What changed in this filing

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Item 1. Financial Statements

2025-05-08 compared with 2024-11-07 · 291 added, 284 removed, 356 unchanged (62% of the section changed)

3 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30, 2024

December 31, 2023

Current assets

Cash and cash equivalents

Cash and cash

Marketable investment securities

1 unchanged sentence

Inventory, net

Income taxes receivable

Prepaid expenses and other current assets

expenses and other current assets

Total current assets

Property and equipment, net

Operating lease right-of-use asset

Property and equipment,

Operating lease right-of-use

Intangible assets, net

Investment in joint venture

in joint venture

Liabilities and stockholders’ equity

2 unchanged sentences

Accrued expenses

Operating lease liability, current

Contingent consideration liabilities, current

Deferred revenue

Operating lease liability,

Contingent consideration

liabilities, current

Total current liabilities

2 unchanged sentences

Operating lease liability

Contingent consideration liabilities

Total long-term liabilities

Total liabilities

consideration liabilities

long-term liabilities

Commitments and contingencies (Note 10)

2 unchanged sentences

5,000,000 shares authorized;

0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

Common stock, $ 0.001 par value;

shares authorized;

36,778,430 shares issued and 31,929,752 shares outstanding as of September 30, 2024 and 36,108,346 shares issued and 31,259,668 shares outstanding as of December 31, 2023

38,421,321 shares issued and 33,572,643 shares outstanding as of March 31, 2025 and 37,902,222 shares issued and

33,053,544 shares outstanding as of December 31, 2024

Treasury stock, at cost;

4,848,678 shares held as of September 30, 2024 and December 31, 2023, respectively

4,848,678 shares

held as of March 31, 2025 and December 31, 2024, respectively

( 15,575,795 )

1 unchanged sentence

Additional paid-in capital

Accumulated other comprehensive income

Accumulated earnings (deficit)

Accumulated other comprehensive

Accumulated deficit

( 40,574,113 )

Total stockholders’ equity

Total liabilities and stockholders’ equity

( 33,040,842 )

stockholders’ equity

liabilities and stockholders’ equity

accompanying notes to unaudited condensed consolidated financial statements

2 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

Three Months Ended September 30,

Nine Months Ended September 30,

Months Ended March 31,

Product revenue

6 unchanged sentences

Research and development

Depreciation and amortization

Total operating expenses

Loss from operations

( 10,234,937 )

( 8,935,951 )

and amortization

operating expenses

from operations

( 8,551,956 )

1 unchanged sentence

Other income, net

Interest income

Interest income, net

Realized gain on investments

Gain (loss) on disposition of assets

Gain (loss) on remeasurement of acquisition contingencies

Gain (loss) on equity method investment in joint venture

Total other income, net

Gain on remeasurement of

acquisition contingencies

on equity method investment in joint venture

other income, net

Loss before income taxes

1 unchanged sentence

( 9,289,279 )

( 26,542,273 )

( 27,268,122 )

Income tax provision (benefit)

( 2,113,581 )

( 6,611,712 )

$ ( 9,696,455 )

$ ( 5,982,194 )

Income tax provision

$ ( 7,533,271 )

$ ( 9,312,043 )

Other comprehensive loss

Change in net unrealized gains on marketable securities, net of tax

Total other comprehensive income

Other comprehensive income (loss)

in net unrealized gains (losses) on marketable securities, net of tax

Total other comprehensive

income (loss)

Comprehensive loss

1 unchanged sentence

$ ( 9,232,188 )

$ ( 26,346,150 )

$ ( 20,336,901 )

Loss per common share:

6 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Cash flows from operating activities

Months Ended March 31,

Cash flows from operating

$ ( 7,533,271 )

$ ( 9,312,043 )

Adjustments to reconcile net loss to cash used in operating activities:

Adjustments to reconcile net loss to cash used

in operating activities:

Depreciation and amortization

Stock-based compensation expense

Change in fair value of acquisition contingencies

( 1,537,373 )

Stock-based compensation

Change in fair value of

acquisition contingencies

Non-cash lease expense

Realized gain on investments

( 1,254,718 )

