Mon, Aug 19, 9:03 PM (148 days ago)
OpGen, Inc. filed an amendment to its quarterly report for Q1 2024, correcting prior financial statements due to an error in accounting for an indemnification asset related to a lease. The amendment revealed a restatement resulting in an additional loss of approximately $0.1 million. Key financial metrics for Q1 2024 showed total revenue of €168,149, an 82% decline from €913,444 in Q1 2023, primarily due to the exclusion of revenues from its insolvent subsidiaries, Curetis and Ares Genetics. Operating expenses decreased by 68% to €1,913,464, attributed to reduced costs following the subsidiaries' deconsolidation. The company reported a net income of €287,967, contrasting sharply with a net loss of €5.7 million in the prior year. Cash and cash equivalents dropped to €267,493 from €1.2 million at year-end 2023, raising concerns about liquidity. The company is actively pursuing strategic alternatives, including potential mergers or additional financing, to address its financial challenges and a material weakness in internal controls over financial reporting.