Applied DNA Sciences reported Q3 2024 revenues of $797,519, down 73% from $2.9 million in Q3 2023, primarily due to reduced COVID-19 testing demand. The company posted a net income of $1.8 million compared to a $3.1 million loss last year, mainly due to a $5.2 million unrealized gain on warrant valuations. Gross profit declined 81% to $245,232, with margins decreasing from 44% to 31%.The company is strategically shifting focus to its Therapeutic DNA Production Services and MDx Testing Services segments. It plans to complete a GMP manufacturing facility for DNA templates by Q3 2024 at an estimated cost of $1.5 million, while a larger $10 million GMP facility is planned for 2025, subject to funding. The company also received NYSDOH approval for pharmacogenomics testing services in June 2024.With $10.4 million in cash as of June 30, 2024, the company faces...Show More

Applied DNA Sciences reported Q3 2024 revenues of $797,519, down 73% from $2.9 million in Q3 2023, primarily due to reduced COVID-19 testing demand. The company posted a net income of $1.8 million compared to a $3.1 million loss last year, mainly due to a $5.2 million unrealized gain on warrant valuations. Gross profit declined 81% to $245,232, with margins decreasing from 44% to 31%.The company is strategically shifting focus to its Therapeutic DNA Production Services and MDx Testing Services segments. It plans to complete a GMP manufacturing facility for DNA templates by Q3 2024 at an estimated cost of $1.5 million, while a larger $10 million GMP facility is planned for 2025, subject to funding. The company also received NYSDOH approval for pharmacogenomics testing services in June 2024.With $10.4 million in cash as of June 30, 2024, the company faces going concern issues due to recurring losses and negative operating cash flow of $10.5 million. Additionally, Applied DNA received a Nasdaq deficiency notice for failing to maintain the $1 minimum bid price requirement and plans to implement a reverse stock split to regain compliance. The company will need to secure additional funding to support its strategic initiatives.