(Gain) loss from equity method investment

(Gain) loss on disposition of assets

Deferred income taxes

( 6,689,989 )

Provision for credit losses

Inventory obsolescence expense

Loss from equity method

Provision for (recoveries

of) credit losses

Inventory obsolescence

expense (recovery)

Changes in assets and liabilities:

Accounts receivable

Prepaid expenses and other assets

Prepaid expenses and other

Deferred revenue

Income taxes payable

Accounts payable, accrued expenses and other liabilities

Net cash used in operating activities

( 20,924,039 )

( 17,303,239 )

Cash flows from investing activities

Purchases of property and equipment

Proceeds from maturities of marketable investment securities

Purchases of marketable securities

( 27,408,061 )

payable, accrued expenses and other liabilities

( 1,553,951 )

Investment in joint venture

Net cash provided by investing activities

Cash flows from financing activities

Repurchases of common stock

cash used in operating activities

( 8,745,214 )

Net cash used in financing activities

( 8,490,334 )

Net decrease in cash and cash equivalents

Cash flows from investing

Purchases of property and equipment

Proceeds from maturities of marketable investment

Purchases of marketable

( 6,444,804 )

cash provided by investing activities

Cash flows from financing

Issuance of common stock

related to at-the-market offering, net of offering costs

cash provided by financing activities

Net increase (decrease) in cash and cash equivalents

( 1,033,510 )

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Supplemental disclosure of cash flow information

Cash paid (received) for income taxes

Supplemental disclosure of non-cash investing and financing transactions

Inventory moved to property, plant and equipment

Right-of-use assets obtained in exchange for new operating lease liabilities

Cash and cash equivalents

at beginning of period

Cash and cash equivalents

at end of period

Supplemental disclosure

of cash flow information

Income taxes paid

accompanying notes to unaudited condensed consolidated financial statements

2 unchanged sentences

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Convertible Preferred Stock

Additional Paid-in

Accumulated Other Comprehensive

Total Stockholders’

Preferred Stock

Comprehensive

Stockholders’

Balance as of December 31, 2024

$ ( 15,575,795 )

Stock-based compensation

Other comprehensive income, net of tax

$ 102,472,210

$ ( 33,040,842 )

Balance as of March 31, 2024

( 15,575,795 )

( 4,713,877 )

Stock-based compensation

Other comprehensive income, net of tax

( 7,599,318 )

Balance as of June 30, 2024

( 15,575,795 )

( 12,313,195 )

Issuance of common stock related to at-the-market

offering, net of offering costs

Stock-based compensation

Other comprehensive income, net of tax

Other comprehensive income (loss), net of

( 7,533,271 )

Balance as of September 30, 2024

Balance as of March 31, 2025

$ ( 15,575,795 )

1 unchanged sentence

$ ( 40,574,113 )

Convertible Preferred Stock

Additional Paid-in

Accumulated Other Comprehensive

Accumulated Earnings

Total Stockholders’

Preferred Stock

Comprehensive

Stockholders’

Balance as of December 31, 2023

2 unchanged sentences

Stock-based compensation

Repurchases of common stock

Other comprehensive income, net of tax

Other comprehensive income (loss), net of

( 9,312,043 )

3 unchanged sentences

$ ( 4,713,877 )

Stock-based compensation

Repurchases of common stock

Other comprehensive income, net of tax

$ ( 15,575,795 )

$ ( 4,713,877 )

Balance as of June 30, 2023

( 15,249,796 )

Stock-based compensation

Repurchases of common stock

Other comprehensive income, net of tax

( 5,982,194 )

Balance as of September 30, 2023

$ ( 15,416,122 )

accompanying notes to unaudited condensed consolidated financial statements

9 unchanged sentences

The Company also uses its proprietary technology to design specific

tests for its Co-Dx™ platform and to locate genetic markers for use in applications other than infectious disease.

tests for its Co-Dx™ PCR platform and to locate genetic markers for use in applications other than infectious disease.

