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BioRestorative Therapies Reports Third Quarter 2024 Financial Results and Provides Business Update

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BioRestorative Therapies (NASDAQ:BRTX) reported its Q3 2024 financial results, showing improved operational performance with a reduced loss from operations of $2.3 million, down 26% year-over-year. The company generated $230,700 in product revenue from its supply agreement with Cartessa Aesthetics. Key developments include receiving a provisional license from NYSDOH for allogeneic tissue processing and advancing its BRTX-100 Phase 2 clinical trial for chronic lumbar disc disease. The company maintains a strong financial position with $13.1 million in cash and investments, with no outstanding debt as of September 30, 2024.

BioRestorative Therapies (NASDAQ:BRTX) ha riportato i risultati finanziari del terzo trimestre del 2024, mostrando un miglioramento delle prestazioni operative con una perdita ridotta dalle operazioni di $2,3 milioni, in calo del 26% rispetto all'anno precedente. L'azienda ha generato $230.700 di ricavi da prodotto grazie al suo contratto di fornitura con Cartessa Aesthetics. Sviluppi chiave includono il ricevimento di una licenza provvisoria dal NYSDOH per la lavorazione di tessuti allogenici e l'avanzamento della sperimentazione clinica di Fase 2 di BRTX-100 per la malattia del disco lombare cronica. L'azienda mantiene una posizione finanziaria solida con $13,1 milioni in liquidità e investimenti, senza debiti in sospeso al 30 settembre 2024.

BioRestorative Therapies (NASDAQ:BRTX) reportó sus resultados financieros del tercer trimestre de 2024, mostrando un desempeño operativo mejorado con una pérdida de operaciones reducida de $2.3 millones, una disminución del 26% año tras año. La compañía generó $230,700 en ingresos por productos gracias a su acuerdo de suministro con Cartessa Aesthetics. Los desarrollos clave incluyen la recepción de una licencia provisional del NYSDOH para el procesamiento de tejidos alogénicos y el avance de su ensayo clínico de Fase 2 BRTX-100 para la enfermedad discal lumbar crónica. La compañía mantiene una sólida posición financiera con $13.1 millones en efectivo e inversiones, sin deudas pendientes al 30 de septiembre de 2024.

BioRestorative Therapies (NASDAQ:BRTX)는 2024년 3분기 재무 결과를 발표하며 운영 성과가 개선되어 운영상의 손실이 $230만으로 연간 26% 감소했다고 전했습니다. 이 회사는 Cartessa Aesthetics와의 공급 계약을 통해 $230,700의 제품 수익을 창출했습니다. 주요 발전 사항으로는 NYSDOH로부터 이종 조직 가공을 위한 임시 면허를 받았고, 만성 요추 디스크 질환을 위한 BRTX-100 2상 임상 시험을 진행 중입니다. 회사는 2024년 9월 30일 기준으로 $1310만의 현금 및 투자를 보유하고 있으며, 미지급 부채가 없습니다.

BioRestorative Therapies (NASDAQ:BRTX) a annoncé ses résultats financiers pour le troisième trimestre 2024, montrant une amélioration de la performance opérationnelle avec une perte réduite des opérations de 2,3 millions de dollars, soit une baisse de 26 % par rapport à l'année précédente. L'entreprise a généré 230 700 $ de revenus produits grâce à son accord d'approvisionnement avec Cartessa Aesthetics. Les développements clés incluent l'obtention d'une licence provisoire du NYSDOH pour le traitement des tissus allogéniques et l'avancement de son essai clinique de phase 2 BRTX-100 pour la maladie discale lombaire chronique. L'entreprise maintient une solide position financière avec 13,1 millions de dollars en espèces et investissements, sans dettes en cours au 30 septembre 2024.

