Miromatrix(MIRO) - 2022 Q3 - Quarterly Report

Revenue - Licensing revenue for the three months ended September 30, 2022, was $12,395, an increase of 26.2% from $9,819 in the same period of 2021[93] - For the nine months ended September 30, 2022, licensing revenue was $23,115, a decrease of 7.8% from $25,066 in the same period of 2021[107] Expenses - Research and development expenses increased to $4,574,534 for the three months ended September 30, 2022, up 36.6% from $3,349,898 in the prior year[96] - Regulatory and clinical expenses rose significantly to $381,903, a 263.0% increase from $105,208 in the same period of 2021[97] - Quality expenses surged to $634,511, reflecting a 321.1% increase from $150,675 in the previous year[98] - General and administrative expenses increased to $2,052,731, a rise of 38.0% from $1,487,654 in the same quarter of 2021[99] - Total operating expenses for the three months ended September 30, 2022, were $7,643,679, a 50.1% increase from $5,093,435 in the same period of 2021[93] - Total operating expenses for the nine months ended September 30, 2022, were $22,832,495, an increase of 104.8% from $11,150,524 in the previous year[105] - Research and development expenses increased by $5,870,648, or 76.3%, to $13,569,434 for the nine months ended September 30, 2022, compared to $7,698,786 for the same period in 2021[109] - Regulatory and clinical expenses rose by $864,366, or 295.8%, to $1,156,535 for the nine months ended September 30, 2022, from $292,169 in 2021[110] - Quality expenses surged by $1,270,059, or 393.5%, to $1,592,778 for the nine months ended September 30, 2022, compared to $322,719 in 2021[112] - General and administrative expenses increased by $3,676,898, or 129.6%, to $6,513,748 for the nine months ended September 30, 2022, from $2,836,850 in 2021[113] Net Loss - Net loss for the three months ended September 30, 2022, was $7,628,054, representing a 50.8% increase from a net loss of $5,057,581 in the prior year[93] - Net loss for the nine months ended September 30, 2022, was $23,013,992, a 150.3% increase from a net loss of $9,194,757 in the same period of 2021[105] - Net losses for the nine months ended September 30, 2022, were $23,013,992, compared to $9,194,757 for the same period in 2021[122] Cash Flow - Cash and cash equivalents as of September 30, 2022, were $5,537,818, with short-term investments of $26,003,087[124] - Net cash used in operating activities was $20,627,352 for the nine months ended September 30, 2022, reflecting a net loss of $23,013,992[137] - Net cash used in investing activities was $26,882,187 for the nine months ended September 30, 2022, primarily due to the purchase of investments[139] - Net cash provided by financing activities was $235,826 for the nine months ended September 30, 2022, mainly from stock warrant and option exercises[141] Future Outlook - The company expects to incur additional losses and increased expenses as it continues to develop bioengineered organs and seek regulatory approvals[123]