On November 14, 2024, Biora Therapeutics, Inc., a clinical-stage biotech company, announced its financial results for the third quarter ending September 30, 2024. The company reported operating expenses of $16.3 million, including $1.3 million in non-cash stock-based compensation expenses. The net loss for the quarter was $18.4 million, with a net loss per share of $5.04. This compares to a net loss of $73.5 million for the same period in 2023. Biora Therapeutics also provided updates on its product development, including the progress of its BioJet and NaviCap platforms. The smaller, 00-size BioJet device, which has the largest payload capacity in its category, is set to undergo testing in advanced animal models in Q4 2024. The company is shifting its strategy from co-development to licensing for this device...Show More

On November 14, 2024, Biora Therapeutics, Inc., a clinical-stage biotech company, announced its financial results for the third quarter ending September 30, 2024. The company reported operating expenses of $16.3 million, including $1.3 million in non-cash stock-based compensation expenses. The net loss for the quarter was $18.4 million, with a net loss per share of $5.04. This compares to a net loss of $73.5 million for the same period in 2023. Biora Therapeutics also provided updates on its product development, including the progress of its BioJet and NaviCap platforms. The smaller, 00-size BioJet device, which has the largest payload capacity in its category, is set to undergo testing in advanced animal models in Q4 2024. The company is shifting its strategy from co-development to licensing for this device. Additionally, Biora Therapeutics is considering advancing its NaviCap platform, designed for colon-targeted treatment of IBD, directly to a larger clinical trial based on successful Phase 1 trial results. The company is actively seeking to increase its capitalization to maintain its Nasdaq listing status beyond the December 9 deadline. Biora Therapeutics has realigned resources to focus on the BioJet program and has reduced operating expenses by approximately 40%, lowering its monthly cash burn to under $2.5 million.