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Bluejay Diagnostics Inc. (BJDX-11.36%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's ongoing development of its Symphony technology platform, a medical diagnostics system designed for rapid testing in critical care settings. The company is working towards obtaining FDA approval for its Symphony IL-6 test, intended for use in monitoring sepsis patients.
Bluejay reported a net loss of $7.7 million for the year, compared to a net loss of $10.0 million in the previous year. The company attributes the reduction in loss to decreased research and development expenses, which fell by $2.2 million.
The company has faced challenges related to the supply and manufacturing of its Symphony cartridges, which are critical to its product development. Bluejay is working to transfer the manufacturing process to a contract manufacturing organization.
Bluejay's financial condition remains a concern, with cash resources expected to last only until the third quarter of 2025. The company plans to raise additional capital through public or private equity offerings, grants, or strategic partnerships.
The filing also outlines various risks, including the need for additional funding, reliance on third-party manufacturers, and potential delays in obtaining regulatory approval.
Bluejay's stock underwent several reverse splits during the year, and the company increased its authorized shares to 250 million. As of March 21, 2025, there were 554,012 shares outstanding.
The company continues to focus on its regulatory strategy, having completed a multicenter clinical study in 2024 and initiated a pivotal clinical study to support its FDA submission.
Bluejay's operations have been funded primarily through equity offerings, with the most recent public offering raising gross proceeds of $8.6 million in June 2024.
The filing notes that Bluejay has no current revenue-generating operations and does not expect to have any sources of revenue in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bluejay Diagnostics Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.