T2 Biosystems reported Q2 2024 revenue of $1.95 million, relatively flat compared to $1.96 million in Q2 2023. Product revenue included $1.6 million from consumables and $0.18 million from instrument sales. Total operating costs decreased 23% to $11.5 million, driven by reduced manufacturing costs and lower employee headcount.The company significantly improved its debt position by converting $30 million of CRG Term Loan principal to equity in 2024, reducing total debt by approximately 80% from May 2023 levels. The company ended Q2 with $4.2 million in cash and cash equivalents, while operating cash burn improved to $20.9 million for the first half of 2024 compared to $25.3 million in the prior year period.Management indicated the current cash position is insufficient to fund operations beyond mid-Q3 2024 without additional financing. The company is exploring strategic alternatives including potential mergers, acquisitions or asset sales while implementing cost reduction initiatives. T2 Biosystems recently regained compliance with Nasdaq's minimum value of listed securities requirement in May 2024.

T2 Biosystems reported Q2 2024 revenue of $1.95 million, relatively flat compared to $1.96 million in Q2 2023. Product revenue included $1.6 million from consumables and $0.18 million from instrument sales. Total operating costs decreased 23% to $11.5 million, driven by reduced manufacturing costs and lower employee headcount.The company significantly improved its debt position by converting $30 million of CRG Term Loan principal to equity in 2024, reducing total debt by approximately 80% from May 2023 levels. The company ended Q2 with $4.2 million in cash and cash equivalents, while operating cash burn improved to $20.9 million for the first half of 2024 compared to $25.3 million in the prior year period.Management indicated the current cash position is insufficient to fund operations beyond mid-Q3 2024 without additional financing. The company is exploring strategic alternatives including potential mergers, acquisitions or asset sales while implementing cost reduction initiatives. T2 Biosystems recently regained compliance with Nasdaq's minimum value of listed securities requirement in May 2024.