Bone Biologics Reports $1.017 Million Net Loss in Q1 2025, No Revenue Generated

Bone Biologics Corporation has reported its financial results for the first quarter of 2025, revealing a net loss of $1.017 million, an increase of 17.5% compared to a net loss of $865,970 in the same period of 2024. The company did not generate any revenue during this quarter, consistent with its ongoing status as a clinical-stage entity focused on developing its lead product, NELL-1/DBM, for bone regeneration in spinal fusion. Total operating expenses rose to $1.038 million, a 14.9% increase from $903,536 in the prior year, primarily driven by a 72.5% increase in research and development costs, which reached $423,576.

In terms of financial position, Bone Biologics reported total assets of $3.162 million as of March 31, 2025, down from $3.861 million at the end of 2024. The decrease in assets was largely attributed to a reduction in cash reserves, which fell to $2.747 million from $3.325 million. The company’s total liabilities also decreased to $251,158 from $377,712, reflecting a reduction in accounts payable and accrued expenses. The total stockholders' equity decreased to $2.911 million from $3.484 million, primarily due to the net loss incurred during the quarter.

Operationally, Bone Biologics is advancing its clinical studies, having treated the first patients in a multicenter pilot study of its NB1 bone graft device, which combines NELL-1 with demineralized bone matrix. This study aims to evaluate the safety and effectiveness of the device in patients undergoing spinal fusion surgery. The company has also entered into various agreements with contract research organizations to support this clinical study. As of March 31, 2025, the company had 3,271,042 shares of common stock outstanding, an increase from 2,953,982 shares at the end of 2024, reflecting ongoing efforts to raise capital through an At The Market (ATM) offering.

Looking ahead, Bone Biologics faces significant challenges, including the need to secure additional financing to support its operations and product development. The company has indicated that it will continue to seek debt and equity financing, although there are no assurances that such financing will be available on favorable terms. The company’s ability to continue as a going concern is in question, as it has incurred accumulated losses of approximately $86 million since its inception. The management has estimated that operating expenditures for the next twelve months will be around $4.9 million, which raises concerns about the company’s liquidity and operational sustainability.