Summary by Moomoo AI
Applied DNA Sciences reported Q3 2024 results with total revenue of $797,519, down 73% year-over-year due to decreased COVID-19 testing demand. Net income was $1.88 million compared to a $3.1 million loss last year, driven by a $5.16 million unrealized gain on warrant valuation changes. Gross profit fell 81% to $245,232.The company is shifting focus to its Therapeutic DNA Production Services and MDx Testing Services segments. It closed a $10.5 million public offering in May to fund growth initiatives. Applied DNA is developing GMP manufacturing capabilities for DNA templates used in mRNA therapeutics, with planned completion in Q3 2024.Applied DNA faces liquidity concerns, with $10.4 million in cash as of June 30. It received notice from Nasdaq of non-compliance with the $1 minimum bid price requirement. The company plans a reverse stock split to regain compliance and is seeking shareholder approval to make recently issued warrants exercisable.
