Biora Therapeutics, a clinical-stage biotechnology company, reported a net loss of $18.4 million for the third quarter of 2024, a significant improvement from the $73.5 million loss in the same period of the previous year. The company's revenues saw a marginal increase, with a $32,000 revenue for the quarter compared to none in the third quarter of 2023, and a $0.9 million increase for the nine-month period year-on-year. Research and development expenses decreased by $4.9 million for the quarter and by $3.4 million for the nine-month period, reflecting a reduction in salaries, benefits, and consulting fees. Selling, general and administrative expenses also saw a decrease of $2.1 million for the quarter and $2.0 million for the nine-month period, attributed to lower salaries and...Show More

Biora Therapeutics, a clinical-stage biotechnology company, reported a net loss of $18.4 million for the third quarter of 2024, a significant improvement from the $73.5 million loss in the same period of the previous year. The company's revenues saw a marginal increase, with a $32,000 revenue for the quarter compared to none in the third quarter of 2023, and a $0.9 million increase for the nine-month period year-on-year. Research and development expenses decreased by $4.9 million for the quarter and by $3.4 million for the nine-month period, reflecting a reduction in salaries, benefits, and consulting fees. Selling, general and administrative expenses also saw a decrease of $2.1 million for the quarter and $2.0 million for the nine-month period, attributed to lower salaries and benefits among other factors. Interest expense net decreased by $0.6 million for the quarter and $2.5 million for the nine-month period, primarily due to a decrease in the balance of convertible notes. The company also reported a gain on warrant liabilities, which increased by $3.7 million for the quarter and $29.9 million for the nine-month period, mainly due to changes in the fair value of outstanding warrant liabilities. Other net expenses decreased by $39.8 million for the quarter and $50.0 million for the nine-month period, largely due to an inducement loss in 2023 that did not recur in 2024. Biora Therapeutics continues to focus on the development of its oral biotherapeutics, with platforms such as NaviCapTM and BioJetTM aimed at improving treatment delivery. Despite the improvements in financial performance, the company acknowledges the need for additional capital to fund operations beyond the next 12 months, indicating a going concern risk.