Financial Performance - For the three months ended September 30, 2021, the company generated revenues of $8,000, a decrease of 47% compared to $15,000 for the same period in 2020[175]. - For the nine months ended September 30, 2021, the company reported revenues of $41,000, down 32% from $60,000 for the same period in 2020[187]. - The net loss for the three months ended September 30, 2021 was $4,184,232, compared to a net loss of $836,263 for the same period in 2020[174]. - The net loss for the nine months ended September 30, 2021 was $23,900,157, compared to a net loss of $5,511,375 for the same period in 2020[186]. Operating Expenses - Total operating expenses for the three months ended September 30, 2021 were $3,696,687, an increase of 492% from $625,265 in the same period of 2020[174]. - General and administrative expenses for the nine months ended September 30, 2021 increased to $21,756,887, a significant rise of 1,826% from $1,129,218 in the same period of 2020[186]. - Research and development expenses for the three months ended September 30, 2021 were $237,410, a decrease of 5% from $251,036 in the same period of 2020[178]. - Marketing and promotion expenses for the nine months ended September 30, 2021 decreased by 68% to $9,120 from $28,131 in the same period of 2020[188]. - Consulting expenses decreased by $91,158, or 90%, from $101,195 to $10,037 for the nine months ended September 30, 2021, compared to the same period in 2020[190]. - Research and development expenses decreased by $135,355, or 19%, from $698,917 to $563,562 for the nine months ended September 30, 2021, compared to the same period in 2020[191]. - General and administrative expenses increased by $20,627,669, or 1,827%, from $1,129,218 to $21,765,887 for the nine months ended September 30, 2021, compared to the same period in 2020[193]. - Interest expense increased by $189,089, or 13%, for the nine months ended September 30, 2021, compared to the same period in 2020[196]. Cash and Financing - As of September 30, 2021, cash was $1,129,716, down from $3,064,610 as of December 31, 2020[200]. - Working capital decreased from $2,142,229 to $296,200 as of September 30, 2021[200]. - The company required additional equity and/or debt financing due to an accumulated deficit of $113,742,990 as of September 30, 2021[201]. - The company completed a public offering on November 9, 2021, issuing 2,300,000 units at a public offering price of $10.00 per unit, raising approximately $20,772,000[206][208]. - Net cash used in operating activities was $2,184,894 for the nine months ended September 30, 2021, compared to $1,392,145 for the same period in 2020[210]. - The company anticipates needing at least $12,000,000 to complete Phase 2 clinical trials for its Disc/Spine Program[214]. Clinical Trials - The company intends to commence a Phase 2 clinical trial for BRTX-100 in 2022, pending necessary funding[169]. - The company has received FDA authorization to commence the clinical trial for BRTX-100, targeting chronic lower back pain from degenerative disc disease[169].
BioRestorative Therapies(BRTX) - 2021 Q3 - Quarterly Report