ThermoGenesis Holdings(THMO) - 2023 Q1 - Quarterly Report

Financial Performance - Net revenues decreased by $91,000 or 3%, from $2,663,000 to $2,572,000 for the three months ended March 31, 2023, compared to the same period in 2022[79]. - Gross profit increased by $165,000 to $1,105,000, representing 43% of net revenues for the three months ended March 31, 2023, up from 35% in the prior year[81]. - Selling, general and administrative expenses rose by $151,000 or 9%, totaling $1,844,000 for the three months ended March 31, 2023, driven by CDMO facility expenses[82]. - Research and development expenses decreased by $150,000 or 33%, amounting to $306,000 for the three months ended March 31, 2023[83]. - Interest expense surged by $3,080,000 to $3,903,000 for the three months ended March 31, 2023, primarily due to additional amortization expenses related to convertible notes[84]. Cash Position - Cash and cash equivalents increased to $5,854,000 as of March 31, 2023, compared to $4,177,000 at December 31, 2022[86]. Capital and Funding - The company raised approximately $2.6 million through a private placement of common stock and warrants on March 20, 2023[87]. - The company anticipates needing additional capital to fund operations and grow its business, raising concerns about its ability to continue as a going concern[88]. Business Development - The company plans to complete its new CDMO facility in 2023, which will include 12 class-7, ReadyStart cGMP Suites[75]. - The company is developing a proprietary manufacturing platform for cell manufacturing activities as part of its CDMO business expansion[74].