The following is a summary of the BioCardia, Inc. (BCDA) Q4 2023 Earnings Call Transcript:
Financial Performance:
BioCardia's revenues fell to $0.5 million in 2023 from $1.4 million in the previous year, primarily due to the timing of revenue recognition from its collaboration partners.
Expenses decreased by 9% with significant savings in research and development expenditure, which dropped to $7.7 million in 2023 from $8.8 million in 2022.
2023 ended with a net loss of $11.6 million, slightly less than the $11.9 million net loss in 2022.
BioCardia had $1.1 million in cash by the end of 2023, sufficient to sustain operations until Q2 2024.
Business Progress:
BioCardia displayed promising development of lead CardiAMP autologous cell therapy for treating ischemic heart failure.
Despite missing the primary pre-specified endpoint in the Cardiac Heart Failure clinical trial, the results supported the continuation of the program.
BioCardia is also advancing with the CardiAMP Heart Failure II study, the CardiAMP cell therapy trial for chronic myocardial ischemia (BCDA-02), and a partnership with StemCardia.
The company has shifted its Helix Biotherapeutic Delivery Partnering Business to focus on longer-term partnerships, planning to have two additional partners in 2024.
BioCardia aims to broaden the FDA-cleared Helix system and Morph DNA platform to cover cardiac and peripheral vascular disease indications.
It has recorded an encouraging reduction in cardiac arrhythmias in the BCDA-01 trial's interim data and plans to pre-specify this as a secondary endpoint in future trials.
Expansion in the CardiAMP Heart Failure II confirmatory study and consultations with Japan's PMDA remain high on the agenda.
With five cardiac biotherapeutic programs in development, BioCardia is on track to continue its mission of addressing heart disease.
More details: BioCardia IR
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