Bone Biologics Corp
For the period ended Sep 30, 2025. Filed Nov 14, 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 14, 2025
BBLG$0.33+3.0%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.
0001493152-25-011993
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-023563
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 51 previous paragraphs and 48 current paragraphs.
33 unchanged; 10 reworded; 4 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (4)
Current report
All share and per share amounts have been retro-actively restated as if the reverse splits occurred at the beginning of the earliest period presented.
Current report
General and administrative costs increased by $60,434, from $1,638,409 for the nine months ending September 30, 2024, to $1,698,843 for the same period in 2025, mainly due to higher fair value of directors’ stock option compensation, partially offset by lower legal and consultant expenses.
Current report
During the nine months ended September 30, 2025, we sold 52,843 shares of common stock through the ATM Facility for net proceeds of $347,549, after deducting $13,029 in offering costs.
Current report
For the nine months ended September 30, 2025 and 2024, cash used in operating activities amounted to $1,976,388 and $2,771,438, respectively. The decrease in cash expenditures for the period ending September 30, 2025 is attributable to the absence of a legal settlement payment, which was made in January 2024, as well as lower research and development expenses related to preparing for our pilot clinical study.
Removed paragraphs (7)
Previous report
Recent Developments
Previous report
Nasdaq Compliance
Previous report
On April 7, 2025, we received a letter from the Listing Qualifications Staff (the “Staff”) of Nasdaq indicating that, based on the closing bid price of our common stock for 30 consecutive business days, we no longer met Nasdaq Listing Rule 5550(a)(2), which requires listed companies to maintain a minimum bid price of at least $1 per share (the “Bid Price Rule”). We received notice from Nasdaq on June 25, 2025 that we had regained compliance with the Bid Price Rule.
Previous report
Reverse Stock Split
Previous report
June 2025 Offering
Previous report
Our general and administrative costs increased $54,242 from $1,117,135 for the six months ending June 30, 2024, to $1,171,377 for the corresponding period in 2025. The increase is primarily attributable to the timing of the issuance of compensation stock options to our directors, which were granted on the date of our annual meeting. In 2025, the annual meeting was held in May, and expense recognition occurred in the six months ended June 30, 2025. In 2024, the annual meeting was held in September, with the expense recognition in the quarter ending September 30, 2024.
Previous report
During the six months ended June 30, 2025 and 2024, cash used in operating activities was $1,385,004 and $2,199,276, respectively. Cash expenditures for the six months ended June 30, 2025 decreased due to the legal settlement payment in January 2024 that did not reoccur during the current period.
Reworded paragraphs (10)
Previous wording
On June 5, 2025, we filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-6 reverse stock split of our outstanding common stock. The reverse stock split became effective on June 10, 2025. The conversion or exercise prices of our issued and outstanding stock options and warrants were adjusted accordingly in connection with the reverse stock split.
Current wording
On June 5, 2025, we filed an amendment to our amended and restated certificate of incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-6 reverse stock split of our outstanding common stock and warrants. The amendment was authorized by our stockholders on May 30, 2025, and was effective on June 10, 2025.
Previous wording
Our research and development expenditures decreased from $350,442 for the three months ending June 30, 2024, to $191,608 for the same period in 2025, marking a decrease of $158,834. The decrease in costs can be attributed to timing of our clinical trial. We anticipate continued substantial investment in development activities for NELL-1 as we prepare for our pivotal clinical study in the future.
Current wording
Our research and development expenditures decreased from $429,747 for the three months ending September 30, 2024, to $187,808 for the same period in 2025, marking a decrease of $241,939. The decrease in costs can be attributed to timing of our clinical trial. We anticipate continued substantial investment in development activities for NELL-1 as we prepare for our pivotal clinical study in the future.
Previous wording
Our general and administrative expenses increased by $97,244, rising from $459,223 for the three months ended June 30, 2024, to $556,467 for the same period in 2025. The increase is primarily attributable to the timing of the issuance of compensation stock options to our directors, which were granted on the date of our annual meeting. In 2025, the annual meeting was held in May, and expense recognition occurred in the three months ended June 30, 2025. In 2024, the annual meeting was held in September, with the expense recognition in the quarter ending September 30, 2024.
Current wording
Our general and administrative expenses increased by $6,192, rising from $521,274 for the three months ended September 30, 2024, to $527,466 for the same period in 2025.
Previous wording
Six months ended June 30, 2025 compared to the Six months ended June 30, 2024
Current wording
Nine months ended September 30, 2025 compared to the Nine months ended September 30, 2024
Previous wording
Our research and development expenditures increased from $596,067 for the six months ending June 30, 2024, to $615,186 for the same period in 2025. We anticipate continued substantial investment in development activities for NELL-1 as we prepare for our pivotal clinical study in the future.
Current wording
Our research and development expenditures decreased from $1,025,814 for the nine months ending September 30, 2024, to $802,994 for the same period in 2025, marking a decrease of $222,820. The decrease in costs can be attributed to timing of our clinical trial. We anticipate continued substantial investment in development activities for NELL-1 as we prepare for our pivotal clinical study in the future.
