T2 Biosystems, an in vitro diagnostics company, reported product revenue of $1.952 million for the quarter ended June 30, 2024, a slight decrease from $1.964 million in the same period the previous year. The company's cost of product revenue decreased significantly to $2.693 million from $4.869 million year-on-year, reflecting improved manufacturing efficiencies. Research and development expenses also saw a reduction to $3.361 million from $3.850 million, while selling, general and administrative expenses dropped to $5.473 million from $6.296 million. The net loss for the quarter was $8.963 million, compared to $6.347 million in the prior year. T2 Biosystems has faced challenges including a lease dispute and subsequent termination, with the landlord seeking damages. The company has responded with a counterclaim and intends to pursue legal remedies. Despite these issues, T2 Biosystems believes...Show More

T2 Biosystems, an in vitro diagnostics company, reported product revenue of $1.952 million for the quarter ended June 30, 2024, a slight decrease from $1.964 million in the same period the previous year. The company's cost of product revenue decreased significantly to $2.693 million from $4.869 million year-on-year, reflecting improved manufacturing efficiencies. Research and development expenses also saw a reduction to $3.361 million from $3.850 million, while selling, general and administrative expenses dropped to $5.473 million from $6.296 million. The net loss for the quarter was $8.963 million, compared to $6.347 million in the prior year. T2 Biosystems has faced challenges including a lease dispute and subsequent termination, with the landlord seeking damages. The company has responded with a counterclaim and intends to pursue legal remedies. Despite these issues, T2 Biosystems believes it can continue to meet manufacturing needs with its current facilities. The company has also engaged in strategic restructuring, including a workforce reduction and debt-to-equity conversions to improve its financial position. T2 Biosystems has terminated its Equity Distribution Agreement with Canaccord and entered into a new agreement with H.C. Wainwright & Co., with the potential to raise up to $14.7 million. The company's cash and cash equivalents stood at $4.2 million as of June 30, 2024, and it is actively exploring strategic alternatives to maximize value. T2 Biosystems has a history of losses and negative cash flows, and there is substantial doubt about its ability to continue as a going concern without additional funding by mid-third quarter of 2024.