In connection

1 unchanged sentence

Condensed Consolidated Financial Statements

accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles

generally accepted in the United States of America (“U.S.

GAAP”) and the rules and regulations of the Securities and Exchange

Commission (“SEC”) for interim financial information as they are prescribed for smaller reporting companies.

under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in

accordance with U.S.

accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting

principles generally accepted in the United States of America (“U.S.

GAAP”) and the rules and regulations of the

Securities and Exchange Commission (“SEC”) for interim financial information as they are prescribed for smaller

reporting companies.

As permitted under those rules and regulations, certain notes or other financial information normally included

in financial statements prepared in accordance with U.S.

GAAP have been condensed or omitted.

Accordingly, the accompanying unaudited condensed consolidated financial statements

do not include all the information and footnotes required by U.S.

GAAP for complete financial statements.

In the opinion of management,

all adjustments (consisting of normal recurring adjustments) considered necessary to make the financial statements not misleading have

been included.

Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results

that may be expected for the year ending December 31, 2024.

These statements should be read in conjunction with the Company’s audited

financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K

filed with the SEC on March 14, 2024.

The Company’s significant accounting policies are set forth in Note 2 to the consolidated

financial statements in its Annual Report on Form 10-K for the year ended December 31, 2023.

Accordingly, the accompanying

unaudited condensed consolidated financial statements do not include all the information and footnotes required by U.S.

complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered

necessary to make the financial statements not misleading have been included.

Operating results for the three months ended March 31,

2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

These statements

should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December

31, 2024, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2025.

A summary of the

Company’s significant accounting policies is set forth in Note 2 to the consolidated financial statements in its Annual

Report on Form 10-K for the year ended December 31, 2024.

preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates

5 unchanged sentences

Actual amounts and results could differ from those estimates.

and Going Concern

accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, (“ASC 205-40”) the Company evaluated

whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability

to continue as a going concern within one year after the date on which this Quarterly Report on Form 10-Q is filed.

Based on the Company’s

cash, cash equivalents, and short-term investments as of March 31, 2025, the Company’s current and forecasted level of operations,

and its forecasted cash flows, the Company’s ability to continue as a going concern is dependent upon its ability to obtain the

necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due, and

to generate profitable operations in the future.

Management plans to provide for the Company’s capital requirements through equity

financing, including through selling shares under the Company’s ATM Agreement, seeking additional grant funding, and through operational

efficiencies.

Our ability to obtain additional financing in equity capital markets is subject to several factors, including market and

economic conditions, our performance and investor sentiment with respect to us and our industry.

Accordingly, there can be no assurance

that the Company will be able to raise a sufficient amount of additional capital to fund operations with terms acceptable to the Company,

Because certain elements of management’s plans to mitigate the conditions that raised substantial doubt about the Company’s

ability to continue as a going concern are outside of the Company’s control, including the ability to raise capital through equity

or other financings, those elements cannot be considered probable according to ASC 205-40, and therefore cannot be considered in the

evaluation of mitigating factors.

As a result, management has concluded that substantial doubt exists about the Company’s ability

to continue as a going concern for 12 months from the date these condensed consolidated financial statements are issued.

condensed consolidated financial statements as of March 31, 2025 have been prepared under the assumption that the Company will continue

as a going concern for the next 12 months after these financial statements are issued, and that contemplates the realization of assets

and satisfaction of liabilities and commitments in the normal course of business.

The Company’s ability to continue as a going

concern is dependent upon its uncertain ability to obtain additional capital, reduce expenditures, and execute on its business plans.

These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

2 – Summary of Significant Accounting Policies

3 unchanged sentences

on the previously reported results.

Company operates as one operating segment.

Operating segments are defined as components of an entity for which separate

financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the

Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance.

The Company’s CODM

evaluates financial information and resources and assesses the performance of these resources on a consolidated basis.

expense or asset information that is supplemental to information disclosed within the condensed consolidated financial statements,

that is regularly provided to the CODM.

The allocation of resources and assessment of performance of the operating segment is based

on consolidated net loss and functional expenses as reported on our condensed consolidated statements of operations and

comprehensive loss.

