Biora Therapeutics, a clinical-stage biotechnology company, has reported its financial performance and business developments in its latest annual report. The company, which trades under the symbol 'BIOR' on Nasdaq, has not paid dividends and does not expect to do so in the foreseeable future due to reinvestment in operations and research and development. Biora Therapeutics has undergone a 1-for-25 reverse stock split, reducing its authorized shares from 350 million to 164 million. The company's financial performance shows a net loss of $124.1 million for the year ended December 31, 2023, which is an increase from the $38.2 million net loss in the previous year. Research and development expenses rose by $5.8 million, while selling, general, and administrative expenses saw a slight decrease of $0.7 million. The...Show More

Biora Therapeutics, a clinical-stage biotechnology company, has reported its financial performance and business developments in its latest annual report. The company, which trades under the symbol 'BIOR' on Nasdaq, has not paid dividends and does not expect to do so in the foreseeable future due to reinvestment in operations and research and development. Biora Therapeutics has undergone a 1-for-25 reverse stock split, reducing its authorized shares from 350 million to 164 million. The company's financial performance shows a net loss of $124.1 million for the year ended December 31, 2023, which is an increase from the $38.2 million net loss in the previous year. Research and development expenses rose by $5.8 million, while selling, general, and administrative expenses saw a slight decrease of $0.7 million. The company's business development focuses on two therapeutic delivery platforms: NaviCapTM for targeted oral delivery and BioJetTM for systemic oral delivery, aiming to improve treatment approaches and patient outcomes. Biora Therapeutics plans to continue investing in its pipeline of new products and technologies, expecting research and development investment to remain flat in 2024. The company anticipates significant expenses and operating losses in the near term as it advances clinical development of its product candidates. Biora Therapeutics does not expect to generate significant product revenue until it obtains regulatory and marketing approval for its product candidates, which is anticipated to take several years. The company's future plans include raising additional capital through equity offerings, debt financings, or other potential sources to fund operations, as current cash reserves are not expected to sustain operations for the next 12 months, raising substantial doubt about the company's ability to continue as a going concern.