Biora Therapeutics, a clinical-stage biotechnology company, reported a significant reduction in net loss for the first quarter ended March 31, 2024, compared to the same period in 2023. The net loss decreased by $13.3 million, from $17.4 million in Q1 2023 to $4.2 million in Q1 2024. This improvement was primarily attributed to a $13.1 million gain on warrant liabilities due to changes in fair value. Revenue saw a notable increase from $2,000 to $542,000, driven by an uptick in collaboration revenue. Research and development expenses slightly decreased by $185,000, reflecting a reduction in consulting and professional fees and supplies costs, despite an increase in clinical trial expenses. Selling, general, and administrative expenses rose by $697,000 due to higher consulting and professional fees. Interest expense saw a marginal increase, while other income (expense), net...Show More

Biora Therapeutics, a clinical-stage biotechnology company, reported a significant reduction in net loss for the first quarter ended March 31, 2024, compared to the same period in 2023. The net loss decreased by $13.3 million, from $17.4 million in Q1 2023 to $4.2 million in Q1 2024. This improvement was primarily attributed to a $13.1 million gain on warrant liabilities due to changes in fair value. Revenue saw a notable increase from $2,000 to $542,000, driven by an uptick in collaboration revenue. Research and development expenses slightly decreased by $185,000, reflecting a reduction in consulting and professional fees and supplies costs, despite an increase in clinical trial expenses. Selling, general, and administrative expenses rose by $697,000 due to higher consulting and professional fees. Interest expense saw a marginal increase, while other income (expense), net improved by $298,000. Biora Therapeutics continues to invest in research and development, with a focus on advancing its NaviCapTM and BioJetTM therapeutic delivery platforms. The company's future plans include pursuing regulatory approval for its product candidates and expanding its in-house process development and manufacturing capabilities. Despite the progress, Biora Therapeutics anticipates ongoing significant investments and operating losses as it advances its clinical trials and seeks regulatory approvals.