Financial Performance - Total revenue for the three months ended March 31, 2025, was $1,637,185, representing an increase of 3.9% compared to $1,576,286 for the same period in 2024[17] - Clinic revenue increased to $1,621,553, up from $1,537,199, reflecting a growth of 5.5% year-over-year[17] - The net loss for the quarter was $17,403,586, compared to a net loss of $1,596,513 in the same quarter of 2024, indicating a substantial decline in profitability[17] - Basic and diluted net loss per common share was $(12.53) for the three months ended March 31, 2025, compared to $(7.55) for the same period in 2024[17] - For the three months ended March 31, 2025, the net loss was $17,403,586 compared to a net loss of $1,596,513 for the same period in 2024[22] - The company reported a basic net loss per common share of $12.53 for Q1 2025, compared to $7.55 for Q1 2024[17] Operating Expenses - Operating expenses surged to $18,744,597, a significant increase from $3,084,323 in the prior year, primarily due to an impairment loss of $14,645,069[17] - The company reported an impairment loss of $14,645,069 during the period[22] - Research and development expenses increased significantly to $265,663 from $4,880, highlighting a focus on innovation[17] Assets and Liabilities - Total current assets increased to $1,569,122 as of March 31, 2025, from $1,318,331 as of December 31, 2024, marking a growth of 19%[14] - Total liabilities decreased to $24,429,823 as of March 31, 2025, down from $26,244,709 as of December 31, 2024, reflecting a reduction of approximately 6.9%[14] - Stockholders' equity decreased to $3,335,365 from $12,747,473, indicating a decline of about 73.8%[14] Cash Flow - Cash used in operating activities for the three months ended March 31, 2025, was $3,545,534, significantly higher than $260,557 in the prior year[22] - Cash and cash equivalents increased to $840,407 from $741,396, indicating improved liquidity[14] - Cash and cash equivalents at the end of the period increased to $840,407 from $475,125 year-over-year[22] - Cash paid for interest during the period was $169,042, compared to $50,804 in the prior year[22] Strategic Initiatives - The company anticipates future growth driven by new product introductions and market expansion strategies[12] - The company is in the process of divesting a majority stake in NAYA Therapeutics, Inc. to concentrate on the fertility marketplace[25] - The company plans to grow the Wisconsin Fertility Institute and pursue the acquisition of additional U.S.-based, profitable IVF clinics over the next 12 months[52] - The company is focused on expanding access to assisted reproductive technology (ART) care[25] - The proprietary INVOcell technology allows fertilization and early embryo development to occur in vivo within the woman's body[25] Investments and Acquisitions - The Company completed the acquisition of NAYA Therapeutics on October 11, 2024, with a total consideration of approximately $29.6 million allocated to various assets and liabilities acquired[54][58] - The acquisition included the conversion of NTI's outstanding debt obligations into shares of the Company's common stock and newly-designated preferred stock[56] - The Company executed a reverse stock split of 1-for-12 on March 18, 2025, resulting in 4,166,667 shares of authorized common stock[117][118] Legal and Compliance - The company is subject to potential legal proceedings, although none were material as of March 31, 2025[155] - A legal settlement was reached with Dr. Pritts, where the company agreed to pay $5,000,000, with scheduled payments including $475,000 due June 30, 2025, and $2,000,000 due June 30, 2026[173] - The company regained compliance with Nasdaq's Timely Filing Rule after filing its Annual Report on Form 10-K on April 30, 2025[161] Future Outlook - The company anticipates future acquisitions and the introduction of new products as part of its growth strategy[12] - The company has expressed substantial doubt about its ability to continue as a going concern due to significant operating losses and expected future losses[53]
NAYA Biosciences, Inc.(NAYA) - 2025 Q1 - Quarterly Report