Co-Diagnostics Reports Significant Revenue Decline and Increased Net Loss in Latest Quarter

Co-Diagnostics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenue of $162,910 for the three months ended June 30, 2025, a substantial decrease from $2.7 million in the same period last year. This decline was primarily attributed to a drop in grant revenue, which fell from $2.5 million to zero. For the six months ending June 30, 2025, total revenue was $213,187, down from $3.1 million in the prior year. The company's net loss for the quarter was $7.7 million, slightly higher than the $7.6 million loss reported in the same quarter of 2024. For the six-month period, the net loss was $15.3 million, compared to $16.9 million in the previous year.

In terms of operational metrics, Co-Diagnostics reported a decrease in total operating expenses, which amounted to $8.2 million for the second quarter of 2025, down from $10.1 million in the same quarter of 2024. This reduction was largely due to lower stock-based compensation and personnel-related expenses. The company’s cash and cash equivalents increased to $11.1 million as of June 30, 2025, compared to $2.9 million at the end of 2024. Additionally, the company had marketable investment securities valued at $2.2 million, down from $26.8 million at the end of the previous fiscal year.

Co-Diagnostics is actively pursuing strategic developments, including the ongoing development of its Co-Dx PCR platform, which aims to provide affordable and reliable PCR testing for various diseases. The company withdrew its FDA 510(k) application for the Co-Dx PCR COVID-19 test to enhance the test's performance based on feedback from the FDA. The company plans to submit a revised version of the test after collecting additional clinical evaluation data. This strategic pivot reflects the company's commitment to improving its product offerings and addressing regulatory concerns.

The company’s operational focus remains on expanding its market presence and enhancing its product portfolio. As of June 30, 2025, Co-Diagnostics had a total of 41,031,146 shares issued, an increase from 37,902,222 shares at the end of 2024. The company has also entered into an Amended and Restated Equity Distribution Agreement, allowing it to raise up to $17.1 million through the sale of common stock. However, the company faces substantial doubt regarding its ability to continue as a going concern, as it will need to secure additional financing to meet its operational needs and obligations.

Looking ahead, Co-Diagnostics anticipates continued operating losses and cash usage in the near term. The company is exploring various financing options, including equity and debt financing, to support its operations and strategic initiatives. The management's ability to raise additional capital will be critical for the company's future, as it navigates a challenging market environment and seeks to enhance its product offerings and operational efficiencies.