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Pressure Biosciences Inc. (PBIO0.00%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $421,792 from $511,803 in the same quarter the previous year. The decrease is attributed to a reduction in cell disruptor instrument sales and PBI Agrochem material sales.
Cost of products and services for the quarter was $377,541, representing a gross margin decrease to 21% from 51% in the same period the previous year. This decline is due to lower instrument and consumable sales and the addition of consumer products revenue at a lower margin.
Research and development expenses were $296,146, a slight increase from $280,446 in the previous year. The increase is primarily due to stock-based compensation and rent expenses.
Selling and marketing expenses were $156,892, compared to $154,014 in the previous year. The increase is mainly due to stock-based compensation and salary expenses.
General and administrative expenses were $1,519,753, up from $902,265 in the previous year. The increase is attributed to stock-based compensation expenses.
The company reported an operating loss of $1,928,540 for the quarter, compared to $1,081,521 in the previous year, primarily due to decreased revenue and increased expenses.
Interest expense was $3,534,692, a decrease from $5,879,653 in the previous year. The decrease is due to changes in debt financing.
The company recorded a net loss attributable to common stockholders of $7,748,534, compared to $11,114,925 in the previous year. The decrease in loss per share is due to an increase in weighted shares outstanding.
Pressure Biosciences continues to face challenges with negative cash flows from operations and substantial doubt about its ability to continue as a going concern. The company is pursuing additional financing through debt and equity offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pressure Biosciences Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.