Wed, Aug 14, 8:48 PM (153 days ago)
Bluejay Diagnostics, Inc. reported a net loss of approximately $2.5 million for Q2 2024, slightly improved from $2.8 million in Q2 2023, with an operating loss of $1.9 million. Total operating expenses decreased to $1.9 million, driven by lower research and development costs. Cash and cash equivalents rose to $8.1 million from $2.2 million at year-end 2023, primarily due to successful financing activities, including a public offering that raised approximately $10.3 million. However, the company continues to face liquidity challenges, with a negative cash flow from operations of about $4.1 million. The firm has significant accumulated deficits of approximately $31.8 million and must secure additional funding within the next year to sustain operations, as current resources are projected to last until early 2025. The company is also under scrutiny from Nasdaq for not meeting minimum bid price requirements, which could impact its listing status. Bluejay's future operations hinge on FDA approval for its Symphony platform, which is currently in clinical trials, but they face uncertainties related to manufacturing and market conditions.