Welcome to our dedicated page for ThermoGenesis Holdings news (Ticker: THMO), a resource for investors and traders seeking the latest updates and insights on ThermoGenesis Holdings stock.
ThermoGenesis Holdings, Inc. (NASDAQ: THMO) is a leading developer and marketer of advanced technologies for CAR-T and other cell-based therapies. The company provides a comprehensive suite of solutions for automated clinical biobanking, point-of-care applications, and automation for immuno-oncology. A key product is their CAR-TXpress platform, a semi-automated, functionally closed system that streamlines the manufacturing process for CAR-T immunotherapy, a rapidly growing segment in cancer treatment.
ThermoGenesis operates through two main segments: Device and Clinical Development. They manufacture and market several biomedical devices, including the AXP Automated Cell Separation System for isolating stem and progenitor cells from umbilical cord blood, and the BioArchive Automated Cryopreservation System, a robotic, liquid nitrogen-controlled system for storing cord blood samples and cell therapeutic products.
Recently, the company has been making significant strides in expanding its capabilities. In October 2023, ThermoGenesis completed a state-of-the-art, 35,500+ square foot facility in Sacramento, CA, featuring ISO 7 cGMP cleanroom suites and IncuStart Wet Labs. This facility supports the company's strategic shift towards becoming a high-performance, integrated Contract Development and Manufacturing Organization (CDMO), specializing in cell and gene therapy.
The new ReadyStart cGMP Cleanrooms and IncuStart Wet Labs provide the necessary environment, equipment, and services for R&D and cGMP manufacturing of cell and gene therapies. This development is part of ThermoGenesis' ongoing transformation from a traditional medical device company to a comprehensive cell and gene therapy services provider.
On the financial front, ThermoGenesis has recently reported its third-quarter results for 2023. While net revenues increased slightly to $2,194,000 compared to the previous year, the company continues to face challenges, including a net loss attributable to common stockholders of $3,615,000 for the same quarter. However, with cash and cash equivalents of over $4 million as of September 2023, the company remains focused on leveraging its new facilities and expertise to accelerate product development and commercialization in the life sciences sector.
Partnerships and Strategic Initiatives
- ThermoGenesis recently welcomed two new independent directors, Biao Xi, Ph.D., and James Xu, Esq., to its board, bringing valuable expertise as the company continues to execute its strategic vision.
- The company has made a long-term investment in the Greater Sacramento area, contributing to the region's growth as a life sciences hub.
With over 35 years in the industry, ThermoGenesis Holdings, Inc. is set to play a pivotal role in advancing cell-based therapies and supporting companies in achieving their milestones more efficiently. For more information, visit their website.
ThermoGenesis Holdings, Inc. (Nasdaq: THMO) reported a 13% increase in net revenues for 2022, reaching $10.5 million, driven by higher AXP disposable sales. However, gross profit fell to $2.7 million (26% of revenue), down from 38% due to increased manufacturing costs. The company reduced operating expenses by 15% to $7.2 million and R&D expenses by 25% to $1.7 million. Despite the improvements, a comprehensive net loss of $11.2 million was reported, with cash reserves down to $4.2 million. ThermoGenesis is transitioning to a CDMO model, launching 12 ReadyStart cGMP Suites projected to generate $10-$16 million annually.
FAQ
What is the current stock price of ThermoGenesis Holdings (THMO)?
What is the market cap of ThermoGenesis Holdings (THMO)?
What does ThermoGenesis Holdings, Inc. specialize in?
What are the key products offered by ThermoGenesis?
What is the significance of the CAR-TXpress platform?
What are the new developments at ThermoGenesis?
Which segments does ThermoGenesis operate through?
How is ThermoGenesis contributing to the Greater Sacramento area?
What financial challenges is ThermoGenesis facing?
What strategic shifts has ThermoGenesis made?
Who recently joined the ThermoGenesis Board of Directors?
How does ThermoGenesis support early-stage biotechnology companies?
