Sintx Technologies(SINT) - 2023 Q3 - Quarterly Report

Revenue Growth - For the three months ended September 30, 2023, total revenue increased by 59% to $678,000 compared to $426,000 in the same period in 2022[101] - Product revenue for the nine months ended September 30, 2023, increased by 82% to $643,000 compared to $354,000 in the same period in 2022[101] - Grant and contract revenue for the nine months ended September 30, 2023, increased by 145% to $1,082,000 compared to $442,000 in the same period in 2022[103] - Other income for the three months ended September 30, 2023, increased by 514% to $424,000 compared to $69,000 in the same period in 2022[113] Profit and Loss - Gross profit for the three months ended September 30, 2023, increased by 66% to $561,000 compared to $337,000 in the same period in 2022[101] - For the nine months ended September 30, 2023, the company incurred a net loss of $5.9 million, an improvement from a net loss of $8.1 million in the same period of 2022[116] - The accumulated deficit as of September 30, 2023, was $268.4 million, up from $262.5 million as of December 31, 2022[116] Expenses - Research and development expenses for the three months ended September 30, 2023, increased by 66% to $2,525,000 compared to $1,523,000 in the same period in 2022[106] - General and administrative expenses for the nine months ended September 30, 2023, increased by 14% to $3,313,000 compared to $2,918,000 in the same period in 2022[109] - Cash used in operating activities increased to $11.0 million for the nine months ended September 30, 2023, compared to $8.1 million for the same period in 2022, reflecting a $2.8 million increase[126] Financing Activities - The company raised approximately $12.0 million in gross proceeds from a public offering on February 10, 2023, with $5.4 million allocated to common stock and pre-funded warrants[119] - Net cash provided by financing activities was $11.4 million during the nine months ended September 30, 2023, a significant increase from $0.5 million used in financing activities during the same period in 2022[128] Future Outlook and Strategy - The company expects to incur additional research and development costs as it continues to develop new medical devices and products for antipathogenic applications[99] - The acquisition of TA&T in June 2022 is expected to enhance the company's capabilities in transitioning advanced materials to commercial products[86] - The company is focusing on expanding the use of silicon nitride in areas beyond spinal fusion applications, including potential applications in personal protection products[117] - The company is actively generating scientific and clinical data to support sales efforts and is making changes to its sales strategy[117] Cash Flow - The company had a net cash decrease of $26,000 for the nine months ended September 30, 2023, compared to a net cash decrease of $9.5 million in the same period of 2022[124] - The company has an outstanding balance of $72,000 related to personal loans made by the founders, with repayments scheduled to end in August 2024[130] - The company’s ability to continue as a going concern is dependent on its ability to increase sales and/or raise additional funds through capital markets[116] Infrastructure Development - The company has signed a 10-year lease for a building near its headquarters to support the development and manufacturing of ceramic armor products[88]