BioCardia, Inc. reported its financial results for the second quarter of 2025, revealing a significant decline in revenue and an increase in operating losses compared to the same period in the previous year. The company generated no revenue from collaboration agreements in the three months ended June 30, 2025, a decrease from $3,000 in the same quarter of 2024. For the six months ended June 30, 2025, revenue also fell to zero from $58,000 in the prior year. The company's total costs and expenses rose to $2.1 million for the quarter, up from $1.7 million in the same period last year, leading to an operating loss of $2.1 million, compared to a loss of $1.6 million in the second quarter of 2024.
In terms of strategic developments, BioCardia has been advancing its CardiAMP® autologous cell therapy platform, which is currently in pivotal trials for ischemic heart failure and chronic myocardial ischemia. The company has also initiated the CardiAMP Heart Failure II Trial, which aims to confirm the safety and efficacy of its therapy. The trial is expected to enroll 250 patients and is supported by a reimbursement code from Medicare, which may help offset costs. Additionally, BioCardia is working on its allogeneic mesenchymal stem cell therapy platform, which has received FDA approval for an investigational new drug application.
Operationally, BioCardia's financial position has weakened, with cash and cash equivalents decreasing to $980,000 as of June 30, 2025, down from $2.4 million at the end of 2024. The company reported an accumulated deficit of approximately $164.9 million. The increase in research and development expenses to $1.4 million for the quarter, up from $800,000 in the previous year, reflects ongoing clinical trial activities. Selling, general, and administrative expenses decreased slightly to $683,000 from $852,000, primarily due to lower professional fees and share-based compensation.
Looking ahead, BioCardia has expressed concerns regarding its liquidity, indicating that its current cash reserves may not be sufficient to fund operations beyond October 2025. The company plans to raise additional capital through various means, including equity and debt financing, to support its ongoing development activities. However, management has acknowledged the uncertainty surrounding its ability to secure necessary funding, which could impact its operational continuity and development plans. The company’s future capital requirements will depend on the progress of its clinical trials and the regulatory approval of its therapeutic candidates.
About BioCardia, Inc.
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