BioCardia(US:BCDA)2025-11-12 21:07Financial Performance - Net loss for the three months ended September 30, 2025, was $1,483 million, a decrease of 14.6% compared to a net loss of $1,737 million for the same period in 2024[14] - The company reported total revenue from collaboration agreements of $0 for the three months ended September 30, 2025, compared to $58 million for the same period in 2024[14] - Net cash used in operating activities for the nine months ended September 30, 2025, was $4,939 million, a decrease of 9.4% compared to $5,453 million in the same period of 2024[19] - Total stockholders' equity increased to $2,627 million as of September 30, 2025, from $837 million at December 31, 2024, representing a growth of 213.0%[11] Assets and Liabilities - Total assets increased to $6,148 million as of September 30, 2025, compared to $3,724 million at December 31, 2024, reflecting a growth of 65.0%[11] - Total liabilities rose to $3,521 million as of September 30, 2025, compared to $2,887 million at December 31, 2024, marking an increase of 21.9%[11] - Cash and cash equivalents at the end of the period were $5,287 million, an increase of 22.5% from $4,930 million at the end of September 2024[19] - The total cash and cash equivalents as of September 30, 2025, were $5.287 million, compared to $2.371 million as of December 31, 2024, indicating an increase[38] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $3,834 million, up 28.9% from $2,972 million in the same period of 2024[14] Capital Raising and Stock - The company raised $8,690 million from sales of common stock during the nine months ended September 30, 2025, compared to $10,513 million in the same period of 2024[19] - As of September 30, 2025, approximately $2.9 million of common stock may still be sold under the At-the-Market offering agreement[54] - For the three months ended September 30, 2025, the company sold 303,932 common shares, generating gross proceeds of $783,000[55] - The gross proceeds from the February 2024 Offering were $875,000, with associated issuance costs of $43,000[47] - The gross proceeds from the September 2024 Registered Offering were $7.2 million, with associated issuance costs of $926,000[49] Expenses and Liabilities - Accrued expenses and other current liabilities totaled $1.803 million as of September 30, 2025, up from $1.551 million as of December 31, 2024[44] - The depreciation expense for the nine months ended September 30, 2025, was $21,000, compared to $52,000 for the same period in 2024[39] - BioCardia's lease expense was $121,000 for both the three months ended September 30, 2025, and 2024, and $362,000 for both the nine months ended September 30, 2025, and 2024[42] - Total share-based compensation for the nine months ended September 30, 2025 was $345,000, compared to $565,000 for the same period in 2024[56] Going Concern - As of September 30, 2025, BioCardia had an accumulated deficit of approximately $166.4 million and cash and cash equivalents of approximately $5.3 million, raising substantial doubt about its ability to continue as a going concern beyond the second quarter of 2026[28] Stock Options and Warrants - As of September 30, 2025, the balance of outstanding warrants for common stock was 7,948,618, with a weighted average exercise price of $1.88[46] - As of September 30, 2025, the company had 164,900 stock options outstanding, with a weighted average exercise price of $48.17[59] Tax and Interest Rate Exposure - The company has a full valuation allowance on deferred tax assets, indicating uncertainty in generating future taxable income[61] - There was no income tax expense or benefit for federal or state income taxes during the three and nine months ended September 30, 2025 due to net loss[60] - The company does not currently hedge interest rate exposure, and a hypothetical 100 basis point change in interest rates would have an immaterial impact on operations[121]