BioRestorative Therapies(BRTX) - 2024 Q3 - Quarterly Report

Revenue and Sales Performance - For the three months ended September 30, 2024, revenues were $233,600, a significant increase from$30,700 in the same period of 2023, primarily driven by cosmetic product sales[89]. - The company generated $230,700 in cosmetic product sales revenue in connection with its exclusive supply agreement with Cartessa, compared to$0 in the prior year[90]. - Revenues for the nine months ended September 30, 2024, were $57,700, a decrease from$126,500 in the same period of 2023, primarily due to a decrease in disc procedures[99]. Expenses - Research and development expenses increased by $510,206, or 63$1,320,030 for the three months ended September 30, 2024, compared to $874,824 in 2023[91]. - General and administrative expenses decreased by$1,142,999, or 49%, to $1,182,320 for the three months ended September 30, 2024, primarily due to a reduction in stock-based compensation[93]. - Research and development expenses increased by$746,035, or 25%, for the nine months ended September 30, 2024, compared to the same period in 2023, driven by increased lab supply and payroll expenses[100]. - General and administrative expenses decreased by $3,674,608, or 40$1,091,416, a decrease from a net income of $4,768,261 in the same period of 2023[89]. - The company reported a net loss of$7,343,233 for the nine months ended September 30, 2024, an improvement from a net loss of $8,113,710 in the same period of 2023[1]. Cash Flow and Financing - Net cash used in operating activities was$5,882,501 for the nine months ended September 30, 2024, compared to $4,842,249 for the same period in 2023[113]. - Net cash provided by financing activities was$7,505,646 for the nine months ended September 30, 2024, significantly higher than $2,265,700 in the same period of 2023[115]. - Cash and cash equivalents as of September 30, 2024, were$1,489,444, an increase from $884,377 as of December 31, 2023[107]. - The company anticipates requiring additional equity and/or debt financing to continue operations due to an accumulated deficit of$154,042,567 as of September 30, 2024[109]. - The company has entered into an at-the-market offering agreement to issue and sell shares of common stock up to an aggregate offering price of $3,614,170[111]. Clinical Trials and Development Programs - 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[81]. - The company is also developing the ThermoStem Program, which focuses on treating type 2 diabetes and obesity using brown adipose tissue[83]. - A five-year exclusive supply agreement with Cartessa Aesthetics was announced in April 2024, marking a strategic move into the cosmetic products market[85]. Interest Income - Interest income rose to$158,547 for the three months ended September 30, 2024, compared to $61,667 in the same period of 2023, attributed to investments in marketable securities[94]. - Interest income increased to$497,089 for the nine months ended September 30, 2024, compared to $176,070 in the same period of 2023, attributed to investments in marketable securities[103]. Accumulated Deficit - The accumulated deficit as of September 30, 2024, was$154,042,567, reflecting the company's historical losses primarily from operating expenses[79].