Financial Performance - Revenues for 2023 were $122,112, a significant decrease from $3,519,627 in 2022, primarily due to reduced demand for COVID-19 test kits [4]. - Gross profit for 2023 was negative $253,733, compared to a positive gross profit of $1,405,343 in 2022, driven by declines in sales volume and selling price [6]. - Net loss attributable to common stock shareholders was $13,770,549 in 2023, slightly improved from a net loss of $14,006,690 in 2022 [8]. - Total operating expenses decreased to $12,952,663 in 2023 from $15,381,555 in 2022, mainly due to a decline in share-based compensation [7]. - Net loss for 2023 was $13,770,549, slightly improved from a net loss of $14,006,690 in 2022 [24]. - Net loss per common share improved to $(3.36) in 2023 from $(5.14) in 2022 [24]. - Weighted average common shares used in computing net loss per common share increased to 4,098,109 in 2023 from 2,727,458 in 2022 [24]. Research and Development - Research and development (R&D) expenses increased to $7,317,388 in 2023 from $6,845,964 in 2022, while excluding non-cash expenses, R&D expenses decreased to $2,064,658 [13]. - The company initiated the second phase of co-development of an AI Nose-powered VOC sensing platform with NISD and Inabata, aiming for prototype finalization in Q3 2024 [14]. Revenue Diversification - Ainos commenced shipping VELDONA® Pet cytoprotein supplements in Taiwan in Q3 2023, marking a significant step in diversifying revenue streams [2]. - The company signed a Memorandum of Understanding with SIDSCO to explore clinical trials for VELDONA® in the global pet care market [10]. Cash and Assets - Cash and cash equivalents as of December 31, 2023, were $1,885,628, a slight increase from $1,853,362 in 2022 [9]. - Total assets decreased to $31,841,804 as of December 31, 2023, down from $37,109,014 in 2022 [21].
Ainos(AIMD) - 2023 Q4 - Annual Results