Q1 2024 and Recent Highlights:
- Announced that an abstract detailing results of the recent study that
Predictive Oncology completed in collaboration withUPMC Magee-Womens Hospital inPittsburgh, PA , has been accepted as a poster presentation at theAmerican Society for Clinical Oncology (ASCO) Annual Meeting, which is being heldMay 31-June 4 inChicago .- The study utilized multi-omic machine learning models to identify molecular features that better correlate to short- and long-term survival outcomes among women diagnosed with high grade serous ovarian cancer (HGSC) as compared to clinical data alone.
- Models hold potential as decision support tools to be incorporated into daily clinical practice to tailor therapies to individual patients and may also be used to identify novel biomarkers to advance the development of next-generation cancer therapeutics.
- Presentation is scheduled for
Monday, June 3 rd,9:00am –12:00pm CDT (10:00am-1:00pm EDT ).
- Announced a collaboration and co-marketing agreement with Fujifilm to reduce protein interference in bacterial endotoxin testing of biopharmaceutical products, thereby improving drug safety. Per the terms of the agreement,
Predictive Oncology will utilize its novel EndoPrep™ sample treatment technology, together with Fujifilm’s PYROSTAR™ bacterial endotoxin detection reagent, to detect residual endotoxins more accurately in biopharmaceuticals by eliminating protein interference from the drug product in the detection assay. - Reported meaningful progress with its
FluGen collaboration designed to bring a first-of-its-kind intranasal flu vaccine to market, as part of a$6.2 million Phase 2b grant awarded by theU.S. Department of Defense (DoD ), a portion of which will be received indirectly byPredictive Oncology , as subcontractor forFluGen , over multiple years. Per the terms of the collaboration,Predictive Oncology will play a key role in making FluGen’s M2SR flu vaccine more stable and sustainable in a refrigerated state as it advances through clinical trials.- Successful accomplishment of the solubility and stability goals in this collaboration – which would commercially validate the Company’s ability to solubilize and stabilize a whole live attenuated virus – may lead to future contracts with
FluGen for other vaccine projects, as well as potentially other pharmaceutical companies.
- Successful accomplishment of the solubility and stability goals in this collaboration – which would commercially validate the Company’s ability to solubilize and stabilize a whole live attenuated virus – may lead to future contracts with
“Our first quarter 2024 and subsequent results reflect the breadth and versatility of our technology, from the development of AI-driven machine learning models that can accelerate and de-risk early drug discovery, to our suite of biologics formulations and manufacturing capabilities that support leading biopharmaceutical drug developers and improve their chances of clinical success,” said
“Just a few weeks ago, we announced that an abstract detailing results from a retrospective study that we completed with UPMC Magee has been accepted for presentation at the prestigious ASCO 2024 Annual Meeting. This study, in which we successfully developed active machine learning models capable of accurately predicting survival outcomes among ovarian cancer patients, has broad implications. In addition to the potential use of these models as decision support tools to be used in daily clinical practice to tailor therapies to individual patients, we see an opportunity to identify novel biomarkers which may allow us, or a licensing partner, to develop new cancer therapies on our own.”
“Since we implemented our new strategic vision for the company at the beginning of 2023, we have continued to refine our business development efforts, and we are making steady progress conveying to current and prospective partners the unique blend of assets and capabilities that we possess. Our message is resonating, as we are in late-stage discussions on a number of engagements, across both of our businesses, that we believe will continue to elevate awareness of our company among leading cancer drug developers worldwide. I look forward to accelerating contracting momentum as we progress through 2024,” concluded
Q1 2024 Financial Summary:
- Concluded the first quarter of 2024 with
$5.2 million of cash, compared to$8.7 million as ofDecember 31, 2023 , and$4.1 million in stockholders’ equity, compared to$8.3 million as ofDecember 31, 2023 . - Basic and diluted net loss per common share for the quarter ended
March 31, 2024 , was$(1.04) , compared to$(0.86) for the quarter endedMarch 31, 2023 .
