BioRestorative Therapies(BRTX) - 2023 Q3 - Quarterly Report

Financial Performance - As of September 30, 2023, the accumulated deficit of BioRestorative Therapies, Inc. was $164,231,163, with modest revenue generation historically[67]. - For the three months ended September 30, 2023, the company generated $30,700 in royalty revenue, compared to $29,000 for the same period in 2022, reflecting a 5.9% increase[81]. - The net loss for the three months ended September 30, 2023, was $2,925,492, compared to a net loss of $4,655,825 for the same period in 2022, indicating a 37.1% improvement[80]. - For the nine months ended September 30, 2023, the company generated $126,500 in royalty revenue, up from $116,100 in the same period in 2022, representing an 8.3% increase[91]. - The net loss for the nine months ended September 30, 2023, was $11,590,266, compared to a net loss of $14,147,216 for the same period in 2022, reflecting an 18.1% improvement[90]. Operating Expenses - Total operating expenses for the three months ended September 30, 2023, were $4,638,700, a decrease of 12.5% from $5,300,000 in the same period of 2022[80]. - Research and development expenses for the three months ended September 30, 2023, decreased by $114,346, or 11.6%, compared to the same period in 2022[82]. - General and administrative expenses decreased by $1,389,211, or 38.1%, for the three months ended September 30, 2023, primarily due to a reduction in stock-based compensation[84]. - The total operating expenses for the nine months ended September 30, 2023, were $12,126,592, a decrease from $14,408,221 in the same period of 2022[90]. - General and administrative expenses decreased by $2,795,858, or 24.2%, for the nine months ended September 30, 2023, compared to the same period in 2022[94]. Cash Flow - Net cash used in operating activities was $4,656,785 for the nine months ended September 30, 2023, primarily due to a net loss of $11,590,266[110]. - Net cash provided by investing activities increased by $13,307,581 for the nine months ended September 30, 2023, compared to the same period in 2022[111]. - Net cash provided by financing activities was $2,265,700 for the nine months ended September 30, 2023, due to proceeds from the ATM and registered direct offerings[112]. Financing Activities - The company sold 93,551 shares under the ATM program at a weighted-average gross price of approximately $5.74 per share, raising approximately $536,600 in gross proceeds[105]. - As of September 30, 2023, the company had remaining capacity to sell up to an additional $3,663,407 of Common Stock under the ATM program[105]. - The company received net proceeds of approximately $1,831,000 from a registered direct offering of 685,033 shares in July 2023[108]. Future Expectations - The company expects general and administrative expenses to increase as it expands staff and develops infrastructure[95].