BioRestorative Therapies (NASDAQ:BRTX) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und zeigt eine verbesserte betriebliche Leistung mit einem Rückgang des operativen Verlustes auf $2,3 Millionen, was einem Rückgang von 26% im Jahresvergleich entspricht. Das Unternehmen erzielte $230.700 an Produktumsätzen aus seinem Liefervertrag mit Cartessa Aesthetics. Zu den wichtigsten Entwicklungen gehört der Erhalt einer vorläufigen Lizenz von NYSDOH für die Verarbeitung von allogenen Geweben sowie der Fortschritt in der Phase-2-Studie BRTX-100 für chronische Lendenwirbelsäulenerkrankungen. Das Unternehmen bleibt finanziell stark aufgestellt mit $13,1 Millionen in Bargeld und Investitionen und hat zum 30. September 2024 keine ausstehenden Schulden.

Positive
  • 26% reduction in operating losses year-over-year to $2.3 million
  • Generated $230,700 in product revenue from Cartessa Aesthetics agreement
  • Strong cash position of $13.1 million with no debt
  • Received NYSDOH provisional license for allogeneic tissue processing
  • Expanded patent portfolio with new Israeli patent for ThermoStem® technology
Negative
  • Net loss of $1.1 million in Q3 2024
  • Ongoing operating losses indicate path to profitability still uncertain
  • No guarantee of successful license agreement for ThermoStem® technology

Insights

The Q3 results demonstrate mixed signals for BRTX. While the company achieved $230,700 in product revenue and reduced operating losses by 26% year-over-year to $2.3 million, significant challenges remain. The $13.1 million cash position provides approximately 4-5 quarters of runway at current burn rates, though operational improvements are evident with sequential loss reduction of 9%.

The company's dual-platform strategy shows promise, with the BRTX-100 Phase 2 trial nearing completion of enrollment and ThermoStem® platform generating interest from potential commercial partners. However, the $10.8M market cap suggests investors remain cautious about the company's path to profitability despite recent cost containment efforts.

The advancement of both therapeutic platforms represents significant scientific progress. The provisional NYSDOH license for allogeneic tissue processing expands capabilities beyond autologous treatments, potentially accelerating commercialization timelines. The ThermoStem® platform's differentiation from GLP-1 drugs through preservation of lean muscle mass during weight loss presents an interesting value proposition.

The expanding patent portfolio, now with 14 international patents, strengthens the company's intellectual property position in brown adipose tissue technology. The upcoming presentation of 26-52 week BRTX-100 trial data will be important for validating the therapy's long-term efficacy in chronic lumbar disc disease.

MELVILLE, N.Y., Nov. 12, 2024 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the “Company”) (NASDAQ:BRTX), a regenerative medicine innovator focused on stem cell-based therapies and products, today reported financial results for the third quarter ended September 30, 2024 and provided an update on its business.

“We have continued to execute well across all areas of our business and are looking forward to continuing to update investors on our progress as we close out the remainder of 2024,” said Lance Alstodt, BioRestorative’s Chief Executive Officer. “From an operating perspective, we are thrilled with our third quarter results, as we are seeing initial progress on our path to sustainable profitability, driven by cost containment activities coupled with increased resources dedicated to our commercial programs.”

Recent Highlights

DEVELOPMENT

  • Last week, BioRestorative announced that it received a provisional license from the New York State Department of Health (“NYSDOH”) for the processing of allogeneic (non-autologous) donor tissue material for the isolation, expansion and cryopreservation of various cell types, including stem cells, for medical research. Previously, the Company was licensed by the NYSDOH to act as a tissue bank for the processing of mesenchymal stem cells derived from autologous donors only.

Disc/Spine Program

  • In a podium presentation scheduled for tomorrow morning, new preliminary 26–52 week blinded data from the ongoing Phase 2 clinical trial of BRTX-100 in subjects with chronic lumbar disc disease will be presented by Francisco Silva, Vice President of Research and Development, at the Orthopaedic Research Society (ORS) Philadelphia Spine Research Society (PSRS) 7th International Spine Research Symposium. BioRestorative will also make the data available through a public announcement.
  • BioRestorative continues to work toward achieving completion of patient enrollment in the Phase 2 BRTX-100 study before the end of 2024.