Q1 2024 Financial Results:
- The company recorded revenue of
$419,646 for the first quarter of 2024, compared to$239,895 for the comparable period in 2023. Revenues for the quarter endedMarch 31, 2024 , andMarch 31, 2023 , were primarily derived from the Company’s Eagan operating segment. - Cost of sales was
$187,415 and$120,139 for the three months endedMarch 31, 2024 , and 2023, respectively. Gross profit margin was approximately 55% and 50% for the three months endedMarch 31, 2024 , and 2023, respectively. The improvement in gross profit margin was primarily due to a change in sales mix, with increased sales of STREAMWAY systems in the three months endedMarch 31, 2024 . - General and administrative expenses increased to
$2,627,076 in the first quarter of 2024 from$2,335,984 in the first quarter of 2023. The increase was primarily due to increased professional fees including audit and consultant fees as well as increased business taxes, offset by decreased employee compensation as well as decreased depreciation due to fully depreciated assets. - Operations expenses increased to
$1,102,193 in the first quarter of 2024 compared to$878,518 in the first quarter of 2023. The increase was primarily due to increased employee compensation associated with our research and development efforts. - Sales and marketing expenses increased to
$739,734 in the first quarter of 2024 from$370,237 in the first quarter of 2023. The increase was primarily due to severance related to a former executive. - Net cash used in operating activities was
$3,416,021 in the first quarter of 2024 compared to net cash used of$3,427,761 in the first quarter of 2023. The increase in the Company’s net loss was primarily offset by an increase in cash provided by changes in working capital, resulting from higher accounts payable and accrued expenses.
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Forward-Looking Statements:
Certain matters discussed in this release contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, the risks related to the success of our collaboration arrangements, commercialization activities and product sales levels by our collaboration partners, and other factors discussed under the heading “Risk Factors” in our filings with the
Investor Relations Contact:
tim@lifesciadvisors.com
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash | $ | 5,197,235 | $ | 8,728,660 | ||||
Accounts receivable | 509,445 | 333,697 | ||||||
Inventories | 441,718 | 494,374 | ||||||
Prepaid expense and other assets | 412,925 | 521,700 | ||||||
Total current assets | 6,561,323 | 10,078,431 | ||||||
Property and equipment, net | 1,087,718 | 1,233,910 | ||||||
Intangibles, net | 245,594 | 252,457 | ||||||
Lease right-of-use assets | 2,582,456 | 2,728,355 | ||||||
Other long-term assets | 124,096 | 124,096 | ||||||
Total assets | $ | 10,601,187 | $ | 14,417,249 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,729,126 | $ | 1,342,027 | ||||
Note payable | 38,036 | 150,408 | ||||||
Accrued expenses and other liabilities | 1,904,612 | 1,631,702 | ||||||
Derivative liability | 367 | 1,376 | ||||||
Contract liabilities | 304,320 | 308,091 | ||||||
Lease liability | 540,200 | 517,427 | ||||||
Total current liabilities | 4,516,661 | 3,951,031 | ||||||
Other long-term liabilities | 3,507 | 5,459 | ||||||
Lease liability – net of current portion | 2,027,348 | 2,188,979 | ||||||
Total liabilities | 6,547,516 | 6,145,469 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, 20,000,000 shares authorized inclusive of designated below | ||||||||
Series B Convertible Preferred Stock, | 792 | 792 | ||||||
Common stock, | 40,629 | 40,629 | ||||||
Additional paid-in capital | 175,992,976 | 175,992,242 | ||||||
Accumulated deficit | (171,980,726 | ) | (167,761,883 | ) | ||||
Total stockholders’ equity | 4,053,671 | 8,271,780 | ||||||
Total liabilities and stockholders’ equity | $ | 10,601,187 | $ | 14,417,249 |
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (Unaudited) | ||||||||
Three Months Ended | ||||||||
2024 | 2023 | |||||||
Revenue | $ | 419,646 | $ | 239,895 | ||||
Cost of sales | 187,415 | 120,139 | ||||||
Gross profit | 232,231 | 119,756 | ||||||
Operating expenses: | ||||||||
General and administrative expense | 2,627,076 | 2,335,984 | ||||||
Operations expense | 1,102,193 | 878,518 | ||||||
Sales and marketing expense | 739,734 | 370,237 | ||||||
Total operating expenses | 4,469,003 | 3,584,739 | ||||||
Total operating (loss) | (4,236,772 | ) | (3,464,983 | ) | ||||
Other income | 18,657 | 42,228 | ||||||
Other expense | (1,737 | ) | - | |||||
Gain on derivative instruments | 1,009 | 953 | ||||||
Net (loss) | $ | (4,218,843 | ) | $ | (3,421,802 | ) | ||
Net (loss) per common share – basic and diluted | $ | (1.04 | ) | $ | (0.86 | ) | ||
Weighted average shares used in computation – basic and diluted | 4,062,853 | 3,968,099 |
Source:
2024 GlobeNewswire, Inc., source