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T2 Biosystems, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports product revenue of $1.985 million for the quarter, an increase from $1.472 million in the same quarter the previous year. This increase is attributed to higher consumable sales.
Cost of product revenue for the quarter was $4.101 million, compared to $3.925 million in the previous year. The increase is due to higher costs associated with increased sales volume.
Research and development expenses remained relatively flat at $2.667 million, with project-related expenses offset by decreased personnel costs.
Selling, general, and administrative expenses decreased to $5.378 million from $5.980 million, primarily due to reduced payroll and stock-based compensation expenses.
The company reported no impairment of property and equipment for the quarter, compared to $2.511 million in the previous year.
Interest expense to related parties decreased to $0.370 million from $1.119 million, following the conversion of debt to equity in prior periods.
T2 Biosystems recorded a net loss of $10.117 million for the quarter, an improvement from a net loss of $15.425 million in the previous year.
The company continues to face liquidity challenges, with cash and cash equivalents of $2.083 million as of September 30, 2024. Management has expressed substantial doubt about the company's ability to continue as a going concern without additional financing.
T2 Biosystems is actively seeking additional capital and exploring strategic alternatives to address its financial situation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the T2 Biosystems Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.