BioRestorative Therapies(BRTX) - 2022 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2022, the company generated $16,000 in revenue, a decrease of 11.1% from $18,000 in the same period in 2021[115]. - Total operating expenses for the three months ended March 31, 2022, were $5,069,793, down 66.3% from $15,072,656 in the same period in 2021[114]. - The company reported a net loss of $4,816,150 for the three months ended March 31, 2022, compared to a net loss of $15,653,330 in the same period in 2021[114]. - The net loss for the three months ended March 31, 2022, was $4,816,150, a decrease from the net loss of $15,653,330 in the same period of 2021[131]. Expenses - Research and development expenses increased by $610,083, or 369%, from $165,254 in Q1 2021 to $775,337 in Q1 2022[118]. - General and administrative expenses decreased by $10,688,497, or 72%, from $14,896,413 in Q1 2021 to $4,207,916 in Q1 2022[120]. - Non-cash expenses related to stock-based compensation amounted to $3,430,925 for the three months ended March 31, 2022[131]. Cash Flow - As of March 31, 2022, the company's cash balance was $19,322,520, down from $21,026,727 as of December 31, 2021[126]. - Net cash used in operating activities was $1,594,634 for the three months ended March 31, 2022, compared to $813,701 for the same period in 2021, reflecting a significant increase in cash outflow[131]. - Net cash used in investing activities was $109,573 for the three months ended March 31, 2022, due to equipment purchases, with no cash flows from investing activities in the same period of 2021[133]. - There were no cash flows from financing activities for the three months ended March 31, 2022, while financing activities in 2021 included $250,000 from a loan under the Paycheck Protection Program[134]. - The net decrease in cash for the three months ended March 31, 2022, was $1,704,207, compared to a decrease of $563,701 in the same period of 2021[130]. - Changes in operating assets and liabilities provided $40,591 in cash for the three months ended March 31, 2022, primarily due to increases in accounts payable and accrued expenses[131]. Financial Position - The accumulated deficit as of March 31, 2022, was $138,962,278, indicating ongoing financial challenges[127]. - The company anticipates needing additional equity and/or debt financing to continue operations and fund clinical trials[129]. Clinical Trials and Operations - The company expects to incur substantial costs for clinical trials and operational activities over the next year[109]. - The company has received FDA authorization to commence a Phase 2 clinical trial for BRTX-100, targeting chronic lower back pain[110]. Market and Risk Factors - The company does not believe that inflation has had a material impact on its business or operating results during the periods presented[135]. - There are no off-balance sheet arrangements that could materially affect the company's financial condition or results of operations[137]. - The company is not required to provide quantitative and qualitative disclosures about market risk as a smaller reporting company[138].