Ainos(AIMD) - 2024 Q3 - Quarterly Report

Revenue Performance - The company reported nil revenue in Q3 2024, down from $24,489 in Q3 2023, due to the cessation of Ainos COVID-19 antigen rapid test kit sales and offset by sales returns of VELDONA Pet[125]. - Revenues for the first nine months of 2024 were$ 20,729, a decrease of $81,479 (80%) from$ 102,208 in the same period of 2023[137]. Expenses - Research and Development (R&D) expenses increased by $311,979 (18%) to$ 2,022,244 in Q3 2024, driven by co-research and staffing expenditures[128]. - Selling, General and Administrative (SG&A) expenses rose by $113,741 (13%) to$ 1,015,758 in Q3 2024, attributed to increased staffing and professional expenses[131]. - The Company's operating loss increased by $362,883 (14%) to$ 3,038,549 in Q3 2024 from $2,675,666 in Q3 2023[133]. - Research and development (R&D) expenses increased by$ 1,005,313 (20%) to $6,085,648 in the first nine months of 2024 from$ 5,080,335 in the same period of 2023[141]. - Selling, general and administrative (SG&A) expenses rose by $807,425 (35%) to$ 3,090,056 in the first nine months of 2024 compared to $2,282,631 in the same period of 2023[143]. Net Loss - The company incurred a net loss of$ 3,699,317 in Q3 2024, compared to a net loss of $2,975,846 in Q3 2023, reflecting a 24% increase in losses[124]. - Net loss for Q3 2024 was$ 3,699,317, reflecting a $723,471 (24%) increase compared to$ 2,975,846 in Q3 2023[135]. - Net loss for the first nine months of 2024 was $10,209,149, representing a$ 2,363,101 (30%) increase from $7,846,048 in the first nine months of 2023[149]. Cash Flow - As of September 30, 2024, the company had available cash and cash equivalents of$ 5,156,606, with plans to raise additional capital to fund operations[120]. - Cash used in operating activities increased by $1,622,282 to$ 4,944,036 in the first nine months of 2024 compared to $3,321,754 in the same period of 2023[151]. - Cash provided by financing activities increased by$ 4,271,772 to $8,295,746 in the first nine months of 2024 from$ 4,023,974 in the same period of 2023[153]. Clinical and Product Development - The company has initiated clinical studies for HIV oral warts and Sjögren's syndrome in Taiwan, with the U.S. FDA granting orphan drug designation for the VELDONA formulation[114]. - The company is developing a next-generation Ainos Flora device for at-home testing, utilizing compute unified device architecture (CUDA) for enhanced performance[114]. - The company has licensed additional patents to strengthen its AI Nose and POCT technologies, including a patent for treating coronavirus infection[119]. - The company expects to increase spending on clinical trials and R&D activities in the near term to advance its VOC POCT and VELDONA drug candidates[156]. Strategic Goals - The company aims to create multiple revenue streams through commercialization of its product portfolio and strategic partnerships[118].