Because the Company operates as one operating segment, financial segment information, including

expense and asset information, can be found in the condensed consolidated financial statements.

All material long-lived assets are

based in the United States.

accounts receivable are recorded at the invoiced amount (net of allowance) and do not bear interest.

6 unchanged sentences

written off are recorded when collected.

At September 30, 2024 total accounts receivable was $ 384,643 with an allowance for uncollectable

At March 31, 2025 total accounts receivable was $ 240,805 with an allowance for uncollectable

accounts of $ 104,414 resulting in a net amount of $ 136,391 .

1 unchanged sentence

for uncollectable accounts of $ 110,055 resulting in a net amount of $ 132,570 .

At December 31, 2023 total accounts receivable was $ 504,264

with an allowance for uncollectable accounts of $ 200,338 resulting in a net amount of $ 303,926 .

is stated at the lower of cost or net-realizable value.

1 unchanged sentence

average cost in accordance with ASC 330-10-30-12.

At September 30, 2024, the Company had $ 1,266,016 in inventory, of which $ 566,186 was

finished goods and $ 699,830 was raw materials.

At December 31, 2023, the Company had $ 1,664,725 in inventory, of which $ 700,467 was finished

At March 31, 2025, the Company had $ 1,083,309 in inventory, of which $ 588,494 was finished

goods and $ 494,815 was raw materials.

The Company establishes reserves to reduce low-moving, obsolete, or unusable inventories to their

estimated useful or scrap values.

The Company recognized $ 72,872 and $ 214,134 related to the change in inventory reserves during the

three and nine months ended September 30, 2024, respectively, compared to $ 152,274 and $ 96,073 during the three and nine months ended

September 30, 2023, respectively.

At December 31, 2024, the Company had $ 1,072,724 in inventory, of which $ 567,281 was finished goods

and $ 505,443 was raw materials.

The Company establishes reserves to reduce low-moving, obsolete, or unusable inventories to their estimated

useful or scrap values.

The Company recognized $ 41,474 and $ 311,339 related to the change in inventory reserves during the three months

ended March 31, 2025 and 2024, respectively.

Company generates revenue from customers from product and license sales.

11 unchanged sentences

Company may submit applications to receive grant funding from governmental and non-governmental entities.

The Company accounts for grants

by analogizing to the contribution accounting model under ASC 958-605, Not-for-Profit Entities (“ASC 958”).

Revenues from

grants, contracts, and awards provided by governmental and non-governmental agencies are recorded based upon the terms of the specific

The Company recognizes grant funding without conditions or continuing performance obligations as revenue in the consolidated

statements of operations and comprehensive income (loss).

The Company recognizes grant funding with conditions or continuing performance

obligations as deferred revenue in the consolidated balance sheets if the conditions or performance obligations have not yet been met.

The Company recognized grant funding revenue of $ 434,265 and $ 3,145,112 during the three and nine months ended September 30, 2024, respectively,

compared to $ 2,320,565 during the three and nine months ended September 30, 2023, respectively.

At September 30, 2024, the Company has

also recorded $ 40,856 of deferred revenue related to grant funding for which the cash was received, but the underlying conditions or

performance obligations have not yet been met.

Cash received from federal grants, contracts, and awards can be subject to audit by the

grantor and, if the examination results in a disallowance of any expenditure, repayment could be required.

The Company accounts for

grants by analogizing to the contribution accounting model under ASC 958-605, Not-for-Profit Entities (“ASC 958”).

Revenues from grants, contracts, and awards provided by governmental and non-governmental agencies are recorded based upon the terms

of the specific agreements.

The Company recognizes grant funding without conditions or continuing performance obligations as revenue

in the consolidated statements of operations and comprehensive income (loss).

The Company recognizes grant funding with conditions

or continuing performance obligations as deferred revenue in the consolidated balance sheets if the conditions or performance

obligations have not yet been met.

The Company recognized grant funding revenue of $ 0 and

million during the three months ended March 31, 2025 and 2024, respectively.

