Summary by Moomoo AI
T2 Biosystems, an in vitro diagnostics company, has faced several financial and operational challenges in recent times. The company's financial performance has been marked by a net loss of $10.1 million for the quarter ended September 30, 2024, despite an increase in product revenue from $1.5 million to $2.0 million year-over-year. The cost of product revenue also rose to $4.1 million, contributing to the loss. T2 Biosystems has been actively managing its cash flow, with net cash used in operating activities amounting to $27.2 million for the nine months ended September 30, 2024. The company's cash position is precarious, with only $2.1 million in unrestricted cash and cash equivalents as of September 30, 2024. In terms of business development, T2 Biosystems has been involved in legal disputes over a lease agreement...Show More
