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Applied DNA Sciences Inc. (APDN-2.66%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $1,196,617 from $891,164 in the same quarter the previous year. This increase is attributed to higher product and service revenues.
Product revenues increased by 61% to $495,847 due to a rise in DNA Tagging and Security Products and Services, particularly in cotton DNA tagging.
Service revenues rose by 52% to $374,444, driven by increased textile isotopic testing services.
Clinical laboratory service revenues slightly decreased to $326,326, primarily due to reduced COVID-19 testing demand.
Gross profit for the quarter was $684,107, up from $231,097 in the previous year, with the improvement attributed to product mix and higher product revenues.
Selling, general, and administrative expenses decreased by 15% to $2,633,098, primarily due to reduced stock-based compensation and consulting expenses.
Research and development expenses increased by 8% to $1,015,010, mainly due to enzyme development for Therapeutic DNA Production Services.
The company reported a net loss of $2,668,713, compared to a net loss of $1,130,281 in the previous year. The loss from operations decreased by 22% to $2,964,001.
Cash used in operating activities was $3,326,074, while cash provided by financing activities was $6,306,223.
Applied DNA announced its exit from the DNA Tagging and Security Products and Services segment, resulting in a workforce reduction of approximately 20%.
The company is focusing on expanding its Therapeutic DNA Production Services, including the LineaDNA and Linea IVT platforms for synthetic DNA production.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Applied DNA Sciences Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.