - Research and development expenses rose to 335,125 in Q2 2023, marking an increase of about 20%[11] - Selling, general, and administrative expenses increased to 1,404,917 in Q2 2023, which is an increase of approximately 76%[11] - Stock-based compensation expense for the six months ended June 30, 2024, was 327,868 for the same period in 2023, showing an increase of approximately 73.8%[16] - The company recognized advertising expenses of 27,741 for the same period in 2023[29] - The company incurred total lease costs of 30 for the same period in 2023, indicating a substantial increase[60] Cash Flow and Financial Position - Cash used in operating activities for the six months ended June 30, 2024, was 2,888,990 for the same period in 2023, representing an increase of about 34.4%[16] - As of June 30, 2024, the company had cash and cash equivalents of 8,279,182 at the end of the same period in 2023[16] - The total cash balance at June 30, 2024, was 10,911,736 at December 31, 2023[12] - The Company has significant cash balances that regularly exceed the federally insured limit of 48.7 million as of June 30, 2024, with cash and cash equivalents of approximately 1.64[72] - The company has 8,838,717 warrants outstanding with a weighted average exercise price of 3.5 million, which included 1 million[24] - The acquisition resulted in recognized goodwill of 3.5 million[25] - The company formed a new subsidiary, Precision Pathology Laboratory Services, LLC, on August 14, 2023, to enhance its diagnostic capabilities[18] - The company’s first diagnostic test, CyPathLung, is aimed at the early detection of lung cancer, which is the leading cause of cancer-related deaths[17] Future Outlook and Risks - The cash burn rate and projected financial position are critical factors for future operations, as highlighted in the management's discussion[5] - Future revenue estimates and capital requirements are subject to various risks, including the success of clinical trials and market acceptance of products[5] - The ongoing geopolitical tensions and economic instability may impact the company's operations and financial projections[7] - The company expects to continue incurring losses and negative cash flows for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[21] - The company plans to continue expanding its market presence and developing new products and technologies[9]
bioAffinity Technologies(BIAF) - 2024 Q2 - Quarterly Report