Applied DNA Sciences reported a significant revenue decline for fiscal year 2024, with total revenue dropping 75% to $3.43 million from $13.37 million in FY2023. The decrease was primarily due to reduced COVID-19 testing demand. Net loss narrowed to $7.09 million from $10.02 million year-over-year.The company is shifting its focus to Therapeutic DNA Production Services, aiming to capitalize on the growing mRNA therapeutics market. It plans to complete a GMP manufacturing facility for DNA templates by January 2025. Applied DNA also launched its Linea IVT platform for mRNA production in July 2023 following an acquisition.To strengthen its financial position, Applied DNA raised $6.5 million in a public offering in October 2024. However, the company received a Nasdaq delisting notice in November for failing to meet the $1 minimum bid price requirement. Management intends to implement a reverse stock split to regain compliance, unless the stock price recovers within 30 days of shareholder approval.

Applied DNA Sciences reported a significant revenue decline for fiscal year 2024, with total revenue dropping 75% to $3.43 million from $13.37 million in FY2023. The decrease was primarily due to reduced COVID-19 testing demand. Net loss narrowed to $7.09 million from $10.02 million year-over-year.The company is shifting its focus to Therapeutic DNA Production Services, aiming to capitalize on the growing mRNA therapeutics market. It plans to complete a GMP manufacturing facility for DNA templates by January 2025. Applied DNA also launched its Linea IVT platform for mRNA production in July 2023 following an acquisition.To strengthen its financial position, Applied DNA raised $6.5 million in a public offering in October 2024. However, the company received a Nasdaq delisting notice in November for failing to meet the $1 minimum bid price requirement. Management intends to implement a reverse stock split to regain compliance, unless the stock price recovers within 30 days of shareholder approval.