BioRestorative Therapies Regains Compliance with Nasdaq Listing Rule 5250(c)(1); Reports First Quarter 2024 Financial Results
BioRestorative Therapies (NASDAQ: BRTX) has regained compliance with Nasdaq Listing Rule 5250(c)(1) following the filing of its Quarterly Report on Form 10-Q for Q1 2024. The clinical-stage company focusing on stem cell therapies reported a significant year-over-year improvement in operating performance. For the quarter ending March 31, 2024, BRTX reported a loss from operations of $4.1 million, a 29% reduction from the $5.8 million loss in Q1 2023. The net loss for Q1 2024 was $2.2 million, or $0.33 per share, compared to $7.2 million, or $1.93 per share, in Q1 2023. Cash used in operating activities was $2.3 million, slightly less than the $2.4 million used in Q1 2023. BioRestorative ended the quarter with $16.4 million in cash, cash equivalents, and marketable securities.
- Regained compliance with Nasdaq Listing Rule 5250(c)(1).
- Loss from operations decreased by 29% YoY ($4.1 million vs. $5.8 million).
- Net loss for Q1 2024 reduced significantly ($2.2 million vs $7.2 million).
- Earnings per share improved from -$1.93 to -$0.33.
- Cash, cash equivalents, and marketable securities total $16.4 million.
- Loss from operations still significant at $4.1 million.
- Continued net loss at $2.2 million for Q1 2024.
- Cash used in operating activities remains high at $2.3 million for Q1 2024.
BioRestorative Therapies' performance in Q1-2024 shows significant improvement in its operating metrics. One key highlight is the 29% reduction in operating losses, down to
The company's end-of-quarter liquidity position is strong, with
Overall, these developments indicate a positive trend in the company's financial stability and operational efficiency, but investors should watch for consistent performance in subsequent quarters to sustain this positive outlook.
BioRestorative Therapies' focus on stem cell-based therapies positions it within a rapidly advancing and potentially lucrative market. The reduction in operational losses and improved net loss figures reflect positively on the company's ability to manage R&D expenses while advancing its clinical programs. Stem cell therapy is a highly competitive and regulatory-intensive field and maintaining a solid financial footing is important for continuing research and development without interruptions.
However, it's essential to consider the long-term prospects. While the current financial results are encouraging, the success of the company will heavily depend on the outcomes of its clinical trials and eventual market adoption of its therapies. Thus, while the financial improvements are a positive sign, they should be viewed within the context of the ongoing clinical progress and regulatory milestones.
- Significant YoY improvement in operating performance -
- Ends Q1-2024 with
MELVILLE, N.Y., June 17, 2024 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the “Company”) (NASDAQ:BRTX), a clinical stage company focused on stem cell-based therapies, announced that it has received notice from the Nasdaq Stock Market that it has regained compliance with Nasdaq Listing Rule 5250(c)(1) in connection with the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 with the Securities and Exchange Commission.
Summary First Quarter 2024 Results
For the quarter ended March 31, 2024, the Company had a loss from operations of
Cash used in operating activities in the first quarter of 2024 was
The Company ended the first quarter in a strong financial position, with cash, cash equivalents, and investments held in marketable securities of
About BioRestorative Therapies, Inc.
BioRestorative (www.biorestorative.com) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. As described below, our two core clinical development programs relate to the treatment of disc/spine disease and metabolic disorders, and we have also recently begun offering BioCosmeceutical products:
• Disc/Spine Program (brtxDISC™): Our lead cell therapy candidate, BRTX-100, is a product formulated from autologous (or a person’s own) cultured mesenchymal stem cells collected from the patient’s bone marrow. We intend that the product will be used for the non-surgical treatment of painful lumbosacral disc disorders or as a complementary therapeutic to a surgical procedure. The BRTX-100 production process utilizes proprietary technology and involves collecting a patient’s bone marrow, isolating and culturing stem cells from the bone marrow and cryopreserving the cells. In an outpatient procedure, BRTX-100 is to be injected by a physician into the patient’s damaged disc. The treatment is intended for patients whose pain has not been alleviated by non-invasive procedures and who potentially face the prospect of surgery. We have commenced a Phase 2 clinical trial using BRTX-100 to treat chronic lower back pain arising from degenerative disc disease.
• Metabolic Program (ThermoStem®): We are developing cell-based therapy candidates to target obesity and metabolic disorders using brown adipose (fat) derived stem cells (“BADSC”) to generate brown adipose tissue (“BAT”), as well as exosomes secreted by BADSC. BAT is intended to mimic naturally occurring brown adipose depots that regulate metabolic homeostasis in humans. Initial preclinical research indicates that increased amounts of brown fat in animals may be responsible for additional caloric burning as well as reduced glucose and lipid levels. Researchers have found that people with higher levels of brown fat may have a reduced risk for obesity and diabetes. BADSC secreted exosomes may also impact weight loss.
• BioCosmeceuticals: We operate a commercial BioCosmeceutical platform. Our current commercial product, formulated and manufactured using our cGMP ISO-7 certified clean room, is a cell-based secretome containing exosomes, proteins and growth factors. This proprietary biologic serum has been specifically engineered by us to reduce the appearance of fine lines and wrinkles and bring forth other areas of cosmetic effectiveness. Moving forward, we also intend to explore the potential of expanding our commercial offering to include a broader family of cell-based biologic aesthetic products and therapeutics via Investigational New Drug (IND)-enabling studies, with the aim of pioneering U.S. Food and Drug Administration (FDA) approvals in the emerging BioCosmeceuticals space.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including, without limitation, those set forth in the Company's latest Form 10-K, as amended, filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.
CONTACT:
Email: ir@biorestorative.com
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