Bone Biologics Corporation reported its financial results for the three and nine months ended September 30, 2024, showing significant improvements in various financial metrics compared to the same periods in 2023. The company, which specializes in bone regeneration for spinal fusion using the recombinant human protein NELL-1, recorded total current assets of $4.1 million, up from $3.7 million at the end of 2023. Total liabilities decreased sharply to $273,402 from $831,402, leading to an increase in stockholders’ equity to $3.8 million, compared to $2.9 million at the end of the previous year.
For the three months ended September 30, 2024, Bone Biologics reported total operating expenses of $951,021, a 54.3% decrease from $2.1 million in the same quarter of 2023. Research and development expenses also saw a significant reduction, falling to $429,747 from $1.6 million, marking a decrease of 72.7%. The net loss for the quarter was $941,002, down 50.98% from $1.9 million in the prior year. Loss per share attributable to common stockholders improved to $(2.37) from $(4.90).
For the nine-month period, the net loss was $2.6 million, a 64.99% reduction from $7.4 million in 2023. The company reported net cash used in operating activities of $2.8 million, significantly lower than the $7.5 million used in the same period last year. The decrease in cash expenditures is attributed to reduced development activities related to the NELL-1 protein.
Bone Biologics raised $1.5 million through a public offering in March 2024 and generated additional funds through warrant exercises, totaling $1.8 million in net proceeds from warrant inducements in August 2024. The company also entered into an At-the-Market (ATM) Agreement in September 2024, allowing for the sale of up to $1.1 million in common stock, with subsequent sales netting $640,613.
The company continues to face challenges, including substantial doubt about its ability to continue as a going concern within one year. It is actively seeking additional financing to support future operations and product development. As of September 30, 2024, Bone Biologics had $3.6 million in cash, which is expected to cover operational needs into the second quarter of 2025.
About Bone Biologics Corp
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