Metabolic Program

  • In September, the Company shared the details of its allogeneic, off-the-shelf ThermoStem® metabolic disease platform at IFATS 2024. BioRestorative believes that cell-based therapy candidates generated from its ThermoStem® program may allow for lower dosing, and while current GLP-1 based obesity drugs result in a loss of 20-40% lean muscle mass of total weight loss, pre-clinical studies have demonstrated that brown fat activation leads to positive effects on several organs, including heart, liver and muscle.
  • In October, BioRestorative announced that the Israel Patent Office had issued a Notice of Allowance for a new patent application (Israeli Patent Appl. No. 287557) covering several fundamental aspects of the ThermoStem® platform. This, the 14th international patent to issue outside of the U.S. for the technology, covers non-naturally occurring three-dimensional brown adipose derived stem cell (BADSC) aggregates; an encapsulation system comprising the non-naturally occurring three-dimensional brown adipose derived stem cell aggregates; a method of making a non-naturally occurring three-dimensional brown adipose derived stem cell aggregate; and a method of treating a patient with a disorder.
  • The Company’s previously reported substantive discussions with an undisclosed commercial stage regenerative medicine company with regard to a potential license of BioRestorative’s ThermoStem® metabolic intellectual property are continuing; however, no assurances can be given that a license agreement will be entered into whether on commercially reasonable terms or otherwise.

COMMERCIAL

BioCosmeceuticals

  • BioRestorative derived $230,700 in product revenue from its exclusive supply agreement with Cartessa Aesthetics, LLC in the third quarter.

Summary Third Quarter 2024 Results

For the quarter ended September 30, 2024, the Company had a loss from operations of $2.3 million, a 26% year-over-year improvement from $3.1 million for the comparable period of 2023, and a 9% improvement sequentially from $2.5 million in the second quarter of 2024.

The Company’s net loss for the 2024 third quarter was $1.1 million, or $0.13 per share.

The Company ended the third quarter in a very strong financial position, with cash, cash equivalents, and investments held in marketable securities of $13.1 million, with no outstanding debt, as of September 30, 2024.

For complete financial results, please see BioRestorative’s filings at www.sec.gov, and on the Company's website at www.biorestorative.com under "SEC Filing" in the Investors and Media section.

November 13, 2024 Conference Call Details

BioRestorative management will host a webcasted conference call with an associated slide presentation at 4:30pm EST on Wednesday, November 13, 2024 to review its third quarter 2024 financial results and provide a business update, as well as to review the BRTX-100 presentation. To join the conference call via phone and participate in the live Q&A session tomorrow, please dial 877-545-0320 (United States) or 973-528-0002 (International), participant access code 823128. The live webcast (with slides) and audio archive of the presentation may be accessed on the investor section of the BioRestorative website at https://www.biorestorative.com/investor-relations. An archived replay will be available for approximately 90 days following the event.

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:

Stephen Kilmer
Investor Relations
Direct: (646) 274-3580
Email: skilmer@biorestorative.com


FAQ

What were BioRestorative Therapies (BRTX) Q3 2024 financial results?

BRTX reported a loss from operations of $2.3 million and a net loss of $1.1 million ($0.13 per share) in Q3 2024, with product revenue of $230,700 from its Cartessa Aesthetics agreement.

How much cash does BRTX have as of September 30, 2024?

BRTX had $13.1 million in cash, cash equivalents, and investments in marketable securities, with no outstanding debt as of September 30, 2024.

What progress has BRTX made with its BRTX-100 clinical trial?

BRTX is working to complete patient enrollment in the Phase 2 BRTX-100 study for chronic lumbar disc disease before the end of 2024, with new preliminary 26-52 week blinded data to be presented.

BioRestorative Therapies, Inc.

NASDAQ:BRTX

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Biotechnology
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United States of America
MELVILLE