Co-Diagnostics, Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
CODX$0.26-3.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-024029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001493152-25-022300
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 56 previous paragraphs and 62 current paragraphs.
29 unchanged; 25 reworded; 8 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Other Income or Expense
Current report
The Nine Months Ended September 30, 2025 Compared to the Nine Months ended September 30, 2024
Current report
During and subsequent to the third quarter of 2025, the Company took several actions to strengthen its liquidity position and enhance financial flexibility. In October 2025, the Company terminated its Amended and Restated Equity Distribution Agreement with Piper Sandler & Co. and Clear Street, LLC, under which limited sales of common stock had previously been made, and entered into a new Equity Distribution Agreement with Maxim Group LLC to establish an at-the-market (“ATM”) equity offering program permitting sales of up to $10.0 million of common stock from time to time. In addition, the Company completed two registered direct offerings with institutional investors — one in September 2025 for gross proceeds of approximately $3.8 million and another in October 2025 for gross proceeds of approximately $7.0 million, in each case before deducting placement agent fees and offering expenses. The Company intends to use the net proceeds from these equity financings for working capital and general corporate purposes.
Current report
On September 18, 2025, the Company completed a registered direct offering of 9,619,000 shares of its common stock to two institutional investors at an offering price of $0.40 per share, resulting in gross proceeds of approximately $3.8 million before deducting placement agent fees and other offering expenses. The shares were offered and sold pursuant to the Company’s effective shelf Registration Statement on Form S-3 (File No. 333-270628). Maxim Group LLC acted as placement agent for the transaction. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. See Note 13 – Registered Direct Offering to the condensed consolidated financial statements for additional information regarding this transaction.
Current report
In October 2025, the Company terminated its Amended and Restated Equity Distribution Agreement with Piper Sandler & Co. and Clear Street, LLC, under which it had previously sold an aggregate of 4,550,245 shares of common stock for net proceeds of approximately $1.7 million. Concurrently, the Company entered into a new Equity Distribution Agreement with Maxim Group LLC to establish an at-the-market (“ATM”) equity offering program, under which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $10.0 million from time to time. On October 20, 2025, the Company filed a prospectus supplement with the SEC relating to the new ATM program, registering up to approximately $4.1 million of shares under the shelf registration statement. The Company expects that any proceeds from sales under the new ATM program, if utilized, would provide additional financial flexibility to support its working capital requirements and general corporate purposes. There can be no assurance as to the timing or amount of any sales under the new ATM program. See Note 12 – At the Market Agreement to the condensed consolidated financial statements for additional information regarding this transaction.
Current report
Subsequent to quarter end, on October 29, 2025, the Company completed a registered direct offering of its common stock and pre-funded warrants to two institutional investors for gross proceeds of approximately $7.0 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. See Note 15 – Subsequent Events to the condensed consolidated financial statements for additional information regarding this transaction.
Current report
Forward-Looking Statements
Current report
This Liquidity and Capital Resources discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s liquidity runway, anticipated use of proceeds, potential sales under the at-the-market program, and the Company’s financing plans and capital needs. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including those described under “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. There can be no assurance regarding the timing, amount, or terms of any future securities offerings or sales under the at-the-market program, or that such transactions will be available on acceptable terms or at all. The Company undertakes no obligation to update any forward-looking statements, except as required by law
Removed paragraphs (2)
Previous report
The Six Months Ended June 30, 2025 Compared to the Six Months ended June 30, 2024
Reworded paragraphs (25)
Previous wording
Co-Diagnostics, Inc., a Utah corporation (the “Company” or “CODX”), develops, manufactures and sells reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules (DNA or RNA), including robust and innovative molecular tools for detection of infectious diseases. Our diagnostics systems enable dependable, low-cost, molecular testing for organisms and genetic diseases by automating or simplifying historically complex procedures in both the development and administration of tests. CODX’s technical advance involves a novel, proprietary approach to PCR test design of primer and probe structure (“Co-Primers®”) that dramatically reduces one of the key vexing issues of PCR amplification: the exponential growth of primer-dimer amplification (false positives) which adversely interferes with identification of the target DNA/RNA. Using our proprietary test design system and reagents, we have designed and obtained regulatory approval to sell PCR diagnostic tests for the detection of COVID-19, influenza, tuberculosis, hepatitis B and C, human papillomavirus, malaria, chikungunya, dengue, and the Zika virus. These initial diagnostic tests are cleared for use in clinical labs only and not for point-of-care or at-home use.
