Revenue and Loss - Revenue for the three months ended March 31, 2023, was $7,981, an increase of $1,213 or 17.9% compared to $6,768 for the same period in 2022[88]. - Net loss for the three months ended March 31, 2023, was $7,480,152, compared to a net loss of $7,203,749 for the same period in 2022, representing an increase in loss of $276,403 or 3.8%[99]. - The company reported a net loss of $7,480,152 for the three months ended March 31, 2023, compared to a net loss of $7,203,749 for the same period in 2022[112][113]. Expenses - Research and development expenses increased to $4,392,118 for the three months ended March 31, 2023, up by $385,452 or 9.6% from $4,006,666 in the same period in 2022[92]. - Regulatory and clinical expenses rose to $406,315 for the three months ended March 31, 2023, an increase of $51,077 or 14.4% compared to $355,238 for the same period in 2022[93]. - Quality expenses increased to $583,342 for the three months ended March 31, 2023, up by $142,407 or 32.3% from $440,935 in the same period in 2022[94]. - General and administrative expenses were $2,600,235 for the three months ended March 31, 2023, an increase of $327,678 or 14.4% compared to $2,272,557 for the same period in 2022[95]. Cash Flow and Investments - Net cash used in operating activities was $8,616,406 for Q1 2023, an increase from $7,428,039 in Q1 2022[109][112]. - The company generated net cash provided by investing activities of $7,984,460 in Q1 2023, primarily from the maturity of investments[114]. - Financing activities resulted in net cash provided of $9,043,839 in Q1 2023, mainly due to proceeds from the sale of common stock[115]. - The company completed a public offering in March 2023, selling 6,250,000 shares at a price of $1.60 per share, resulting in net proceeds of approximately $8.8 million[107]. - The company has an Equity Distribution Agreement allowing for the issuance of up to $50 million in common stock, although no shares were sold under this agreement in Q1 2023[105]. Financial Position and Future Outlook - Cash and cash equivalents as of March 31, 2023, were $13,619,898, with short-term investments of $11,984,842, expected to fund operations through the second quarter of 2024[101]. - The company expects to incur additional losses in the near future as it continues to develop bioengineered organs and conduct clinical trials[100]. - The company expects existing cash resources to meet capital requirements through Q2 2024, but will require substantial additional funds for ongoing development[108]. - The company issued a promissory note of $385,997 to the University, with an interest rate of 6% per annum, due January 31, 2025[104]. - The company may seek additional equity or debt financing, which could lead to dilution of existing stockholders' interests[108]. Operational Plans - The company plans to expand operational, financial, and management systems, and hire additional personnel to support clinical development and commercialization efforts[108]. - Interest income significantly increased to $101,977 for the three months ended March 31, 2023, compared to $770 for the same period in 2022, marking an increase of $101,207[96]. - As of March 31, 2023, the accumulated deficit was $111,492,063[99].
Miromatrix(MIRO) - 2023 Q1 - Quarterly Report