Biora Therapeutics reported Q2 2024 net income of $6.5 million compared to a net loss of $17.8 million in Q2 2023. Revenue increased to $0.3 million while operating expenses rose to $16.1 million, primarily due to increased clinical trial activities. The company ended the quarter with $5.1 million in cash and cash equivalents.The company made significant progress in its clinical programs, particularly with BT-600, its drug/device combination for ulcerative colitis treatment. Phase 1 clinical trial results demonstrated successful colonic delivery with NaviCap devices showing >95% accuracy in colon detection and no early drug release. The trial also indicated lower systemic drug exposure compared to conventional oral delivery.Management secured additional funding through convertible notes and equity offerings to advance its therapeutic platforms. In July 2024, the company entered into a $90 million equity distribution agreement and received forbearance agreements from noteholders while pursuing strategic financing options. However, the company noted substantial doubt about its ability to continue as a going concern without raising additional capital.

Biora Therapeutics reported Q2 2024 net income of $6.5 million compared to a net loss of $17.8 million in Q2 2023. Revenue increased to $0.3 million while operating expenses rose to $16.1 million, primarily due to increased clinical trial activities. The company ended the quarter with $5.1 million in cash and cash equivalents.The company made significant progress in its clinical programs, particularly with BT-600, its drug/device combination for ulcerative colitis treatment. Phase 1 clinical trial results demonstrated successful colonic delivery with NaviCap devices showing >95% accuracy in colon detection and no early drug release. The trial also indicated lower systemic drug exposure compared to conventional oral delivery.Management secured additional funding through convertible notes and equity offerings to advance its therapeutic platforms. In July 2024, the company entered into a $90 million equity distribution agreement and received forbearance agreements from noteholders while pursuing strategic financing options. However, the company noted substantial doubt about its ability to continue as a going concern without raising additional capital.