Current wording
Co-Diagnostics, Inc., a Utah corporation (the “Company” or “CODX”), develops, manufactures and sells reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules (DNA or RNA), including robust and innovative molecular tools for detection of infectious diseases. Our diagnostics systems enable dependable, low-cost, molecular testing for organisms and genetic diseases by automating or simplifying historically complex procedures in both the development and administration of tests. CODX’s technical advance involves a novel, proprietary approach to polymerase chain reaction (“PCR”) test design of primer and probe structure (“Co-Primers®”) that dramatically reduces one of the key vexing issues of PCR amplification: the exponential growth of primer-dimer amplification (false positives) which adversely interferes with identification of the target DNA/RNA. Using our proprietary test design system and reagents, we have designed and obtained regulatory approval to sell PCR diagnostic tests for the detection of COVID-19, influenza, tuberculosis, hepatitis B and C, human papillomavirus, malaria, chikungunya, dengue, and the Zika virus. These initial diagnostic tests are cleared for use in clinical labs only and not for point-of-care or at-home use
Previous wording
We are currently developing a unique, groundbreaking portable diagnostic device and test system designed for point-of-care and at-home use. The system is comprised of our PCR instrument that we refer to as the Co-Dx™ PCR Pro™ instrument, our patent-pending diagnostic test cup system and a mobile application to be installed on the user’s mobile device. We refer to the system as the “Co-Dx™ PCR platform which has been designed to bring affordable, reliable polymerase chain reaction (“PCR”) testing to patients in point-of-care and at-home settings. The Co-Dx PCR platform is subject to U.S. Food and Drug Administration (“FDA”) review and is not available for sale at the time of this filing. In June 2024, we completed our first U.S. Food and Drug Administration (FDA) application for 510(k) clearance for the Co-Dx™ PCR Pro™ instrument, the Co-Dx PCR COVID-19 Test, and the Co-Dx PCR mobile app for over-the-counter (OTC) use. Following productive engagement with the FDA related to the regulatory submission, the Company withdrew its 510(k) application. The decision to withdraw the submission was based on discussions with the FDA regarding the ability to detect a potential deterioration of one component of the test, related to shelf-life stability. Following dialogue with the FDA and exploring the various courses of action available, we determined that the best long-term solution would be to submit a version of the test that has been enhanced to address the matter raised in the 510(k) review process. The Company plans to submit the next iteration of the Co-Dx PCR COVID-19 test for 510(k) OTC clearance, following the collection of clinical evaluation data to support the new test’s performance. A new submission also allows the Company to incorporate more recent Co-Dx PCR platform developments into the COVID-19 test, which Co-Dx believes will also help create greater operational and manufacturing efficiencies, such as consolidating manufacturing processes to utilize the next generation of test kits and instruments across all tests on the at-home and point-of-care Co-Dx PCR platform. There is no guarantee that our Co-Dx PCR platform will receive the necessary regulatory approvals for commercialization, or that, if regulatory approval is received, we will be able to successfully commercialize this platform.
