T2 Biosystems, an in vitro diagnostics company, reported a decrease in product revenue from $11.3 million in 2022 to $6.8 million in 2023, a $4.5 million drop primarily due to lower consumables sales and other factors. The company also saw a significant decrease in contribution revenue, from $11.0 million in 2022 to $0.4 million in 2023, following the expiration of a BARDA contract. Total revenue fell by $15.1 million year-on-year, while cost of product revenue decreased by $5.6 million due to various cost-saving measures. Research and development expenses and selling, general and administrative expenses also saw reductions of $11.6 million and $5.8 million, respectively. Despite these cost reductions, T2 Biosystems incurred a net loss of $50.1 million in 2023, an improvement from the $62.0 million net loss in 2022. The company's accumulated deficit reached $584.3 million...Show More

T2 Biosystems, an in vitro diagnostics company, reported a decrease in product revenue from $11.3 million in 2022 to $6.8 million in 2023, a $4.5 million drop primarily due to lower consumables sales and other factors. The company also saw a significant decrease in contribution revenue, from $11.0 million in 2022 to $0.4 million in 2023, following the expiration of a BARDA contract. Total revenue fell by $15.1 million year-on-year, while cost of product revenue decreased by $5.6 million due to various cost-saving measures. Research and development expenses and selling, general and administrative expenses also saw reductions of $11.6 million and $5.8 million, respectively. Despite these cost reductions, T2 Biosystems incurred a net loss of $50.1 million in 2023, an improvement from the $62.0 million net loss in 2022. The company's accumulated deficit reached $584.3 million, and it continues to face liquidity challenges, with cash and cash equivalents of $16.2 million as of December 31, 2023, which are not expected to fund operations for the next year without additional financing. T2 Biosystems has taken steps to reduce costs, including headcount reductions and operating expense cuts. The company has also undergone a reverse stock split to regain compliance with Nasdaq's Minimum Bid Price Rule and is actively seeking additional funding to continue operations. T2 Biosystems' primary commercial products include the T2Dx Instrument and related diagnostic panels, which are FDA-cleared and focus on the rapid detection of sepsis-causing pathogens and antibiotic resistance genes. The company's future plans involve continuing product development, improving existing products, and expanding its intellectual property portfolio.