Applied DNA Sciences reported fiscal 2024 revenues of $3.4 million, down 74% from $13.4 million in 2023, primarily due to reduced COVID-19 testing demand. Net loss decreased to $7.1 million from $10.0 million last year, aided by a $9.4 million gain from warrant valuation changes. The company ended the year with $6.4 million in cash.The company is strategically pivoting to focus on its Therapeutic DNA Production Services segment, including the development of GMP manufacturing facilities. A GMP Site 1 for DNA templates is expected to be operational in January 2025, while a planned GMP Site 2 for biologics production is targeted for first half 2026, requiring approximately $10 million in additional funding. The acquisition of Spindle Biotech in July 2023 expanded the company's mRNA capabilities.Management announced plans to explore divesting its DNA Tagging and Security Products segment while restructuring operations. The company also faces a Nasdaq minimum bid price compliance issue and must regain the $1.00 threshold by May 2025. Recent financing activities include an October 2024 registered direct offering that raised $5.8 million, bringing cash to $10.1 million as of November 30.

Applied DNA Sciences reported fiscal 2024 revenues of $3.4 million, down 74% from $13.4 million in 2023, primarily due to reduced COVID-19 testing demand. Net loss decreased to $7.1 million from $10.0 million last year, aided by a $9.4 million gain from warrant valuation changes. The company ended the year with $6.4 million in cash.The company is strategically pivoting to focus on its Therapeutic DNA Production Services segment, including the development of GMP manufacturing facilities. A GMP Site 1 for DNA templates is expected to be operational in January 2025, while a planned GMP Site 2 for biologics production is targeted for first half 2026, requiring approximately $10 million in additional funding. The acquisition of Spindle Biotech in July 2023 expanded the company's mRNA capabilities.Management announced plans to explore divesting its DNA Tagging and Security Products segment while restructuring operations. The company also faces a Nasdaq minimum bid price compliance issue and must regain the $1.00 threshold by May 2025. Recent financing activities include an October 2024 registered direct offering that raised $5.8 million, bringing cash to $10.1 million as of November 30.