Current wording
We are currently developing a unique, groundbreaking portable diagnostic device and test system designed for point-of-care and at-home use. The system is comprised of our PCR instrument that we refer to as the Co-Dx™ PCR Pro™ instrument, our patent-pending diagnostic test cup system and a mobile application to be installed on the user’s mobile device. We refer to the system as the “Co-Dx™ PCR platform which has been designed to bring affordable, reliable polymerase chain reaction (“PCR”) testing to patients in point-of-care and at-home settings. The Co-Dx PCR platform is subject to U.S. Food and Drug Administration (“FDA”) review and is not available for sale at the time of this filing. In June 2024, we completed our first FDA application for 510(k) clearance for the Co-Dx™ PCR Pro™ instrument, the Co-Dx PCR COVID-19 Test, and the Co-Dx PCR mobile app for over-the-counter (OTC) use. Following productive engagement with the FDA related to the regulatory submission, the Company withdrew its 510(k) application. The decision to withdraw the submission was based on discussions with the FDA regarding the ability to detect a potential deterioration of one component of the test, related to shelf-life stability. Following dialogue with the FDA and exploring the various courses of action available, we determined that the best long-term solution would be to submit a version of the test that has been enhanced to address the matter raised in the 510(k) review process. The Company plans to submit the next iteration of the Co-Dx PCR COVID-19 test for 510(k) OTC clearance, following the collection of clinical evaluation data to support the new test’s performance. A new submission also allows the Company to incorporate more recent Co-Dx PCR platform developments into the tests, which Co-Dx believes will also help create greater operational and manufacturing efficiencies, such as consolidating manufacturing processes to utilize the next generation of test kits and instruments across all tests on the at-home and point-of-care Co-Dx PCR platform. There is no guarantee that our Co-Dx PCR platform will receive the necessary regulatory approvals for commercialization, or that, if regulatory approval is received, we will be able to successfully commercialize this platform. On October 27, 2025, we entered into an agreement with Arabian Eagle Manufacturing to form a joint venture to research, develop, manufacture, assemble, distribute, and commercialize Co-Dx technologies and intellectual property, including our upcoming PCR point-of-care platform, within the Kingdom of Saudi Arabia and 18 other countries through the Middle East and North Africa.
Previous wording
Our scientists use the complex mathematics of DNA/RNA PCR test design to engineer and optimize PCR tests and to automate algorithms that rapidly screen millions of possible options to pinpoint the optimum design. The intellectual property we use in our business consists of the predictive mathematical algorithms and patented molecular structure used in the testing process, which together represent a major advance in PCR testing systems. CODX technologies are now protected by more than 20 granted or pending US and foreign patents, as well as certain trade secrets and copyrights. Ownership of our proprietary platform permits us the advantage of avoiding payment of patent royalties required by other PCR test systems, which may allow the sale of diagnostic PCR tests at a lower price than competitors, while enabling us to maintain profit margins.
Current wording
Our scientists use the complex mathematics of DNA/RNA PCR test design to engineer and optimize PCR tests and to automate algorithms that rapidly screen millions of possible options to pinpoint the optimum design. The intellectual property we use in our business consists of the predictive mathematical algorithms and patented molecular structure used in the testing process, which together represent a major advance in PCR testing systems. CODX technologies are now protected by more than 20 granted or pending US and foreign patents, as well as certain trade secrets and copyrights. Ownership of our proprietary platform permits us the advantage of avoiding payment of patent royalties required by other PCR test systems, which may allow for the sale of diagnostic PCR tests at a lower price than competitors, while enabling us to maintain profit margins.
Previous wording
Our proprietary test design process involves identifying the optimal locations on the target genes for amplification and pairing the locations with the optimized primer and probe structure to achieve outputs that meet the design input requirements identified from market research. This is done by following planned and documented processes, procedures and testing. In other words, we use the data resulting from our tests to verify whether we succeeded in designing what we intended. Verification involves a series of testing that concludes that the product is ready to proceed to validation in an evaluation either in our laboratory or in an independent laboratory setting using initial production tests to confirm that the product as designed meets the user needs.
Current wording
Our proprietary test design process involves identifying the optimal locations on the target genes for amplification and pairing the locations with the optimized primer and probe structure to achieve outputs that meet the design input requirements identified from market research. This is done by following planned and documented processes, procedures and testing. In other words, we use the data resulting from our tests to verify whether we succeeded in designing what we intended. Verification involves a series of testing that concludes that the product is ready to proceed to validation in an evaluation either in our laboratory or in an independent laboratory setting using initial production tests to confirm that the product as designed meets the user’s needs.
Previous wording
For the three months ended June 30, 2025, we generated revenues of $0.2 million, compared to revenues of $2.7 million for the three months ended June 30, 2024. The decrease in revenue was due to lower grant revenues recognized in the current period.
Current wording
For the three months ended September 30, 2025, we generated revenues of $0.1 million, compared to revenues of $0.6 million for the three months ended September 30, 2024. The decrease in revenue was due to lower grant revenues recognized in the current period.