At March 31, 2025, and December 31, 2024, the Company

has also recorded $ 0.1

million of deferred revenue related to grant funding for which the cash was received, but the underlying conditions or performance

obligations have not yet been met.

Cash received from federal grants, contracts, and awards can be subject to audit by the grantor

and, if the examination results in a disallowance of any expenditure, repayment could be required.

Company accounts for income taxes in accordance with the liability method of accounting for income taxes.

18 unchanged sentences

Risk and Significant Customers

Company had certain customers which were each responsible for generating 10 % or more of the total revenue for the three and nine months

ended September 30, 2024.

Three customers accounted for approximately 61 % of product revenue, and one granting agency accounted for 100 %

of the grant revenue recognized during the three months ended September 30, 2024.

Two customers accounted for approximately 31 % of product

revenue, and two granting agencies accounted for approximately 95 % of grant revenue recognized during the nine months ended September

Three customers accounted for approximately 47 % of product revenue and two customers accounted for approximately 28 % of product

revenue recognized for the three and nine months ended September 30, 2023, respectively.

One granting agency accounted for 100 % of grant

revenue recognized during the three and nine months ended September 30, 2023, respectively.

customers individually accounted for more than 10 % of accounts receivable at September 30, 2024 and three customers individually accounted

Company had certain customers which were each responsible for generating 10 % or more of the total revenue for the three months ended

March 31, 2025.

Three customers accounted for approximately 59 % of product revenue recognized during the three months ended March 31,

Three customers accounted for approximately 69 % of product revenue, and one granting agency accounted for 100 % of grant revenue

recognized during the three months ended March 31, 2024.

customers individually accounted for more than 10 % of accounts receivable at March 31, 2025 and two customers individually accounted

for more than 10 % of accounts receivable at December 31, 2024.

These customers together accounted for approximately 89 % and 94 % of accounts

receivable at September 30, 2024 and December 31, 2023, respectively.

receivable at March 31, 2025 and December 31, 2024, respectively.

Issued Accounting Standards

3 unchanged sentences

which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.

November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures

about significant segment expenses.

The standard is effective for full year 2024 reporting, and for interim reporting beginning in 2025.

The adoption of this ASU did not change the way the Company evaluates its reportable segments and, as a result, did not have a material

impact on the Company’s segment-related disclosures.

December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

6 unchanged sentences

financial statements.

November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40):

Reporting Comprehensive Income - Expense Disaggregation

Disclosures, which requires an entity to disclose on an annual and interim basis, disaggregated information about specific income statement

expense categories.

The guidance should be applied prospectively with the option to apply the standard retrospectively.

becomes effective for the Company for full year 2027 reporting.

The Company is currently evaluating the impact of this new standard on

its consolidated financial statements.

3 – Cash, Cash Equivalents, and Financial Instruments

1 unchanged sentence

Schedule of Cash, Cash Equivalents and Marketable Investment Securities

September 30, 2024

Adjusted Cost

Total Unrealized Gains / (Losses)

Cash and Cash Equivalents

Marketable Investment Securities

Unrealized Gains / (Losses)

and Cash Equivalents

Investment Securities

treasury securities

December 31, 2023

Money market funds

Unrealized Gains / (Losses)

and Cash Equivalents

Investment Securities

treasury securities

investment securities held as of September 30, 2024 mature over the next 12 months.

investment securities held as of March 31, 2025 mature over the next 12 months.

4 – Fair Value Measurements

7 unchanged sentences

Unobservable inputs that are not corroborated by market data.

following table summarizes the assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December

following table summarizes the assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31,

2024, by level within the fair value hierarchy:

of Fair Value Assets and Liabilities

September 30, 2024

Schedule of Fair Value Assets and Liabilities

Cash equivalents

Marketable securities (U.S.

securities (U.S.

treasury bills and notes)

Total assets measured at fair value

Contingent consideration - common stock

Contingent consideration - warrants

Total liabilities measured at fair value

December 31, 2023

Total assets measured

at fair value

Contingent consideration

- common stock

consideration - warrants

Total liabilities measured

at fair value

Cash equivalents

Marketable securities (U.S.

