Revenue and Profitability - For the three months ended June 30, 2024, revenues were $89,100, compared to $64,500 for the same period in 2023, representing an increase of 38.2%[68] - Gross profit for the three months ended June 30, 2024, was $82,610, up from $64,500 in 2023, indicating a significant improvement in profitability[68] - Revenues for the six months ended June 30, 2024, increased to $124.1 million from $95.8 million in 2023, representing a growth of 29.5%[75] - Gross profit for the same period rose to $117.6 million, compared to $95.8 million in 2023, indicating a significant increase[75] Expenses - Research and development expenses increased by $389,291, or 43%, to $1,292,182 for the three months ended June 30, 2024, compared to $902,891 in 2023[69] - General and administrative expenses decreased by $1,018,925, or 45%, to $1,259,235 for the three months ended June 30, 2024, primarily due to a reduction in stock-based compensation[70] - Research and development expenses increased by $215,677, or 10%, to $2,350,313 for the six months ended June 30, 2024, primarily due to higher lab supply and payroll expenses[77] - General and administrative expenses decreased by $2,511,457, or 37%, to $4,345,356, mainly due to a reduction in stock-based compensation[77] Income and Loss - Interest income rose to $175,945 for the three months ended June 30, 2024, compared to $96,187 in the same period of 2023, reflecting improved returns on marketable securities[71] - The net loss for the three months ended June 30, 2024, was $4,028,562, a decrease from a net loss of $5,709,399 in 2023, indicating a reduction in losses[68] - Interest income increased to $338,542 for the six months ended June 30, 2024, compared to $114,403 in 2023, driven by investments in marketable securities[78] Cash Flow and Working Capital - Cash and cash equivalents increased to $2,252,247 as of June 30, 2024, up from $884,377 at the end of 2023[79] - Working capital improved by $900,754 to $9,683,935, supported by $7,505,646 in cash from financing activities[79] - Net cash used in operating activities was $4,182,945 for the six months ended June 30, 2024, compared to $3,662,831 in 2023[84] - Net cash provided by financing activities was $7,505,646 for the six months ended June 30, 2024, a significant increase from $411,701 in 2023[89] Business Development - The company generated $69,300 in cosmetic product sales revenue in connection with its exclusive supply agreement with Cartessa for the three months ended June 30, 2024[69] - The company expects an increase in royalty revenue from its sublicense agreement with SCTC in future periods due to anticipated growth in disc procedures[68] - 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[63] - The company is developing a biologics-based cosmetic products business and has entered into a five-year exclusive supply agreement with Cartessa Aesthetics[65] Gains - The company recognized a gain on exchange of warrants amounting to $1,711,698 for the six months ended June 30, 2024[78]
BioRestorative Therapies(BRTX) - 2024 Q2 - Quarterly Report