Previous wording
We recorded cost of revenues of approximately $.03 million for the three months ended June 30, 2025, compared to $0.2 million for the three months ended June 30, 2024. Included within cost of revenues is a decrease of approximately $0.1 million for the three months ended June 30, 2025, and an increase of approximately $.02 million for the three months ended June 30, 2024, related to reserves against certain raw materials and finished goods inventories.
Current wording
We recorded cost of revenues of approximately $0.03 million for the three months ended September 30, 2025, compared to $0.3 million for the three months ended September 30, 2024. Included within cost of revenues is a decrease of approximately $0.04 million for the three months ended September 30, 2025, and an increase of approximately $0.1 million for the three months ended September 30, 2024, related to reserves against certain raw materials and finished goods inventories.
Previous wording
Total operating expenses were $8.2 million for the three months ended June 30, 2025 compared to total operating expenses of $10.1 million for the three months ended June 30, 2024. The decrease in operating expenses was primarily due to decreased stock-based compensation expense, personnel related expenses, and expense related to development of the Co-Dx PCR platform.
Current wording
Total operating expenses were $7.1 million for the three months ended September 30, 2025 compared to total operating expenses of $10.6 million for the three months ended September 30, 2024. The decrease in operating expenses was primarily due to decreased legal expense, stock-based compensation expense, personnel related expense, and expense related to development of the Co-Dx PCR platform.
Previous wording
Sales and marketing expenses for the three months ended June 30, 2025 were $0.6 million compared to $1.0 million for the three months ended June 30, 2024. The decrease was primarily a result of decreased stock-based compensation expense, consulting and professional services expenses, and personnel related expenses.
Current wording
Sales and marketing expenses for the three months ended September 30, 2025 were $0.6 million compared to $1.1 million for the three months ended September 30, 2024. The decrease was primarily a result of decreased stock-based compensation expense, consulting and professional services expenses, and personnel related expenses.
Previous wording
General and administrative expenses for the three months ended June 30, 2025 were $2.6 million compared to $3.1 million for the three months ended June 30, 2024. The decrease resulted primarily from lower stock-based compensation expense.
Current wording
General and administrative expenses for the three months ended September 30, 2025 were $1.8 million compared to $4.3 million for the three months ended September 30, 2024. The decrease resulted primarily from lower legal expense and stock-based compensation expense.
Previous wording
Research and development expenses for the six months ended June 30, 2025 were $9.6 million compared to $11.3 million for the six months ended June 30, 2024. The decrease was primarily a result of decreased expenses related to development of the Co-Dx PCR platform, personnel related expenses, and stock-based compensation expense, partially offset by increases in professional services expense.
Current wording
Research and development expenses for the three months ended September 30, 2025 were $4.5 million compared to $4.9 million for the three months ended September 30, 2024. The decrease was primarily a result of decreased expenses related to development of the Co-Dx PCR platform, and personnel related expenses, partially offset by an increase in stock-based compensation expense.
Previous wording
Other income was $0.3 million for the three months ended June 30, 2025, compared to other income of $0.1 million for the three months ended June 30, 2024. Decreases in interest income were offset by increases in realized gains from investments in marketable securities and the change in the fair value of contingent consideration liabilities.
Current wording
Other expense was $0.04 million for the three months ended September 30, 2025, compared to other income of $0.6 million for the three months ended September 30, 2024. The decrease was primarily a result of lower interest income and realized gains from investments in marketable securities.
Previous wording
We realized a net loss for the three months ended June 30, 2025 of $7.7 million, compared to $7.6 million for the three months ended June 30, 2024. The larger net loss was primarily the result of decreased grant revenues, partially offset by lower operating expenses.
Current wording
We realized a net loss for the three months ended September 30, 2025 of $5.9 million, compared to $9.7 million for the three months ended September 30, 2024. The smaller net loss was primarily the result of lower operating expenses and a benefit from income taxes, partially offset by decreased grant revenues and lower interest income and realized gains on investments. The income tax benefit recognized during the three months ended September 30, 2025 relates primarily to new United States tax legislation which was signed into law on July 4, 2025, which resulted in the Company being eligible for certain federal and state tax refunds related to prior years. The Company expects to receive these refunds by the end of the year.
