CDI(US:CODX)2025-05-08 20:10Financial Performance - For the three months ended March 31, 2025, the company generated revenues of $0.1 million, a decrease of 80% compared to $0.5 million for the same period in 2024[86] - The cost of revenues for the three months ended March 31, 2025, was approximately $22,000, down from $0.2 million in the same period in 2024[87] - Total operating expenses decreased to $8.6 million for the three months ended March 31, 2025, from $10.5 million in the same period in 2024, primarily due to reduced stock-based compensation and personnel-related expenses[88] - Research and development expenses were $4.9 million for the three months ended March 31, 2025, compared to $5.7 million for the same period in 2024, reflecting a decrease of approximately 14%[91] - The net loss for the three months ended March 31, 2025, was $7.5 million, an improvement from a net loss of $9.3 million for the same period in 2024[93] - Net cash used in operating activities was $8.7 million for the three months ended March 31, 2025, compared to $8.5 million for the same period in 2024[95] Assets and Liabilities - As of March 31, 2025, the company had cash and cash equivalents of $1.9 million and marketable investment securities of $19.6 million, totaling current assets of $23.8 million against current liabilities of $5.4 million[94] - The company is seeking additional equity and/or debt financing, but such funding is not assured and may not be available on favorable terms, creating substantial doubt about its ability to continue as a going concern[99] Equity and Financing - The company has entered into an Amended and Restated Equity Distribution Agreement allowing for the sale of common stock with an aggregate offering price of up to $17,111,650[98] - The company has sold 833,806 shares of common stock under the ATM Agreement, resulting in net proceeds of $0.6 million as of March 31, 2025[98] Internal Controls and Procedures - The company maintains effective disclosure controls and procedures as of March 31, 2025, ensuring timely decisions regarding required disclosures[101] - There have been no changes in internal control over financial reporting that materially affected or are likely to materially affect the company's internal control during the three months ended March 31, 2025[102] - There are no off-balance sheet arrangements reported by the company[100] Product Development - The company plans to submit a new version of the Co-Dx PCR COVID-19 test for 510(k) OTC clearance after collecting clinical evaluation data to support the new test's performance[79]