The following is a summary of the Applied DNA Sciences, Inc. (APDN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Applied DNA sciences reported a drop in total revenues for Q1 2024 to approximately $891,000, a decrease from the same period in the previous fiscal year due to lower clinical laboratory service revenues and product revenues.

• Gross profit was $231,000, a reduction from the prior fiscal year period.

• Operating expenses for Q1 2024 increased by $424,000 to $4 million in comparison to the prior fiscal year.

• Operating loss increased to $3.8 million in Q1 2024, a noticeable raise from the prior fiscal period.

• The company's cash equivalents went down to $3.4 million by the end of the year, compared to $7.2 million at the end of September 2023.

Business Progress:

• Threatening cash position was addressed through a registered direct public offering fetching gross proceeds of approximately $3.4 million.

• Their prime focus is on the commercialization of Linea IVT and Linea DNA platforms and the company is working towards leaner organization structure.

• The company expects significant revenue generation from the GMP facility, which is estimated to generate about $15 million annually.

• They are accelerating the commercialization of Linea IVT, providing critical starting materials for mRNA therapeutics and transitioning the manufacturing capacity to multigram scale GMP orders.

• The company achieved milestones like successfully executing customers' evaluations for Linea IVT platforms and expects the GMP facility to operate by H1 calendar 2024.

• In the future, they aim to establish long-term supply agreements and partner with various Contract Development and Manufacturing Organizations.

• They are currently manufacturing clinical materials for trials in China and Australia and have seen rapid adoption of the Linea IVT platform since its launch in August 2023.

More details: Applied DNA Sciences IR

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