BioCardia, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $1.5 million, a slight improvement from a net loss of $1.7 million in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $6.2 million, compared to $5.7 million for the same period in 2024. The company did not generate any revenue during the third quarter or the first nine months of 2025, a decline from $58,000 in revenue reported for the nine months ended September 30, 2024. The operating loss for the third quarter was $1.5 million, down from $1.8 million in the prior year.
In terms of expenses, BioCardia's research and development costs increased to $936,000 in the third quarter of 2025, up from $931,000 in the same quarter of 2024. For the nine-month period, R&D expenses rose to approximately $3.8 million from $3.0 million, primarily due to activities related to the CardiAMP Heart Failure Trial and the initiation of the CardiAMP Heart Failure II Trial. Selling, general, and administrative expenses decreased to $552,000 in the third quarter of 2025 from $825,000 in the same quarter of 2024, attributed to lower executive compensation and professional service fees.
The company’s total assets as of September 30, 2025, stood at $6.1 million, a significant increase from $3.7 million at the end of 2024. This growth was largely driven by an increase in cash and cash equivalents, which rose to $5.3 million from $2.4 million at the end of the previous fiscal year. Total liabilities also increased to $3.5 million from $2.9 million, with current liabilities rising to $3.3 million, reflecting higher accounts payable and accrued expenses.
BioCardia's strategic focus remains on advancing its CardiAMP® autologous cell therapy platform for ischemic heart failure and chronic myocardial ischemia, as well as its allogeneic mesenchymal stem cell therapy platform. The company is actively enrolling patients in the CardiAMP Heart Failure II Trial and has received FDA Breakthrough Device Designation for its CardiAMP Cell Therapy. However, the company noted that it anticipates needing additional capital to fund its operations beyond the second quarter of 2026, raising concerns about its ability to continue as a going concern without further financing.
Looking ahead, BioCardia plans to raise additional capital through various means, including equity and debt financing, to support its ongoing clinical trials and operational needs. The company has expressed confidence in its ability to secure funding but acknowledges the inherent risks and uncertainties associated with its development programs. The financial statements reflect a substantial accumulated deficit of approximately $166.4 million as of September 30, 2025, underscoring the challenges the company faces in achieving profitability.
About BioCardia, Inc.
BioCardia, Inc. is a clinical-stage biotechnology company developing autologous and allogeneic cell therapies for cardiovascular and pulmonary diseases, including ischemic heart failure, chronic myocardial ischemia, and acute respiratory distress syndrome. Its core products include the CardiAMP autologous cell therapy system and CardiALLO allogeneic mesenchymal stem cell therapies, delivered via the proprietary Helix biotherapeutic delivery platform. BioCardia targets specialist cardiologists and medical centers, leveraging patented technologies and a direct sales model.
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