BioCardia Reports Decline in Revenue and Increased Net Losses in Q1 2025

BioCardia, Inc. reported its financial results for the first quarter of 2025, revealing a significant decline in revenue and an increase in net losses compared to the same period in 2024. The company generated no revenue from collaboration agreements during the three months ended March 31, 2025, a decrease from $55,000 in the prior year. Total costs and expenses rose to approximately $2.7 million, up from $2.3 million in the same quarter of 2024, primarily driven by increased research and development expenditures related to ongoing clinical trials. The net loss for the quarter was $2.7 million, compared to a net loss of $2.3 million in the first quarter of 2024, resulting in a net loss per share of $0.59, an improvement from the $1.35 loss per share reported a year earlier.

The company's financial position has also changed notably, with total assets decreasing to $2.2 million as of March 31, 2025, down from $3.7 million at the end of 2024. Cash and cash equivalents fell to $949,000, a decline from $2.4 million, raising concerns about liquidity. Current liabilities increased to $3.2 million, up from $2.3 million, reflecting higher accounts payable and accrued expenses. BioCardia's accumulated deficit reached approximately $162.8 million, indicating ongoing financial challenges as the company continues to invest heavily in its clinical programs.

Strategically, BioCardia is advancing its CardiAMP® autologous cell therapy platform, which is currently in pivotal trials for ischemic heart failure and chronic myocardial ischemia. The company has initiated enrollment in the CardiAMP Heart Failure II Trial, which aims to confirm the safety and efficacy of its therapy. Additionally, BioCardia is working on its allogeneic mesenchymal stem cell therapy platform, which has received FDA approval for an investigational new drug application. The company is also transitioning to its new Morph DNA steerable introducer platform, which has received FDA clearance, enhancing its product offerings in the biotherapeutic delivery space.

Looking ahead, BioCardia faces substantial uncertainty regarding its ability to continue operations beyond July 2025 without raising additional capital. The company plans to pursue various funding avenues, including equity and debt financing, to support its ongoing clinical trials and operational needs. However, management has expressed concerns about the potential for dilution of existing shareholders and the challenges of securing sufficient funding. The company’s future financial performance will largely depend on the successful advancement of its clinical programs and the ability to generate revenue from its therapeutic candidates, which remain in development stages.