Business
BioRestorative Therapies Regains Compliance with Nasdaq Listing Rule 5250(c)(1); Reports First Quarter 2024 Financial Results
- Significant YoY improvement in operating performance - - Ends Q1-2024 with $16.4 million cash, cash equivalents, and marketable securities - MELVILLE, N.Y.,
About this update from Biorestorative Therapies, Inc.
[{"type":"text","content":"- Significant YoY improvement in operating performance - - Ends Q1-2024 with $16.4 million cash, cash equivalents, and marketable securities - MELVILLE, N.Y., June 17, 2024 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the “Company”) (NASDAQ:BRTX), a clinical stage company focused on stem cell-based therapies, announced that it has received notice from the Nasdaq Stock Market that it has regained compliance with Nasdaq Listing Rule 5250(c)(1) in connection with the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 with the Securities and Exchange Commission. Summary First Quarter 2024 Results For the quarter ended March 31, 2024, the Company had a loss from operations of $4.1 million, a 29% improvement from the $5.8 million loss from operations for the comparable period of 2023. The Company’s net loss for the 2024 first quarter was $2.2 million, or $0.33 per share, compared to a net loss of $7.2 million, or $1.93 per share, for the comparable period in 2023. Cash used in operating activities in the first quarter of 2024 was $2.3 million, compared to $2.4 million in Q1-2023. The Company ended the first quarter in a strong financial position, with cash, cash equivalents, and investments held in marketable securities of $16.4 million as of March 31, 2024. About BioRestorative Therapies, Inc. BioRestorative (www.biorestorative.com) develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. As described below, our two core clinical development programs relate to the treatment of disc/spine disease and metabolic disorders, and we have also recently begun offering BioCosmeceutical products: • Disc/Spine Program (brtxDISC™): Our lead cell therapy candidate, BRTX-100, is a product formulated from autologous (or a person’s own) cultured mesenchymal stem cells collected from the patient’s bone marrow. We intend that the product will be used for the non-surgical treatment of painful lumbosacral disc disorders or as a complementary therapeutic to a surgical procedure. The BRTX-100 production process utilizes proprietary technology and involves collecting a patient’s bone marrow, isolating and culturing stem cells from the bone marrow and cryopreserving the cells. In an outpatient procedure, BRTX-100 is to be injected by a physici...