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Item 2. Management’s Discussion and Analysis

2025-08-14 compared with 2025-05-08 · 90 added, 67 removed, 155 unchanged (50% of the section changed)

135 unchanged sentences

OF OPERATIONS

Three Months Ended March 31, 2025 Compared to the Three Months ended March 31, 2024

the three months ended March 31, 2025, we generated revenues of $0.1 million, compared to revenues of $0.5 million for the three months

ended March 31, 2024.

The decrease in revenue was due to lower product and grant revenues recognized in the current period.

recorded cost of revenues of approximately $22,000 for the three months ended March 31, 2025, compared to $0.2 million for the three

months ended March 31, 2024.

Included within cost of revenues is a decrease of approximately $41,000 for the three months ended March

31, 2025, and a decrease of approximately $0.3 million for the three months ended March 31, 2024, related to reserves against certain

Three Months Ended June 30, 2025 Compared to the Three Months ended June 30, 2024

the three months ended June 30, 2025, we generated revenues of $0.2 million, compared to revenues of $2.7 million for the three months

ended June 30, 2024.

The decrease in revenue was due to lower grant revenues recognized in the current period.

recorded cost of revenues of approximately $.03 million for the three months ended June 30, 2025, compared to $0.2 million for the three

months ended June 30, 2024.

Included within cost of revenues is a decrease of approximately $0.1 million for the three months ended June

30, 2025, and an increase of approximately $.02 million for the three months ended June 30, 2024, related to reserves against certain

raw materials and finished goods inventories.

operating expenses were $8.6 million for the three months ended March 31, 2025 compared to total operating expenses of $10.5 million

for the three months ended March 31, 2024.

The decrease in operating expenses was primarily due to decreased stock-based compensation

expense, personnel related expenses, tradeshow and travel expense, and expense related to development of the Co-Dx PCR platform.

decreases were partially offset by increased legal expenses.

and marketing expenses for the three months ended March 31, 2025 were $0.7 million compared to $1.6 million for the three months ended

March 31, 2024.

The decrease of $0.9 million was primarily a result of decreased stock-based compensation expense, tradeshow and travel

expenses, consulting and professional services expenses, and personnel related expenses.

and administrative expenses for the three months ended March 31, 2025 were $2.8 million compared to $2.9 million for the three months

ended March 31, 2024.

Decreases in stock-based compensation expense and consulting and professional services expense were partially offset

by increased legal expenses.

and development expenses for the three months ended March 31, 2025 were $4.9 million compared to $5.7 million for the three months ended

March 31, 2024.

operating expenses were $8.2 million for the three months ended June 30, 2025 compared to total operating expenses of $10.1 million for

the three months ended June 30, 2024.

The decrease in operating expenses was primarily due to decreased stock-based compensation expense,

personnel related expenses, and expense related to development of the Co-Dx PCR platform.

and marketing expenses for the three months ended June 30, 2025 were $0.6 million compared to $1.0 million for the three months ended

June 30, 2024.

The decrease was primarily a result of decreased stock-based compensation expense, consulting and professional services

expenses, and personnel related expenses.

and administrative expenses for the three months ended June 30, 2025 were $2.6 million compared to $3.1 million for the three months

ended June 30, 2024.

The decrease resulted primarily from lower stock-based compensation expense.

and development expenses for the three months ended June 30, 2025 were $4.7 million compared to $5.6 million for the three months ended

June 30, 2024.

The decrease was primarily a result of decreased expenses related to development of the Co-Dx PCR platform, personnel

related expenses, and stock-based compensation expense, partially offset by increases in professional services expense.

income was $1.0 million for the three months ended March 31, 2025, compared to other income of $1.0 million for the three months ended

March 31, 2024.

Decreases in interest income and realized gains from investments in marketable securities were offset by increases in

income was $0.3 million for the three months ended June 30, 2025, compared to other income of $0.1 million for the three months ended

June 30, 2024.

Decreases in interest income were offset by increases in realized gains from investments in marketable securities and

the change in the fair value of contingent consideration liabilities.

realized a net loss for the three months ended March 31, 2025 of $7.5 million, compared to $9.3 million for the three months ended

March 31, 2024.

The smaller net loss was primarily the result of decreases in sales and marketing expenses and research and development expenses.

Additionally, we

recorded income tax expense of $12 thousand for the three months ended March 31, 2025, compared to $22 thousand for the three months

ended March 31, 2024.

realized a net loss for the three months ended June 30, 2025 of $7.7 million, compared to $7.6 million for the three months ended

June 30, 2024.

The larger net loss was primarily the result of decreased grant revenues, partially offset by lower operating

Six Months Ended June 30, 2025 Compared to the Six Months ended June 30, 2024

the six months ended June 30, 2025, we generated revenues of $0.2 million, compared to revenues of $3.1 million for the six months ended

June 30, 2024.

The decrease in revenue was due to lower product and grant revenues recognized in the current period.

recorded cost of revenues of approximately $0.1 million for the six months ended June 30, 2025, compared to $0.4 million for the six

months ended June 30, 2024.

Included within cost of revenues is a decrease of approximately $0.1 million for the six months ended June

30, 2025, and a decrease of approximately $0.3 million for the six months ended June 30, 2024, related to reserves against certain raw

materials and finished goods inventories.

operating expenses were $16.8 million for the six months ended June 30, 2025 compared to total operating expenses of $20.6 million for

the six months ended June 30, 2024.

The decrease in operating expenses was primarily due to decreased stock-based compensation expense,

personnel related expenses, tradeshow and travel expense, and expense related to development of the Co-Dx PCR platform.

These decreases

were partially offset by increased legal expenses.

and marketing expenses for the six months ended June 30, 2025 were $1.3 million compared to $2.6 million for the six months ended June

The decrease was primarily a result of decreased stock-based compensation expense, tradeshow and travel expenses, consulting

and professional services expenses, and personnel related expenses.

and administrative expenses for the six months ended June 30, 2025 were $5.4 million compared to $6.1 million for the six months ended

June 30, 2024.

Decreases in stock-based compensation expense and consulting and professional services expense were partially offset by

increased legal expenses.

and development expenses for the six months ended June 30, 2025 were $9.6 million compared to $11.3 million for the six months ended

June 30, 2024.

The decrease was primarily a result of decreased expenses related to development of the Co-Dx PCR platform, personnel

related expenses, and stock-based compensation expense, partially offset by increases in professional services expense.

income was $1.4 million for the six months ended June 30, 2025, compared to other income of $1.1 million for the six months ended June

Decreases in interest income were offset by increases in realized gains from investments in marketable securities and increases

in the change in the fair value of contingent consideration liabilities.

realized a net loss for the six months ended June 30, 2025 of $15.3 million, compared to $16.9 million for the six months ended June

The smaller net loss was primarily the result of decreases in operating expenses.

and Capital Resources

March 31, 2025, we had cash and cash equivalents of $1.9 million and marketable investment securities of $19.6 million.

June 30, 2025, we had cash and cash equivalents of $11.1 million and marketable investment securities of $2.2 million.

We consider our

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into cash if needed.

Additionally, our total current assets at March 31, 2025, were $23.8 million compared to total current liabilities

Additionally, our total current assets at June 30, 2025, were $15.3 million compared to total current liabilities

of $3.7 million.

cash used in operating activities during the three months ended March 31, 2025 was $8.7 million, compared to $8.5 million for the three

months ended March 31, 2024.

The increase in cash used in operating activities was primarily due to decreases in revenue, grant funding,

net interest income, and realized gains on investments.

cash provided by investing activities was $7.4 million for the three months ended March 31, 2025, compared to $16.7 million during the

three months ended March 31, 2024.

The decrease in cash provided by investing activities is primarily due to the timing of the redemption

cash used in operating activities during the six months ended June 30, 2025 was $17.0 million, compared to $13.7 million for the six

months ended June 30, 2024.

The increase in cash used in operating activities was primarily due to a higher usage of cash to pay accounts

payable and accrued liabilities related to higher legal expenses, along with decreases in revenue, grant funding, net interest income,

and realized gains on investments.

cash provided by investing activities was $24.4 million for the six months ended June 30, 2025, compared to $12.6 million during the

six months ended June 30, 2024.

The increase in cash provided by investing activities is primarily due to the timing of the redemption

of certain investments as they matured.

cash provided by financing activities was $0.4 million for the three months ended March 31, 2025, compared to $0 for the three months

ended March 31, 2024.

cash provided by financing activities was $0.8 million for the six months ended June 30, 2025, compared to $0 for the six months ended

June 30, 2024.

The cash provided by financing activities during 2025 relates to issuances of common stock under the ATM.

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of inventories and the development of our Co-Dx PCR Platform, and to pay our operating expenses.

Our available

capital resources may be consumed more rapidly than currently expected and we may need or want to raise additional financing for

strategic opportunities.

It is anticipated that the Company will continue to generate operating losses and use cash in

operations in the near term.

If needed, we expect additional investment capital to come from

additional issuances of our common stock or other equity based securities with existing and new investors similar to those that have

provided funding in the past or debt financing.

We have entered into an Amended and Restated Equity Distribution Agreement

(the “ATM Agreement”) with Piper Sandler & Co.

available capital resources may be consumed more rapidly than currently expected and we may need

or want to raise additional financing for strategic opportunities.

It is anticipated that the Company will continue to generate

operating losses and use cash in operations in the near term.

If needed, we expect additional investment

capital to come from additional issuances of our common stock or other equity-based securities with existing and new investors similar

to those that have provided funding in the past or debt financing.

We have entered into an Amended and Restated Equity Distribution

Agreement (the “ATM Agreement”) with Piper Sandler & Co.

(“Piper Sandler”) and Clear Street, LLC (“Clear

Street”), pursuant to which we may offer and sell shares of our common stock having an aggregate offering price of up to $17,111,650

$17,111,650 from time to time through Piper Sandler and Clear Street acting as our agents, under our prospectus supplement dated

October 18, 2024.

As of March 31, 2025, we have sold 833,806 shares of common stock under the ATM Agreement resulting in net

proceeds to the Company of $0.6 million.

we are seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to us on

favorable or acceptable terms and may involve significant restrictive covenants.

Any additional equity financing, if available to us

at all, will most likely be dilutive to our current stockholders.

If we are not able to obtain additional debt or equity financing on a

timely basis, the impact on us will be material and adverse.

These uncertainties create substantial doubt about our ability to

continue as a going concern.

The condensed consolidated financial statements do not include any adjustments that might result from

the outcome of these uncertainties .

from time to time through Piper Sandler and Clear Street acting as our agents, under our prospectus supplement dated October 18, 2024.

As of June 30, 2025, we have sold 2,209,131 shares of common stock under the ATM Agreement resulting in net proceeds to the Company of

$1.0 million.

we are seeking to obtain additional equity and/or debt financing, such funding is not assured and may not be available to us on favorable

or acceptable terms and may involve significant restrictive covenants.

Any additional equity financing, if available to us at all, will

most likely be dilutive to our current stockholders.

If we are not able to obtain additional debt or equity financing on a timely basis,

the impact on us will be material and adverse.

These uncertainties create substantial doubt about our ability to continue as a going

The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties .

Sheet Arrangements

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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 2. Management’s Discussion and Analysis