Biora Therapeutics, a clinical-stage biotechnology company, reported a net income of $6.465 million for the three months ended June 30, 2024, a significant turnaround from a net loss of $17.807 million in the same period the previous year. The company's diluted loss per share was $0.04, compared to a diluted loss per share of $0.06 for the six months ended June 30, 2024. Despite a net loss on a diluted basis, the company saw an increase in revenues to $318,000 for the quarter, up from $2,000 in the prior year, attributed to collaboration revenue. Operating expenses for the quarter were $16.104 million, with research and development expenses increasing to $7.704 million due to higher clinical trial expenses, salaries, and laboratory supplies. Selling, general and administrative expenses decreased slightly to $8.400 million...Show More

Biora Therapeutics, a clinical-stage biotechnology company, reported a net income of $6.465 million for the three months ended June 30, 2024, a significant turnaround from a net loss of $17.807 million in the same period the previous year. The company's diluted loss per share was $0.04, compared to a diluted loss per share of $0.06 for the six months ended June 30, 2024. Despite a net loss on a diluted basis, the company saw an increase in revenues to $318,000 for the quarter, up from $2,000 in the prior year, attributed to collaboration revenue. Operating expenses for the quarter were $16.104 million, with research and development expenses increasing to $7.704 million due to higher clinical trial expenses, salaries, and laboratory supplies. Selling, general and administrative expenses decreased slightly to $8.400 million. Biora Therapeutics has engaged in several strategic initiatives, including an Equity Distribution Agreement for potential sales of up to $90 million in common stock and an exchange agreement with holders of the company's 2028 Convertible Notes. The company's future plans involve continued investment in research and development, particularly in advancing clinical trials for its product candidates. Biora Therapeutics aims to reimagine therapeutics delivery with its NaviCapTM and BioJetTM platforms, targeting treatments for Inflammatory Bowel Disease and systemic needle-free delivery of biotherapeutics, respectively. The company's recent developments include positive Phase 1 clinical trial results for BT-600, a drug/device combination for the treatment of ulcerative colitis.