securities (U.S.

treasury bills and notes)

Total assets measured at fair value

Contingent consideration - common stock

Contingent consideration - warrants

Total liabilities measured at fair value

Total assets measured

at fair value

Contingent consideration

- common stock

consideration - warrants

Total liabilities measured

at fair value

Company’s financial instruments that are measured at fair value on a recurring basis consist of U.S.

treasury bills and notes as

of September 30, 2024 and December 31, 2023.

of March 31, 2025 and December 31, 2024.

fair value of contingent consideration is calculated using a discounted probability weighted valuation model.

3 unchanged sentences

changes for Level 3 items measured at fair value on a recurring basis are as follows:

of Changes in the Fair Value Measurement

Schedule of Changes in the Fair Value Measurement

Fair value as of December 31, 2024

Change in fair value of contingent consideration issued for business acquisitions

Fair value as of September 30, 2024

in fair value of contingent consideration issued for business acquisitions

Fair value as of March 31, 2025

fair value of the contingent consideration is based on the fair value of the contingent consideration-common stock and contingent consideration-warrants.

5 unchanged sentences

warrants were valued based on the following inputs:

of Contingent Consideration Common Stock and Warrants

September 30, 2024

December 31, 2023

Schedule of Contingent Consideration Common Stock and Warrants

Risk-free rate

7 unchanged sentences

Schedule of Intangible Assets, Net

September 30, 2024

Weighted-Average

5 unchanged sentences

$ ( 1,094,000 )

December 31, 2023

Weighted-Average

2 unchanged sentences

Non-competition agreements

( 1,094,000 )

Total intangible assets

1 unchanged sentence

on weighted-average useful life established as of the acquisition date.

expected future annual amortization expense of the Company’s intangible assets held as of September 30, 2024 is as follows:

Schedule of Future Amortization Expense

Year Ending December 31,

2024 (remainder)

following table sets forth revenue by geographic area:

Summary of Revenue by Geographic Area

Three Months Ended September 30,

Nine Months Ended September 30,

Months Ended March 31,

United States

Product revenue

Grant revenue

Total United States

1 unchanged sentence

Product revenue

Grant revenue

Total Rest of World

Revenue geographic area

Rest of World

geographic area

Percentage of revenue by area:

1 unchanged sentence

Rest of World

in the Company’s deferred revenue balance for the nine months ended September 30, 2024 were as follows:

in the Company’s deferred revenue balance for the three months ended March 31, 2025 were as follows:

Schedule of Deferred Revenue

Balance as of December 31, 2024

Revenue recognized included in deferred revenue balance at the beginning of the period

Balance as of September 30, 2024

Revenue recognized included

in deferred revenue balance at the beginning of the period

due to prepayments from customers

Balance as of March 31, 2025

7 – Loss Per Share

following table reconciles the numerator and the denominator used to calculate basic and diluted loss per share for three and nine months

ended September 30, 2024 and 2023, respectively:

following table reconciles the numerator and the denominator used to calculate basic and diluted loss per share for three months ended

March 31, 2025 and 2024, respectively:

Schedule of Basis and Diluted Earnings Per Share

Three Months Ended September 30,

Nine Months Ended September 30,

Net loss, as reported

$ ( 9,696,455 )

$ ( 5,982,194 )

Months Ended March 31,

$ ( 7,533,271 )

1 unchanged sentence

Weighted average shares, basic

Dilutive effect of stock options, warrants and RSUs

Shares used to compute diluted earnings per share

Dilutive effect of stock

options, warrants and RSUs

Shares used to compute

diluted loss per share

Basic loss per share

Diluted loss per share

computation of diluted loss per share for the three and nine months ended September 30, 2024 and 2023, respectively, also excludes approximately

1.4 million shares of common stock and approximately 465,000 warrants to purchase shares of common stock that are contingent upon the

achievement of certain milestones.

a result of incurring a net loss for the three and nine months ended September 30, 2024 and 2023, respectively, no potentially dilutive

securities are included in the calculation of diluted loss per share because such effect would be anti-dilutive.

