Financial Performance - The company reported a net loss of $2.712 million for the three months ended March 31, 2025, compared to a net loss of $2.267 million for the same period in 2024, indicating an increase in losses of about 20%[17] - The accumulated deficit increased to approximately $162.8 million as of March 31, 2025, compared to $160.1 million at the end of 2024[14] - The company anticipates that operating losses and negative cash flows will continue for several years, raising substantial doubt about its ability to continue as a going concern beyond July 2025[32] Assets and Liabilities - As of March 31, 2025, total assets decreased to $2.166 billion from $3.724 billion as of December 31, 2024, representing a decline of approximately 42%[14] - Total current liabilities increased to $3.234 million as of March 31, 2025, compared to $2.321 million at the end of 2024, an increase of approximately 39%[14] - Cash and cash equivalents decreased to $949,000 as of March 31, 2025, down from $2.371 million at the end of 2024, a reduction of about 60%[14] - As of March 31, 2025, approximately 98% of the company's cash and cash equivalents, totaling $684,000, were held by one financial institution, exceeding the FDIC insurance limit of $250,000 per customer[36] - Accrued expenses and other current liabilities increased from $1,551,000 as of December 31, 2024, to $2,018,000 as of March 31, 2025[49] Research and Development - Research and development expenses rose to $1.530 million in Q1 2025, up from $1.241 million in Q1 2024, reflecting a year-over-year increase of approximately 23%[17] - BioCardia is focused on developing cell therapy systems for cardiovascular and pulmonary diseases, with ongoing pivotal trials for ischemic heart failure and refractory angina[26] Capital and Financing - The company plans to raise additional capital to fund future operations, which may include debt and equity arrangements[33] - The company sold 81,274 shares under the ATM offerings for total gross proceeds of $212,000 during the three months ended March 31, 2025[55] - The gross proceeds from a private placement on April 23, 2025, amounted to $775,000, with warrants exercisable at $1.905 per share[62] Expenses - Share-based compensation expense for the three months ended March 31, 2025, was $170,000, down from $204,000 in the same period of 2024[56] - The company reported a depreciation expense of $12,000 for the three months ended March 31, 2025, compared to $19,000 for the same period in 2024[44] - The total operating lease liabilities as of March 31, 2025, were $850,000, with future minimum lease payments totaling $932,000[48] Market Risk - The company's exposure to market risk is currently limited to cash and cash equivalents with maturities of less than three months[113] - A hypothetical 100 basis point increase or decrease in interest rates would have an immaterial pre-tax impact on the company's results of operations as of March 31, 2025[114] - The majority of the company's revenues are derived from sales in the United States, indicating limited foreign currency exchange risk exposure[115] - The company does not currently engage in hedging to mitigate foreign currency risks but will continue to monitor and evaluate its processes[115]
BioCardia(BCDA) - 2025 Q1 - Quarterly Report