Mon, Jul 8, 8:32 PM (105 days ago)
OpGen, Inc. reported significant changes in its financial condition for the quarter ended March 31, 2024. The company experienced an 82% decrease in total revenue compared to the same period in 2023, primarily due to the exclusion of Curetis and Ares Genetics' product sales following their insolvency filings in November 2023. Operating expenses decreased by 69%, driven by the deconsolidation of these subsidiaries and a reduction in operations. OpGen recorded a net income of $386,033, a significant improvement from a net loss of $5.7 million in the prior year, largely due to a $2.1 million gain on lease indemnification. The company has cash and cash equivalents of $267,493, down from $1.15 million at year-end 2023. OpGen's ongoing liquidity and ability to continue as a going concern are contingent upon securing additional funding or strategic transactions.