The Company had potentially

dilutive securities as of September 30, 2024, consisting of:

computation of diluted loss per share for the three months ended March 31, 2025 and 2024, respectively, also excludes approximately 1.4

million shares of common stock and approximately 465,000 warrants to purchase shares of common stock that are contingent upon the achievement

of certain milestones.

a result of incurring a net loss for the three months ended March 31, 2025 and 2024, respectively, no potentially dilutive securities

are included in the calculation of diluted loss per share because such effect would be anti-dilutive.

The Company had potentially dilutive

securities as of March 31, 2025, consisting of:

(i) 2,702,413 restricted stock units and (ii) 938,446 options and warrants.

The Company had potentially dilutive securities as of September 30, 2023, consisting of:

(i) 2,750,302 restricted stock units and (ii)

512,112 options and warrants.

had potentially dilutive securities as of March 31, 2024, consisting of:

(i) 2,564,310 restricted stock units and (ii) 532,112 options

and warrants.

8 – Stock-Based Compensation

7 unchanged sentences

The number of awards available for issuance under

the Incentive Plan was 2,939,242 at September 30, 2024.

following table summarizes option activity during the nine months ended September 30, 2024:

the Incentive Plan was 3,182,340 at March 31, 2025.

following table summarizes option activity during the three months ended March 31, 2025:

Schedule of Option Activity

Exercise Price

Outstanding at December 31, 2024

Forfeited/Cancelled

Outstanding at September 30, 2024

Exercisable at September 30, 2024

aggregate intrinsic value of outstanding options at September 30, 2024 was approximately $ 0.2 million.

Outstanding at March 31, 2025

Exercisable at March 31, 2025

aggregate intrinsic value of outstanding options at March 31, 2025 and 2024 was approximately $ 0 and $ 0.1 million, respectively.

compensation cost is measured at the grant date based on the fair value of the award granted and recognized as expense over the vesting

1 unchanged sentence

The Company uses the Black-Scholes model to value options granted.

As of September 30, 2024, there

As of March 31, 2025, there

were no unvested options and no unrecognized stock-based compensation expense related to options.

2 unchanged sentences

The following table sets forth the outstanding

RSUs and related activity for the nine months ended September 30, 2024:

RSUs and related activity for the three months ended March 31, 2025:

Schedule of Outstanding Restricted Stock Units and Related Party

Number of RSUs

Weighted Average Grant Date Fair Value

Unvested at December 31, 2024

Forfeited/Cancelled

Unvested at September 30, 2024

of September 30, 2024, there was approximately $ 6.2 million of unrecognized stock-based compensation expense related to outstanding RSUs

Unvested at March 31, 2025

of March 31, 2025, there was approximately $ 3.8 million of unrecognized stock-based compensation expense related to outstanding RSUs

which is expected to be recognized over a weighted-average period of 1.5 years.

3 unchanged sentences

the fair value of issued warrants using a vesting schedule based on the terms and conditions of each warrant if granted for services.

following table summarizes warrant activity during the nine months ended September 30, 2024:

following table summarizes warrant activity during the three months ended March 31, 2025:

Schedule of Warrant Activity

Exercise Price

Outstanding at December 31, 2024

Forfeited/Cancelled

Outstanding at September 30, 2024

aggregate intrinsic value of outstanding warrants at September 30, 2024 was $ 0 .

total number of warrants exercisable at September 30, 2024 is 20,000 .

The ability to exercise the remaining 465,000 warrants issued in

connection with acquisitions in prior years is contingent upon the achievement of certain development and revenue milestones on or before

January 1, 2027.

Outstanding at March 31, 2025

aggregate intrinsic value of outstanding warrants at March 31, 2025 was $ 0 .

total number of warrants exercisable at March 31, 2025 is 20,000 .

The ability to exercise the remaining 465,000 warrants issued in connection

with acquisitions in prior years is contingent upon the achievement of certain development and revenue milestones on or before January

There was no unrecognized stock-based compensation expense related to warrants.

