Financial Performance - Generated quarterly revenue of $2.4 million in Q3 2024, a significant increase from $298,000 in the prior-year period [6] - Net loss for Q3 2024 was $2.0 million, improving from a net loss of $2.3 million in Q3 2023 [10] - Net revenue for September 2024 reached $2,350,386, a significant increase from $298,484 in September 2023, representing a growth of approximately 687% [15] - The net loss for September 2024 was $2,000,840, compared to a net loss of $2,290,884 in September 2023, showing an improvement of approximately 13% [15] - The company reported a net loss per common share of $(0.16) for September 2024, an improvement from $(0.26) in September 2023 [15] Growth Metrics - Achieved over 1,300% growth rate for CyPath Lung orders in the first nine months of 2024 compared to the full-year 2023 [2] - Number of physician offices signed increased by 75% over Q2 2024, indicating strong potential for future sales growth [2] - CyPath Lung was added to the U.S. Federal Supply Schedule, providing access to 1,380 government healthcare facilities for high-risk veterans [2] Expenses - Research and development expenses were $274,000 in Q3 2024, a decrease from $330,000 in the same period of 2023 [7] - Selling, general and administrative expenses rose to $2.4 million in Q3 2024, compared to $2.0 million in Q3 2023 [9] - Total operating expenses for the quarter were $4,324,250, up from $2,592,988 in the same quarter last year, indicating an increase of about 67% [15] - Research and development expenses decreased to $274,497 from $330,376 year-over-year, reflecting a reduction of about 17% [15] - Selling, general and administrative expenses rose to $2,364,592, up from $2,023,917, marking an increase of approximately 17% [15] - Clinical development expenses decreased to $93,705 from $106,422, reflecting a reduction of about 12% [15] Cash and Assets - Cash and cash equivalents decreased to $0.8 million as of September 30, 2024, down from $2.8 million at the end of 2023 [11] - Total assets decreased to $6.55 million as of September 30, 2024, from $8.22 million at the end of 2023 [14] Financing Activities - Successfully closed a $2.7 million registered direct offering and concurrent private placement to fund growth initiatives [3] Other Income - Interest income decreased to $2,228 from $27,193 year-over-year, a decline of approximately 92% [15] - Total other income (expense) was $(24,417) compared to $5,914 in the previous year, indicating a negative shift of approximately 514% [15] Shareholder Metrics - The weighted average common shares outstanding increased to 12,391,867 from 8,696,554, representing a growth of about 42% [15]
bioAffinity Technologies(BIAF) - 2024 Q3 - Quarterly Results