BioCardia, Inc. reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing cellular and cell-derived therapeutics for cardiovascular and pulmonary diseases, experienced a notable increase in cash and cash equivalents, rising to approximately $4.93 million from $1.1 million at the end of 2023. Total current assets also improved to $5.06 million, up from $1.46 million, while total assets increased to $6.27 million compared to $2.99 million at the end of the previous fiscal year.
Despite these improvements in liquidity, BioCardia reported no collaboration agreement revenue for the three months ended September 30, 2024, a decline from $357,000 in the same period of 2023. For the nine months ended September 30, 2024, collaboration revenue was $58,000, down from $464,000 in 2023. The company’s total costs and expenses for the quarter decreased to $1.76 million from $2.96 million year-over-year, contributing to a reduced operating loss of $(1.76 million) compared to $(2.60 million) in the prior year. The net loss for the quarter was $(1.74 million), an improvement from $(2.57 million) in 2023.
For the nine-month period, the net loss was $(5.65 million), down from $(9.50 million) in 2023, with net loss per share improving to $(2.65) from $(6.87). The company also reported a decrease in net cash used in operating activities, which was $(5.45 million) compared to $(8.12 million) in the previous year.
Strategically, BioCardia raised approximately $7.2 million in gross proceeds through a registered offering in September 2024, issuing 2.4 million shares of common stock and associated warrants. This followed a February 2024 financing that generated $875,000. The company has indicated that it will need to raise additional capital to continue operations beyond the second quarter of 2025, as current cash resources are insufficient to meet planned expenditures.
The company’s accumulated deficit as of September 30, 2024, stood at approximately $157.8 million, reflecting ongoing challenges in generating revenue from its biotherapeutic programs. BioCardia's management anticipates continued operating losses and negative cash flows for the foreseeable future, raising concerns about its ability to sustain operations without further funding.
About BioCardia, Inc.
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