2 unchanged sentences

Schedule of Recognized Stock-Based Compensation Expense

Three Months Ended September 30,

Nine Months Ended September 30,

Months Ended March 31,

Cost of revenue

2 unchanged sentences

Research and development

Total stock-based compensation expense

stock-based compensation expense

9 – Income Taxes

the three months ended September 30, 2024, the Company recognized expense from income taxes of $ 22,189 , representing an effective tax

rate of ( 0.2 %).

For the nine months ended September 30, 2024, the Company recognized expense from income taxes of $ 65,543 , representing

an effective tax rate of ( 0.2 %).

the three months ended March 31, 2025, the Company recognized expense from income taxes of $ 12,004 , representing an effective tax rate

The Company’s effective tax rate will generally differ from the U.S.

Federal statutory rate of

21.0 %, primarily due to the full valuation allowance as well as state taxes, permanent items, and discrete items.

For the three and nine

months ended September 30, 2023, the Company recognized a benefit from income taxes of $ 2,113,581 and $ 6,611,712 , respectively.

Federal statutory rate of 21.0 %, primarily due

to the full valuation allowance as well as state taxes, permanent items, and discrete items.

For the three months ended March 31, 2024,

the Company recognized expense from income taxes of $ 22,764 .

10 – Commitments and Contingencies

5 unchanged sentences

Schedule of Lease Expense

Three Months Ended

September 30,

Nine Months Ended

September 30,

Months Ended March 31,

Operating lease costs

1 unchanged sentence

Total lease costs

of September 30, 2024, the maturities of the Company’s lease liabilities are as follows:

of March 31, 2025, the maturities of the Company’s lease liabilities are as follows:

Schedule of Maturities on Company Lease Liabilities

Ending December 31,

2025 (remainder)

5 unchanged sentences

information related to operating leases was as follows:

Schedule of Other Information Related to Operating Lease

Nine Months Ended September 30, 2024

Cash paid for operating leases included in operating cash flows

Schedule of Other Information Related to Operating Leases

March 31, 2025

Cash paid for operating leases

included in operating cash flows

Remaining lease term of operating leases

4 unchanged sentences

are expensed as incurred.

Company is a defendant in two class action claims and four derivative actions claiming that the Company promulgated false and misleading

Company is a defendant in one class action claim and four derivative actions claiming that the Company promulgated false and misleading

press releases to increase the price of our stock to improperly benefit the officers and directors of the Company.

22 unchanged sentences

issued but not outstanding.

No shares were repurchased during the three or nine months ended September 30, 2024.

No shares were repurchased during the three months ended March 31, 2025.

12 – At-the-Market Agreement

Company has entered into an Amended and Restated Equity Distribution Agreement (the “ATM Agreement”) with Piper Sandler

(“Piper Sandler”) and Clear Street, LLC (“Clear Street”), pursuant to which it may offer and sell

shares of its common stock having an aggregate offering price of up to $ 17,111,650 from time to time through Piper Sandler and Clear

Street acting as agents, under the prospectus supplement dated October 18, 2024.

As of March 31, 2025, the Company has sold 833,806

shares of common stock under the ATM Agreement resulting in net proceeds to the Company of $ 0.6 million.

As of March 31, 2025, the

Company has up to $ 16.5 million remaining in aggregate gross proceeds that can be issued through the ATM Agreement.

13 – Related Party Transactions

2023, the Company entered into a services agreement with CoSara Diagnostics Pvt Ltd (“CoSara”), our joint venture for

manufacturing in India, under which CoSara provides certain research and development consulting and support services.

recognized $ 181,878

and $ 361,843

of expense related to this agreement during the three and nine months ended September 30, 2024, respectively.

The Company recognized $ 70,000 of expense for the three and nine months ended September 30, 2023.

Company has a services agreement with CoSara Diagnostics Pvt Ltd (“CoSara”), our joint venture for manufacturing in India,

under which CoSara provides certain research and development consulting and support services.

The Company recognized $ 0.2 million and

$ 0.1 million of expense related to this agreement during the three months ended March 31, 2025 and 2024, respectively.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements