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Telesis Bio Inc. (TBIO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a decrease in total revenue to $5.3 million for the nine months ended September 30, 2024, from $15.8 million in the same period the previous year. This decrease is attributed to lower product and collaboration revenues.
Cost of revenue decreased to $4.0 million from $5.5 million in the previous year, primarily driven by a decrease in product revenues.
Research and development expenses were reduced to $7.0 million from $11.7 million, reflecting lower personnel and lab supply costs.
Sales and marketing expenses decreased to $4.1 million from $9.6 million, mainly due to reduced personnel and travel costs.
General and administrative expenses fell to $13.6 million from $16.3 million, attributed to lower personnel and consulting costs.
The company recorded an impairment charge of $1.3 million related to property and equipment at its corporate headquarters.
Telesis Bio reported a net loss of $27.9 million for the nine months ended September 30, 2024, compared to a net loss of $30.0 million in the previous year.
As of September 30, 2024, Telesis Bio had cash, cash equivalents, restricted cash, and short-term investments totaling $4.6 million.
The company acknowledges challenges in maintaining liquidity and highlights its dependence on raising additional capital to fund operations.
Telesis Bio's common stock began trading on the OTC Pink market following suspension from Nasdaq (NDAQ-0.45%) due to noncompliance with equity requirements.
The filing also discusses the company's collaboration with Pfizer Inc. (PFE-2.42%), which has provided milestone payments but no new milestones were achieved in the current quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Telesis Bio Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.