Bone Biologics Corp
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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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.
Jun 30, 2026 · Filed Aug 14, 2026
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 2026-03-31; filed 2026-05-14.
0001493152-26-023163
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001493152-26-038482
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 38 previous paragraphs and 51 current paragraphs.
29 unchanged; 8 reworded; 9 added; 1 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 1 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 (9)
Current report
July 2026 Private Placement
Current report
On July 9, 2026, we issued an investor pre-funded warrants to purchase 2,112,677 shares of common stock, together with Series F Warrants (the “Series F Warrants”) to purchase 2,112,677 shares of common stock and Series G Warrants (the “Series G Warrants,” and together with the Series F Warrants, the “Warrants”) to purchase 2,112,677 shares of common stock at a combined purchase price of $1.419 per pre-funded warrant and accompanying Series F Warrants and Series G Warrants, for net proceeds of approximately $2.7 million.
Current report
In addition, we issued the placement agent, or its designees, placement agent warrants to purchase 126,761 shares of common stock as compensation in connection with the private placement. Except for the exercise price, the placement agent warrants have substantially the same terms as the Series F Warrants.
Current report
The pre-funded warrants are immediately exercisable at an exercise price of $0.001 per share and remain outstanding until exercised in full. The Warrants, and placement agent warrants are exercisable commencing on the on the effective date of stockholder approval of the issuance of the shares of common stock issuable upon exercise of the Warrants (the “Stockholder Approval Date”) at an exercise price of $1.42, $1.42, and $1.775 per share, respectively. The Series F Warrants and placement agent warrants expire on the fifth anniversary of the Stockholder Approval Date. The Series G Warrants expire on the eighteen-month anniversary of the Stockholder Approval Date.
Current report
In addition to the placement agent warrants, the placement agent received compensation consisting of cash fee equal to 7.0% and a management fee equal to 1.0% of the aggregate gross proceeds from the private placement. We also reimbursed the placement agent for non-accountable expenses in an amount of $35,000, and its legal fees and expenses and other out-of-pocket expenses in the amount of $50,000.
Current report
Research and Development
Current report
General and Administrative
Current report
Our general and administrative expenses decreased by $8,561, from $1,171,377 for the six months ended June 30, 2025, to $1,162,816 for the same period in 2026.
Current report
Available cash including the July 2026 Private Placement is expected to fund the Company’s operations into the second quarter of 2027.
Removed paragraphs (1)
Previous report
We expect our available cash to fund our operations into the fourth quarter of 2026.
Reworded paragraphs (8)
Previous wording
In September 2024, we entered into ATM Agreement with Wainwright. Under the ATM Agreement, we may, from time to time, in our sole discretion, issue and sell through Wainwright up to $1,143,121 of shares of its common stock. In December 2024, we filed a prospectus supplement and increased the aggregate offering that can be sold under the ATM Agreement by $535,000. In March 2026, we filed an additional prospectus supplement and increased the aggregate offering that can be sold under the ATM Facility to $1,064,000.
Current wording
In September 2024, we entered into the ATM Agreement with Wainwright. Under the ATM Agreement, we may, from time to time, in our sole discretion, issue and sell through Wainwright up to $1,143,121 of shares of its common stock. In December 2024, we filed a prospectus supplement and increased the aggregate offering that can be sold under the ATM Agreement by $535,000. In March 2026, we filed an additional prospectus supplement and increased the aggregate offering that can be sold under the ATM Facility to $1,064,000.
Previous wording
During the three months ended March 31, 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. We did not sell any shares of common stock through the ATM Facility during the three months ended March 31, 2026.
Current wording
During the three months ended June 30, 2026, the Company sold 15,120 shares of common stock through the ATM Facility for net proceeds of $20,180, after deducting $2,090 in offering costs.
Previous wording
Our general and administrative expenses increased by $48,547, rising from $614,910 for the three months ended March 31, 2025, to $663,457 for the same period in 2026.
Current wording
Our general and administrative expenses decreased by $57,108, from $556,467 for the three months ended June 30, 2025, to $499,359 for the same period in 2026.
Previous wording
Our research and development expenditures decreased from $423,576 for the three months ended March 31, 2025, to $141,597 for the same period in 2026, marking a decrease of $281,979. 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 $615,186 for the six months ended June 30, 2025, to $450,344 for the same period in 2026, marking a decrease of $164,842. 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 March 31, 2026 have incurred accumulated losses of approximately $88.9 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 $5.4 million. The accompanying consolidated financial statements for the three months ended March 31, 2026 have been prepared assuming we will continue as a going concern. As reflected in the financial statements, we incurred a net loss of $0.8 million and used net cash in operating activities of $0.8 million during the three months ended March 31, 2026. 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, 2025, 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 June 30, 2026 have incurred accumulated losses of approximately $89.7 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 $6.2 million. The accompanying consolidated financial statements for the six months ended June 30, 2026 have been prepared assuming we will continue as a going concern. As reflected in the financial statements, we incurred a net loss of $1.5 million and used net cash in operating activities of $1.3 million during the six months ended June 30, 2026. 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, 2025, 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
At March 31, 2026 and December 31, 2025, we had cash of $4,530,040 and $5,334,322, respectively.
Current wording
At June 30, 2026 and December 31, 2025, we had cash of $4,031,780 and $5,334,322, respectively. On July 7, 2026, the Company entered the July 2026 Private Placement and after deducting cash costs of $357,000, the Company received net proceeds of approximately $2.7 million from the offering.
Previous wording
For the three months ended March 31, 2026 and 2025, cash used in operating activities totaled $804,282 and $926,125, respectively. The reduction in cash expenditures for the period ended March 31, 2026 is primarily due to decreased research and development costs.
Current wording
For the six months ended June 30, 2026 and 2025, cash used in operating activities totaled $1,322,722 and $1,385,004, respectively.
Previous wording
During the three months ended March 31, 2026, cash provided by financing activities was $-0- compared to $347,549 during the three months ended March 31, 2025. During the three months ended March 31, 2025, cash provided by financing activities was from the net proceeds of our ATM Facility.
Current wording
During the six months ended June 30, 2026, cash provided by financing activities was $20,180 from the net proceeds of the ATM Facility compared to $4,700,341 during the six months ended June 30, 2025. During the six months ended June 30, 2025, cash provided by financing activities was from the net proceeds of the ATM Facility, the net proceeds of a public offering completed in June 2025 and the exercise of pre-funded warrants.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Our research and development expenditures increased from $191,608 for the three months ended June 30, 2025, to $308,747 for the same period in 2026, marking an increase of $117,139. The increase in costs can be attributed to our development activities to extend the shelf-life of our protein. We anticipate continued substantial investment in development activities for NELL-1 as we prepare for our pivotal clinical study in the future.
Current report — wording carried from elsewhere
Six months ended June 30, 2026 compared to the Six months ended June 30, 2025
Current report — wording carried from elsewhere
Change in fair value of warrant liability
Current report — wording carried from elsewhere
In October 2022, we completed a public equity offering, which included the issuance of 9,029 warrants to purchase shares of common stock that expire in October 2027. The warrants provide for a Black Scholes value calculation in the event of certain fundamental transactions, which includes a floor on volatility utilized in the value calculation at 100% or greater. We have determined that this provision introduces leverage to the holders of the warrants that could result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815, we have classified the fair value of the warrants as a liability to be re-measured at the end of every reporting period with the change in value reported in the statement of operations.
Current report — wording carried from elsewhere
The change in fair value of warrant liability represents the re-measurement of the outstanding warrants at June 30, 2026.