Previous wording
For the six months ended June 30, 2025, we generated revenues of $0.2 million, compared to revenues of $3.1 million for the six months ended June 30, 2024. The decrease in revenue was due to lower product and grant revenues recognized in the current period.
Current wording
For the nine months ended September 30, 2025, we generated revenues of $0.4 million, compared to revenues of $3.8 million for the nine months ended September 30, 2024. The decrease in revenue was due to lower product and grant revenues recognized in the nine month current period.
Previous wording
We recorded cost of revenues of approximately $0.1 million for the six months ended June 30, 2025, compared to $0.4 million for the six months ended June 30, 2024. Included within cost of revenues is a decrease of approximately $0.1 million for the six months ended June 30, 2025, and a decrease of approximately $0.3 million for the six months ended June 30, 2024, related to reserves against certain raw materials and finished goods inventories.
Current wording
We recorded cost of revenues of approximately $0.1 million for the nine months ended September 30, 2025, compared to $0.7 million for the nine months ended September 30, 2024. Included within cost of revenues is a decrease of approximately $0.1 million for the nine months ended September 30, 2025, and a decrease of approximately $0.2 million for the nine months ended September 30, 2024, related to reserves against certain raw materials and finished goods inventories.
Previous wording
Total operating expenses were $16.8 million for the six months ended June 30, 2025 compared to total operating expenses of $20.6 million for the six months ended June 30, 2024. The decrease in operating expenses was primarily due to decreased stock-based compensation expense, personnel related expenses, tradeshow and travel expense, and expense related to development of the Co-Dx PCR platform. These decreases were partially offset by increased legal expenses.
Current wording
Total operating expenses were $23.9 million for the nine months ended September 30, 2025 compared to total operating expenses of $31.2 million for the nine months ended September 30, 2024. The decrease in operating expenses was primarily due to decreased legal expenses, stock-based compensation expense, and personnel related expenses.
Previous wording
Sales and marketing expenses for the six months ended June 30, 2025 were $1.3 million compared to $2.6 million for the six months ended June 30, 2024. The decrease was primarily a result of decreased stock-based compensation expense, tradeshow and travel expenses, consulting and professional services expenses, and personnel related expenses.
Current wording
Sales and marketing expenses for the nine months ended September 30, 2025 were $1.8 million compared to $3.7 million for the nine months ended September 30, 2024. The decrease was primarily a result of decreased stock-based compensation expense, tradeshow and travel expenses, consulting and professional services expenses, and personnel related expenses.
Previous wording
General and administrative expenses for the six months ended June 30, 2025 were $5.4 million compared to $6.1 million for the six months ended June 30, 2024. Decreases in stock-based compensation expense and consulting and professional services expense were partially offset by increased legal expenses.
Current wording
General and administrative expenses for the nine months ended September 30, 2025 were $7.2 million compared to $10.3 million for the nine months ended September 30, 2024. Decreases in legal expense, stock-based compensation expense and consulting and professional services expense were partially offset by increased expenses related to transaction advisory services and fees.
Previous wording
Research and development expenses for the three months ended June 30, 2025 were $4.7 million compared to $5.6 million for the three months ended June 30, 2024. The decrease was primarily a result of decreased expenses related to development of the Co-Dx PCR platform, personnel related expenses, and stock-based compensation expense, partially offset by increases in professional services expense.
Current wording
Research and development expenses for the nine months ended September 30, 2025 were $14.0 million compared to $16.2 million for the nine months ended September 30, 2024. The decrease was primarily a result of decreased expenses related to development of the Co-Dx PCR platform, personnel related expenses, and stock-based compensation expense, partially offset by increases in professional services expense.
Previous wording
Other income was $1.4 million for the six months ended June 30, 2025, compared to other income of $1.1 million for the six months ended June 30, 2024. Decreases in interest income were offset by increases in realized gains from investments in marketable securities and increases in the change in the fair value of contingent consideration liabilities.
Current wording
Other income was $1.3 million for the nine months ended September 30, 2025, compared to other income of $1.6 million for the nine months ended September 30, 2024. Decreases in interest income were partially offset by increases in realized gains from investments in marketable securities and increases in the change in the fair value of contingent consideration liabilities.
