Atomera(ATOM)2024-10-29 20:47Revenue and Costs - Revenue for the three months ended September 30, 2024, was approximately $22,000, and for the nine months ended September 30, 2024, it was approximately $112,000, with no revenue recorded in the same periods of 2023[63] - Cost of revenue for the three months ended September 30, 2024, was approximately $3,000, and for the nine months ended September 30, 2024, it was approximately $110,000, with no cost recorded in the same periods of 2023[64] Operating Expenses - Operating expenses for the three months ended September 30, 2024, totaled approximately $4.8 million, a decrease from $5.4 million in 2023, while for the nine months ended September 30, 2024, they totaled approximately $14.5 million, down from $15.9 million in 2023[65] - Research and development expenses for the three months ended September 30, 2024, were approximately $2.8 million, a decrease of approximately $546,000, or 17%, compared to the same period in 2023[68] - General and administrative expenses for the three months ended September 30, 2024, were approximately $1.8 million, an increase of approximately $129,000, or 8%, compared to the same period in 2023[70] - Selling and marketing expenses for the three months ended September 30, 2024, were approximately $248,000, a decrease of approximately $117,000, or 32%, compared to the same period in 2023[72] Cash Flow and Financial Position - Net cash used in operating activities for the nine months ended September 30, 2024, was approximately $10.2 million, resulting from a net loss of approximately $13.8 million[77] - As of September 30, 2024, the company had cash and cash equivalents of approximately $13.8 million and short-term investments of approximately $3.6 million[82] Financing and Capital Requirements - The company sold approximately 1.9 million shares of common stock through its ATM offering at an average price of approximately $4.74, resulting in approximately $8.5 million of net proceeds for the nine months ended September 30, 2024[83] - The company believes its available working capital is sufficient to fund forecasted working capital requirements for at least the next 12 months[84] - Future capital requirements will depend on the successful commercialization of MST technology and potential collaborations or acquisitions[84] - If sufficient revenue from license fees and royalties is not generated, the company may need to raise additional capital[84] - The company plans to explore various financing sources, including ATM, follow-on equity offerings, and debt financing[84] Internal Controls and Risk Factors - No changes have been made to critical accounting estimates from the previous Annual Report[85] - Management concluded that disclosure controls and procedures were effective as of September 30, 2024[87] - There have been no changes to internal controls over financial reporting that materially affect the company[88] - Primary risk factors affecting the business have not changed materially from the previous Annual Report[90] Licensing Agreement - The company entered into a license agreement with ST Microelectronics in April 2023, marking its first commercial manufacturing and distribution agreement, with revenue recognized upon milestone completion[59]