Revenue Performance - Revenues for Q2 2024 were nil, a decline from US$28,555 in Q2 2023, due to the cessation of COVID-19 antigen rapid test kit sales[5]. - Revenues for the three months ended June 30, 2024, were $28,555, compared to $20,729 for the same period in 2023, indicating a year-over-year increase of approximately 37%[27]. Cost and Expenses - Cost of revenues decreased to US$25,373 in Q2 2024 from US$55,817 in Q2 2023, primarily due to lower sales volume[6]. - Total operating expenses increased to US$3,023,636 in Q2 2024 from US$2,289,336 in Q2 2023, driven by higher co-research and staffing expenditures[8]. - SG&A expenses increased to US$1,044,880 in Q2 2024 from US$618,149 in Q2 2023, with non-cash expenses excluded, SG&A rose to US$706,211 from US$497,124[11]. - Total operating expenses for the three months ended June 30, 2024, were $3,023,636, an increase from $2,289,336 in the same period of 2023, reflecting a rise of about 32%[27]. - Research and development expenses for the six months ended June 30, 2024, were $4,063,404, up from $3,370,070 in the same period of 2023, reflecting an increase of about 20%[27]. Profitability - Gross profit was negative US$25,373 in Q2 2024, an improvement from negative US$27,262 in Q2 2023[7]. - Net loss attributable to common stock shareholders was US$3,195,022 in Q2 2024, compared to US$2,349,727 in Q2 2023[12]. - Gross loss for the six months ended June 30, 2024, was $31,398, compared to $78,946 for the same period in 2023, showing a reduction in gross loss of approximately 60%[27]. - Net loss for the three months ended June 30, 2024, was $3,195,022, compared to $2,349,727 for the same period in 2023, representing an increase in net loss of approximately 36%[27]. Cash and Assets - Cash and cash equivalents as of June 30, 2024, were US$8,014,098, up from US$1,885,628 as of December 31, 2023[13]. - Cash and cash equivalents increased significantly to $8,014,098 as of June 30, 2024, from $1,885,628 as of December 31, 2023, marking an increase of over 324%[25]. - Total assets increased to $35,539,387 as of June 30, 2024, up from $31,841,804 as of December 31, 2023, representing a growth of approximately 11%[25]. Liabilities and Equity - Total current liabilities rose to $5,743,199 as of June 30, 2024, compared to $1,336,838 as of December 31, 2023, indicating an increase of approximately 329%[25]. - Total liabilities increased to $14,827,111 as of June 30, 2024, from $7,394,223 as of December 31, 2023, representing an increase of approximately 100%[25]. - Stockholders' equity decreased to $20,712,276 as of June 30, 2024, down from $24,447,581 as of December 31, 2023, indicating a decline of approximately 15%[25]. Research and Development - R&D expenses rose to US$1,978,756 in Q2 2024 from US$1,671,187 in Q2 2023, reflecting increased technology and product research costs[10]. - The company aims to complete enrollment of 30 subjects for the FCGS clinical study by the end of 2024, with trial report expected in Q1 2025[14]. - Ainos is targeting Q3 2024 for design completion and Q4 2024 for clinical trial kickoff of the Next-Gen Ainos Flora VOC POCT device[15].
Ainos(AIMD) - 2024 Q2 - Quarterly Results