Previous wording
We realized a net loss for the six months ended June 30, 2025 of $15.3 million, compared to $16.9 million for the six months ended June 30, 2024. The smaller net loss was primarily the result of decreases in operating expenses.
Current wording
We realized a net loss for the nine months ended September 30, 2025 of $21.2 million, compared to $26.6 million for the nine months ended September 30, 2024. The smaller net loss was primarily the result of decreases in operating expenses and a benefit from income taxes, partially offset by decreases in grant revenues. The income tax benefit recognized during the nine months ended September 30, 2025 relates primarily to new United States tax legislation which was signed into law on July 4, 2025, which resulted in the Company being eligible for certain federal and state tax refunds related to prior years. The Company expects to receive these refunds by the end of the year.
Previous wording
At June 30, 2025, we had cash and cash equivalents of $11.1 million and marketable investment securities of $2.2 million. We consider our marketable investment securities an important part of our liquidity and focus such investments in securities that can readily be converted into cash if needed. Additionally, our total current assets at June 30, 2025, were $15.3 million compared to total current liabilities of $3.7 million.
Current wording
At September 30, 2025, we had cash and cash equivalents of $11.4 million. Additionally, our total current assets at September 30, 2025, were $14.1 million compared to total current liabilities of $3.7 million.
Previous wording
Net cash used in operating activities during the six months ended June 30, 2025 was $17.0 million, compared to $13.7 million for the six months ended June 30, 2024. The increase in cash used in operating activities was primarily due to a higher usage of cash to pay accounts payable and accrued liabilities related to higher legal expenses, along with decreases in revenue, grant funding, net interest income, and realized gains on investments.
Current wording
Net cash used in operating activities during the nine months ended September 30, 2025 was $22.9 million, compared to $20.9 million for the nine months ended September 30, 2024. The increase in cash used in operating activities was primarily due to a higher usage of cash to pay accounts payable and accrued liabilities related to higher legal expenses, along with decreases in product revenue, grant funding, net interest income, and realized gains on investments.
Previous wording
Net cash provided by investing activities was $24.4 million for the six months ended June 30, 2025, compared to $12.6 million during the six months ended June 30, 2024. The increase in cash provided by investing activities is primarily due to the timing of the redemption of certain investments as they matured.
Current wording
Net cash provided by investing activities was $26.6 million for the nine months ended September 30, 2025, compared to $16.8 million during the nine months ended September 30, 2024. The increase in cash provided by investing activities is primarily due to the timing of the redemption of certain investments as they matured.
Previous wording
Net cash provided by financing activities was $0.8 million for the six months ended June 30, 2025, compared to $0 for the six months ended June 30, 2024. The cash provided by financing activities during 2025 relates to issuances of common stock under the ATM.
Current wording
Net cash provided by financing activities was $4.8 million for the nine months ended September 30, 2025, compared to $0 for the nine months ended September 30, 2024. The cash provided by financing activities during 2025 relates to issuances of common stock under the ATM and through a registered direct offering.
Previous wording
Ouravailable capital resources may be consumed more rapidly than currently expected and we may need or want to raise additional financing for strategic opportunities. It is anticipated that the Company will continue to generate operating losses and use cash in operations in the near term. If needed, we expect additional investment capital to come from additional issuances of our common stock or other equity-based securities with existing and new investors similar to those that have provided funding in the past or debt financing. We have entered into an Amended and Restated Equity Distribution Agreement (the “ATM Agreement”) with Piper Sandler & Co. (“Piper Sandler”) and Clear Street, LLC (“Clear Street”), pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $17,111,650 from time to time through Piper Sandler and Clear Street acting as our agents, under our prospectus supplement dated October 18, 2024. As of June 30, 2025, we have sold 2,209,131 shares of common stock under the ATM Agreement resulting in net proceeds to the Company of $1.0 million.
Current wording
Ouravailable capital resources may be consumed more rapidly than currently expected and we may need or want to raise additional financing for strategic opportunities. It is anticipated that the Company will continue to generate operating losses and use cash in operations in the near term. If needed, we expect additional investment capital to come from additional issuances of our common stock or other equity-based securities with existing and new investors similar to those that have provided funding in the past or debt financing.