Previous wording
We have no significant operating history and since inception to June 30, 2025 have incurred accumulated losses of approximately $86.8 million. We will continue to incur significant expenses for development activities for our lead product NELL-1/DBM. Operating expenditures for the next twelve months are estimated at $6.8 million. The accompanying consolidated financial statements for the six months ended June 30, 2025 have been prepared assuming we will continue as a going concern. As reflected in the financial statements, we incurred a net loss of $1.8 million, and used net cash in operating activities of $1.4 million during the six months ended June 30, 2025. These factors raise substantial doubt about our ability to continue as a going concern within a reasonable period of time, which is considered to be one year after the date that the financial statements are issued. In addition, our independent registered public accounting firm, in their report on the Company’s December 31, 2024, audited financial statements, expressed substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Current wording
We have no significant operating history and since inception to September 30, 2025 have incurred accumulated losses of approximately $87.4 million. We will continue to incur significant expenses for development activities for our lead product NELL-1/DBM. Operating expenditures for the next twelve months are estimated at $6.9 million. The accompanying consolidated financial statements for the nine months ended September 30, 2025 have been prepared assuming we will continue as a going concern. As reflected in the financial statements, we incurred a net loss of $2.4 million and used net cash in operating activities of $2.0 million during the nine months ended September 30, 2025. These factors raise substantial doubt about our ability to continue as a going concern within a reasonable period of time, which is considered to be one year after the date that the financial statements are issued. In addition, our independent registered public accounting firm, in their report on the Company’s audited financial statements for the year ended December 31, 2024, expressed substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Previous wording
On June 27, 2025, we issued investors 793,750 shares of common stock and pre-funded warrants to purchase 456,250 shares of common stock for $4.00 per share (the shares of common stock had a public offering price of $4.00 per share. The pre-funded warrants had a public offering price of $3.999 per share, and we also received at closing the pre-funded warrants exercise price of $0.001 per share). In addition, we issued investors Series D warrants to purchase 1,250,000 shares of common stock (exercise price of $4.00 per share), expiring on June 30, 2030, and Series E warrants to purchase 1,250,000 shares of common stock (exercise price of $4.00 per share), expiring on November 30, 2027. The net proceeds received from the sale of common stock, pre-funded warrants and warrants, net of cash costs of $647,208, was $4,352,792.
Current wording
On June 27, 2025, we issued investors 793,750 shares of common stock and pre-funded warrants to purchase 456,250 shares of common stock for $4.00 per share (the shares of common stock had a public offering price of $4.00 per share. The pre-funded warrants had a public offering price of $3.999 per share, and we also received at closing the pre-funded warrants exercise price of $0.001 per share). In addition, we issued investors Series D warrants to purchase 1,250,000 shares of common stock (exercise price of $4.00 per share), expiring on June 30, 2030, and Series E warrants to purchase 1,250,000 shares of common stock (exercise price of $4.00 per share), expiring on November 30, 2027. The net proceeds received from the sale of common stock, pre-funded warrants and warrants, net of cash costs of $647,208, was $4,352,792 (the “June Offering”).
Previous wording
At June 30, 2025 and December 31, 2024, we had cash of $6,640,468 and $3,325,131, respectively.
Current wording
At September 30, 2025 and December 31, 2024, we had cash of $6,049,084 and $3,325,131, respectively.
Previous wording
Available cash is expected to fund our operations into the second quarter of 2026.
Current wording
We expect our available cash to fund our operations into the fourth quarter of 2026.
Previous wording
During the six months ended June 30, 2025, cash provided by financing activities was $4,700,341 from the net proceeds of the ATM Facility, the net proceeds of the June Offering and the exercise of pre-funded warrants.
Current wording
During the nine months ended September 30, 2025, cash provided by financing activities was $4,700,341 compared to $3,311,295 during the nine months ended September 30, 2024. The increase in cash provided by financing activities is primarily attributed to the net proceeds of the ATM Facility, the net proceeds of the June Offering and the exercise of pre-funded warrants.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
On July 1, 2025, 95,000 shares of common stock were issued upon the exercise of 95,000 pre-funded warrants and on July 2, 2025, 15,000 shares of common stock were issued upon the exercise of 15,000 pre-funded warrants.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On June 27, 2025, we issued 793,750 shares of common stock, together with Series D warrants to purchase 793,750 shares of common stock (exercise price of $4.00 per share), expiring on June 30, 2030, and Series E warrants to purchase 793,750 shares of common stock (exercise price of $4.00 per share), expiring on November 30, 2027, at a combined public offering price of $4.00 per share and accompanying warrants and pre-funded warrants to purchase 456,250 shares of common stock, together with Series D Warrants to purchase 456,250 shares of common stock and Series E Warrants to purchase 456,250 shares of common stock at a combined public offering price of $3.999 per pre-funded warrant and accompanying warrants (the “June Offering”).