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Biora Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $32,000, an increase from $0 in the same quarter the previous year. This increase is attributed to collaboration revenue.
Research and development expenses decreased to $5,610,000 from $10,547,000 in the same quarter of the previous year, primarily due to a decrease in salaries and benefits, consulting and professional fees, and license fees.
Selling, general, and administrative expenses decreased to $10,649,000 from $12,774,000, primarily due to a decrease in salaries and benefits, facilities costs, and tax and licensing fees.
The company reported a net loss of $18,402,000 for the quarter, compared to a net loss of $73,454,000 in the previous year.
Gain from discontinued operations was $3,816,000, due to the reversal of amounts previously expensed in discontinued operations in 2021 and settled for a lower amount during the quarter.
Interest expense, net decreased to $2,016,000 from $2,592,000, primarily due to a decrease in the balance of the 7.25% convertible senior notes due 2025 from note exchanges.
Gain on warrant liabilities increased to $8,260,000 from $4,568,000, primarily due to the change in fair value of outstanding warrant liabilities.
Other expense, net decreased to $12,279,000 from $52,108,000, primarily due to an inducement loss during the previous year that did not reoccur, offset by an extinguishment loss on the 2028 Convertible Notes.
As of September 30, 2024, Biora had cash and cash equivalents of $3.0 million and a working capital deficit. The company acknowledges the need for additional capital to fund operations and has substantial doubt about its ability to continue as a going concern for 12 months following the issuance of the financial statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biora Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.