Sintx Technologies(US:SINT)2022-05-13 16:35Revenue and Financial Performance - For the three months ended March 31, 2022, total revenue increased by 28% to $0.129 million compared to $0.101 million in the same period of 2021 [92]. - Grant revenue for the three months ended March 31, 2022, was $0.028 million, a 100% increase from zero in the same period of the prior year [93]. - The company incurred a net loss of $2.845 million for the three months ended March 31, 2022, compared to a net loss of $2.633 million in the same period of 2021, representing an 8% increase in loss [102]. - The accumulated deficit as of March 31, 2022, was $253.3 million, up from $250.4 million as of December 31, 2021 [102]. - Net cash used in operating activities was $3.2 million for the three months ended March 31, 2022, compared to $3.0 million for the same period in 2021, an increase of $0.2 million [112]. - The total decrease in cash for the three months ended March 31, 2022, was $3.4 million, compared to a decrease of $1.9 million for the same period in 2021 [111]. Expenses - Research and development expenses increased by $0.058 million, or 4%, to $1.653 million for the three months ended March 31, 2022, primarily due to price inflation [95]. - General and administrative expenses decreased by $0.144 million, or 14%, to $0.856 million for the three months ended March 31, 2022, due to reduced external consulting costs [96]. - Sales and marketing expenses increased by $0.108 million, or 38%, to $0.394 million for the three months ended March 31, 2022, driven by increased marketing activities [98]. Cash Flow and Financing - Net cash used in investing activities was $0.2 million for the three months ended March 31, 2022, a decrease of $0.6 million from $0.4 million provided in the same period in 2021 [113]. - There was no cash provided by financing activities during the three months ended March 31, 2022, compared to $0.7 million in the same period in 2021, a decrease of $0.7 million [114]. - The company identified an error related to the removal of a loan obligation and recorded approximately $0.5 million of other income, which affected the 2021 net loss attributable to common stockholders [110]. - The company received a 2021 PPP Loan of $0.5 million, which was forgiven, but later determined that the loan obligation should not have been removed from the financial statements [116][117]. Market and Product Development - The company is actively pursuing new markets for its silicon nitride products, including applications in personal protection products to inactivate viruses [103]. - SINTX Technologies has entered the ceramic armor market through asset purchases and technology partnerships, focusing on high-performance ceramics for ballistic applications [79]. - The company has a 10-year exclusive sales agreement with CTL for spinal fusion products, which is a key revenue source [83]. COVID-19 Impact - The company implemented protective measures in response to COVID-19, which may impact operations and liquidity [109]. - The company continues to assess the impact of COVID-19 on its operations and financial condition, which remains uncertain [109]. Accounting Policies - Significant accounting policies and estimates have not materially changed for the three months ended March 31, 2022 [120]. - The company has no off-balance sheet arrangements as defined in Regulation S-K [119].