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8-K: Applied DNA Announces Fourth Quarter and Fiscal Year 2024 Financial Results, Announces Strategic Restructuring to Prioritize the Manufacture of Critical Starting Materials for Genetic Medicines

SEC ·  Dec 18 05:14

Summary by Moomoo AI

Applied DNA Sciences announced Q4 and FY2024 results, along with a strategic restructuring to prioritize manufacturing critical materials for genetic medicines. The company is pursuing divestiture of its CertainT platform and targeting 15% operating expense reductions by Q2 FY2025.Q4 revenues were $813,000, up from $780,000 in Q4 FY2023. FY2024 revenues fell to $3.4 million from $13.4 million, due to decreased COVID-19 testing demand. Net loss for FY2024 was $7.1 million. Cash and equivalents totaled $6.4 million as of September 30, 2024, with an additional $5.8 million raised in October.The company promoted Judith Murrah to President and Clay Shorrock to President of LineaRx subsidiary. It expects to complete its GMP manufacturing facility by January 9, 2025, with $4-16 million annual revenue capacity. GMP production for existing customers' clinical trials is anticipated in H1 2025.
Applied DNA Sciences announced Q4 and FY2024 results, along with a strategic restructuring to prioritize manufacturing critical materials for genetic medicines. The company is pursuing divestiture of its CertainT platform and targeting 15% operating expense reductions by Q2 FY2025.Q4 revenues were $813,000, up from $780,000 in Q4 FY2023. FY2024 revenues fell to $3.4 million from $13.4 million, due to decreased COVID-19 testing demand. Net loss for FY2024 was $7.1 million. Cash and equivalents totaled $6.4 million as of September 30, 2024, with an additional $5.8 million raised in October.The company promoted Judith Murrah to President and Clay Shorrock to President of LineaRx subsidiary. It expects to complete its GMP manufacturing facility by January 9, 2025, with $4-16 million annual revenue capacity. GMP production for existing customers' clinical trials is anticipated in H1 2025.
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