BioRestorative Therapies(US:BRTX)2025-11-12 22:00Financial Performance - For the three months ended September 30, 2025, revenues were $11,800, a decrease of 95% compared to $233,600 for the same period in 2024[93] - Revenues for the nine months ended September 30, 2025, were $340.1 million, a decrease of 4.9% compared to $357.7 million for the same period in 2024[101] - The net loss for the three months ended September 30, 2025, was $3,038,277, compared to a net loss of $1,091,416 for the same period in 2024[93] - Net loss for the nine months ended September 30, 2025, was $11.03 million, compared to a net loss of $7.34 million for the same period in 2024[101] Expenses - Research and development expenses increased by $1,141,387, or 78.5%, to $2,594,750 for the three months ended September 30, 2025, compared to $1,453,363 in 2024[96] - Research and development expenses increased by $2.46 million, or 49.2%, to $7.47 million for the nine months ended September 30, 2025, primarily due to increased costs for clinical trials and lab supplies[103] - General and administrative expenses rose by $66,504, or 6.3%, totaling $1,115,491 for the three months ended September 30, 2025, compared to $1,048,987 in 2024[97] - General and administrative expenses rose by $479,000, or 11.4%, to $4.67 million for the nine months ended September 30, 2025, driven by higher stock-based compensation and consulting expenses[105] Cash Flow and Capital - Cash and cash equivalents increased to $602,444 as of September 30, 2025, from $547,890 at the end of 2024[110] - Working capital decreased by $6.12 million to $1.27 million as of September 30, 2025, primarily due to cash used in operations[110] - Net cash used in operating activities was $8.37 million for the nine months ended September 30, 2025, compared to $5.88 million for the same period in 2024[114] - Net cash provided by investing activities was $6.50 million for the nine months ended September 30, 2025, primarily from the sale of marketable securities[116] Financial Challenges - The accumulated deficit as of September 30, 2025, was $166,713,054, indicating ongoing financial challenges[83] - The company anticipates continued net losses and negative cash flows from operations as it executes its development plans[111] - The company may face challenges in raising sufficient additional capital, which could impact its ability to continue operations[113] Product Development - The company is pursuing the development of BRTX-100 for chronic lumbar disc disease and has received FDA authorization for a Phase 2 clinical trial[85] Revenue Sources - The company generated $2,900 in royalty revenue from the sublicense agreement with SCTC for the three months ended September 30, 2024, compared to $11,800 in 2025, reflecting an increase due to more disc procedures[94] - The company reported $0 in cosmetic product sales revenue for the three months ended September 30, 2025, down from $230,700 in 2024, attributed to the timing of orders[95] - Interest income decreased to $57,740 for the three months ended September 30, 2025, from $158,547 in 2024, primarily due to a lower average balance of marketable securities[98] - The change in fair value of warrant liabilities resulted in a gain of $612,064 for the three months ended September 30, 2025, compared to a gain of $1,036,464 in 2024[100]