Summary by Moomoo AI
Biora Therapeutics reported Q3 2024 financial results with revenues of $32,000 and a net loss of $18.4 million, compared to a net loss of $73.5 million in Q3 2023. Operating expenses decreased to $16.3 million from $23.3 million year-over-year, driven by lower R&D and administrative costs. The company ended the quarter with $3.0 million in cash and cash equivalents.The company completed several financing transactions during the quarter, including debt exchanges and new warrant issuances. In August 2024, Biora entered into agreements to exchange $10.8 million of existing convertible notes for new Payment Priority Notes and raised $16.0 million through the sale of additional Payment Priority Notes. The company also granted warrants to purchase shares at $6.00 per share.Management indicated substantial doubt about the company's ability to continue as a going concern, citing the need for additional capital to fund operations. Biora is pursuing various financing options including equity offerings and debt financing. The company must also address compliance with Nasdaq listing requirements by December 9, 2024 to maintain its listing status.
