Miromatrix(US:MIRO)2021-11-15 21:11Revenue Performance - Revenue for the three months ended September 30, 2021, was $10,000, a decrease of 9.1% from $11,000 in the same period of 2020[112]. - Revenue for the nine months ended September 30, 2021, was $25,000, down 19.4% from $31,000 in the same period of 2020[129]. Net Loss - Net loss for the three months ended September 30, 2021, was $5.1 million, compared to a net loss of $3.0 million for the same period in 2020, representing a 69.1% increase[112]. - The company incurred net losses of $9,195,000 and $9,222,000 for the nine months ended September 30, 2021 and 2020, respectively[153]. - The company expects to incur additional losses in the near future and anticipates substantial increases in expenses related to ongoing activities, particularly in developing bioengineered organs[154]. Operating Expenses - Total operating expenses for the three months ended September 30, 2021, were $5.09 million, an increase of 106.2% from $2.47 million in the same period of 2020[127]. - Research and development expenses increased by $1.48 million, or 79.1%, from $1.87 million for the three months ended September 30, 2020, to $3.35 million for the same period in 2021[133]. - General and administrative expenses increased by $1,306,000, or 85.3%, from $1,531,000 for the nine months ended September 30, 2020, to $2,837,000 for the nine months ended September 30, 2021[140]. - Interest expense increased by $237,000, or 65.1%, from $364,000 for the nine months ended September 30, 2020, to $601,000 for the nine months ended September 30, 2021[143]. Cash and Cash Equivalents - As of September 30, 2021, the company had cash and cash equivalents of $62.1 million, which includes net proceeds from its initial public offering[157]. - The net cash increase in cash and cash equivalents for the nine months ended September 30, 2021, was $57,643,000 compared to $311,000 in 2020[169]. Cash Flow Activities - Net cash usage for the quarter ended September 30, 2021, was approximately $4,438,000, with an anticipated increase in the fourth quarter due to infrastructure build-out for the first clinical trial[168]. - For the nine months ended September 30, 2021, net cash used in operating activities was $8,211,000, reflecting a net loss of $9,195,000 and net non-cash items of $2,040,000[172]. - The company reported a net cash inflow from changes in operating assets and liabilities of $3,019,000 during the nine months ended September 30, 2021[172]. - Net cash provided by investing activities for the nine months ended September 30, 2021, was $552,000, including $2,000,000 from the sale of Reprise stock[174]. - Net cash provided by financing activities for the nine months ended September 30, 2021, was $65,302,000, primarily from net proceeds of $44,594,000 from the IPO[175]. Research and Quality Expenses - Regulatory and clinical expenses increased by $41,000, or 64.1%, from $64,000 for the three months ended September 30, 2020, to $105,000 for the same period in 2021[135]. - Quality expenses increased by $75,000, or 98.7%, from $76,000 for the three months ended September 30, 2020, to $151,000 for the same period in 2021[137]. - Quality expenses increased by $247,000, or 325.0%, from $76,000 for the nine months ended September 30, 2020, to $323,000 for the nine months ended September 30, 2021[138]. - The company expects research and development expenses to increase in absolute dollars as it develops lead product candidates and expands into other programs[118]. Other Financial Metrics - Interest income decreased by $8,000, or 88.9%, from $9,000 for the nine months ended September 30, 2020, to $1,000 for the nine months ended September 30, 2021[141]. - Research grants decreased by $401,000, or 50.5%, from $794,000 for the nine months ended September 30, 2020, to $393,000 for the nine months ended September 30, 2021[148]. - Equity loss in affiliate decreased by $1,452,000, or 86.6%, from $1,676,000 for the nine months ended September 30, 2020, to $224,000 for the nine months ended September 30, 2021[150].