Revenue Performance - Ainos reported nil revenue in Q2 2024, down from $28,555 in Q2 2023, due to the cessation of COVID-19 test kit sales and limited sales of VELDONA Pet[120]. - Revenues for H1 2024 were $20,729, a decrease of $56,990 (73%) compared to $77,719 in H1 2023, primarily due to the cessation of sales of Ainos COVID-19 antigen rapid test kits[131]. Cost of Revenue - The cost of revenue in Q2 2024 was $25,373, a decrease of 55% from $55,817 in Q2 2023, attributed to reduced sales volume[121]. - Cost of revenues in H1 2024 was $52,127, down $104,538 (67%) from $156,665 in H1 2023, attributed to decreased sales volume[132]. Gross Loss - Gross loss from product sales was $25,373 in Q2 2024, slightly improved from a gross loss of $27,262 in Q2 2023[122]. - Gross loss for H1 2024 was $31,398, a reduction of $47,548 (60%) from a gross loss of $78,946 in H1 2023, due to lower sales volume and cost of revenue[133]. Research and Development Expenses - Research and development (R&D) expenses increased by 18% to $1,978,756 in Q2 2024 from $1,671,187 in Q2 2023, driven by co-research and staffing expenditures[123]. - R&D expenses increased by $693,334 (21%) to $4,063,404 in H1 2024 from $3,370,070 in H1 2023, driven by co-research and staffing expenditures[135]. Selling, General and Administrative Expenses - Selling, general and administrative (SG&A) expenses rose by 69% to $1,044,880 in Q2 2024 from $618,149 in Q2 2023, due to increased staffing and professional expenses[125]. - SG&A expenses rose by $693,684 (50%) to $2,074,298 in H1 2024 from $1,380,614 in H1 2023, reflecting increased staffing and professional expenses[137]. Operating Loss - The operating loss increased by 32% to $3,049,009 in Q2 2024 from $2,316,598 in Q2 2023, reflecting ongoing investments in growth strategies[127]. - Operating loss increased by $1,339,470 (28%) to $6,169,100 in H1 2024 compared to $4,829,630 in H1 2023, due to higher operating expenses[139]. Net Loss - Net loss for Q2 2024 was $3,195,022, a 36% increase from $2,349,727 in Q2 2023, primarily due to rising operating expenses[129]. - Net loss for H1 2024 was $6,509,832, an increase of $1,639,630 (34%) from $4,870,202 in H1 2023, primarily due to expanding operating expenses[141]. Financing Activities and Cash Position - Cash provided by financing activities increased significantly to $9,777,500 in H1 2024 from $2,185,974 in H1 2023, reflecting new funding received[145]. - As of June 30, 2024, the company had available cash of $8,014,098, up from $1,885,628 at the end of 2023[142]. Future Plans - Ainos plans to advance its VOC POCT candidate, Ainos Flora, and develop a VOC sensing platform in collaboration with partners[115]. - The company aims to leverage its intellectual property to create multiple revenue streams through commercialization and strategic partnerships[114]. - The company anticipates increased spending on clinical trials and R&D activities to advance its product candidates in the near term[146].
Ainos(AIMD) - 2024 Q2 - Quarterly Report