Bluejay Diagnostics(BJDX) - 2023 Q2 - Quarterly Report

Financial Performance - The company reported a net loss of $2.81 million for the three months ended June 30, 2023, compared to a net loss of $1.94 million for the same period in 2022, reflecting an increase in operating expenses[32]. - Revenue for the six months ended June 30, 2023, was $249,040 million, unchanged from the same period in 2022[40]. - Net loss for the six months ended June 30, 2023, was $5,252,148 million, compared to a net loss of $3,950,805 million in the same period of 2022, indicating a 33% increase in losses[40]. - Other income for the six months ended June 30, 2023, was $230,112 million, compared to $103,181 million in 2022, showing a significant increase of 123%[40]. Operating Expenses - Total operating expenses for the three months ended June 30, 2023, were $2.90 million, up from $2.03 million in the same period of 2022, with research and development costs increasing to $1.68 million from $0.76 million[32]. - Total operating expenses for the six months ended June 30, 2023, increased to $5,583,260 million from $4,102,897 million in 2022, representing a 36% increase[40]. - Research and development expenses for the six months ended June 30, 2023, were $3,030,805 million, up from $1,451,040 million in 2022, reflecting a 108% increase[40]. - General and administrative expenses decreased to $2,250,080 million for the six months ended June 30, 2023, from $2,516,815 million in 2022, a reduction of 11%[40]. Cash and Liabilities - As of June 30, 2023, the company had cash and cash equivalents of $5.1 million and estimated that these resources would be sufficient to fund operations into the fourth quarter of 2023[18]. - The company incurred approximately $1.8 million in current liabilities and commitments of about $1.9 million as of June 30, 2023[18]. - Total lease liabilities decreased to $442,928 million as of June 30, 2023, from $513,251 million as of December 31, 2022, a decline of 14%[54]. - The company has a minimum royalty payment obligation of $100,000 per year to Toray Industries following the first sale of Cartridges, which has not yet occurred as of June 30, 2023[56]. Stock and Shares - The company executed a reverse stock split at a ratio of 1-for-20 on July 24, 2023, reducing the number of authorized outstanding shares from 100 million to 7.5 million[17]. - The company’s weighted average common shares outstanding for the three months ended June 30, 2023, were 1,023,052, reflecting a 1-for-20 reverse stock split[32]. Clinical Development - The company plans to conduct a clinical study to support an FDA regulatory submission for the Symphony IL-6 test, with a timeline for submission in the first half of 2024[36]. - The company is developing the Symphony device for measuring IL-6, which is intended for monitoring disease progression in critical care settings[35]. - The company is reliant on Toray and Sanyoseiko for cartridges necessary for clinical trials, with potential supply interruptions posing risks to trial timelines[37]. Reporting Classification - The company is classified as a smaller reporting company, with a market value of stock held by non-affiliates below $700 million and annual revenue under $100 million[61].