Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the
“Company”), a clinical-stage medical diagnostics company developing
rapid, near-patient tests using whole blood on its Symphony
platform to improve patient outcomes in critical care settings,
today reported its financial results for the quarter and nine
months ended September 30, 2023.
“Based on FDA’s feedback from the August 11,
2023, meeting, the Company focused on implementing the modified
clinical strategy that puts us on the most efficient pathway and
believes that it would submit for regulatory approval for Symphony
IL-6 during the first half of 2024 as planned. Furthermore, we have
re-negotiated our licensing agreement with Toray Industries, Inc.
to include a reduced royalty payment from 15% to 7.5% of net sales
of certain cartridges for a term of 10 years. A 50% reduction in
the royalty rate applies upon expiry of applicable Toray patents on
a product-by-product and country-by-country basis. The new license
agreement contemplates that applicable royalty payment obligations
from the Company to Toray for other products will be determined
separately by the parties in the future. Overall, the re-negotiated
licensing agreement provides Bluejay with more freedom to operate,
and better secures long-term licensing of Toray’s patents and
know-how around the Symphony technology In addition, we have
re-negotiated our supply agreement with Toray Industries, Inc. to
ensure critical Symphony Cartridge component supply that will
sustain us through clinical studies,” said Neil Dey, CEO of Bluejay
Diagnostics.
Symphony IL-6 has the potential to be an
influential tool for the prediction of clinical deterioration in
sepsis patients. Symphony IL-6 testing, in conjunction with
clinical and other diagnostic findings, may enable healthcare
providers to better prioritize appropriate care to help improve
outcomes for those at high risk, and potentially avoid unnecessary
investigations and treatments in those at low risk. IL-6 appears as
a ‘first responder’ inflammatory biomarker in blood during
inflammation, which is common in diseases and infections. A current
unmet challenge for healthcare professionals is the amount of time
it takes to identify sepsis in patients and to determine disease
severity. Existing technologies typically take several hours to
deliver IL-6 results, which can delay critical treatment decisions
that could improve patient outcomes.
“We are confident that our planned clinical and
analytical studies may support a 510(k) FDA regulatory submission
with an initial indication for risk stratification of hospitalized
sepsis patients. In order for us to realize this, we have continued
to limit our cash burn while executing our clinical and regulatory
strategy for the Symphony IL-6 test,” said Neil Dey, CEO of Bluejay
Diagnostics.
Financial Results for the Three Months Ended September
30, 2023
Cash and cash equivalents. Cash
and cash equivalents on September 30, 2023 were $5.08 million, as
compared to $10.1 million on December 31, 2022. The Company has
maintained a slow cash burn during its FDA submission process. The
Company estimates cash resources will be sufficient to fund its
operations into the first quarter of 2024. The Company will need
additional capital to fund its planned operations for the next 12
months. The Company expects that it will seek to raise such
additional capital through public or private equity offerings,
grant financing and support from governmental agencies, convertible
debt, collaborations, strategic alliances and distribution
arrangements.
Research and development
expense. Research and development expenses for the three
and nine months ended September 30, 2023 were $1.39 million and
$4.42 million, respectively, as compared to $1.37 million and $2.83
million, respectively, for the comparable periods in 2022. The
increase in research and development expenses is due to the
expansion of our clinical program and to support scale-up
manufacturing of the Symphony technology platform and IL-6
Test.
General and administrative
expense. General and administrative expenses for the three
and nine months ended September 2023 were $0.96 million and $3.21
million, respectively, as compared to $1.28 million and $3.8
million, respectively, for the comparable periods in 2022. The
decrease in general and administrative expenses reflects the
Company’s focus on clinical program and manufacturing scale-up.
Sales and marketing expense.
Sales and marketing expenses for the three and nine months ended
September 30, 2023 were $(19,619) and $282,756, respectively, as
compared to $146,102 and $281,144, respectively, for the comparable
periods in 2022. While these expenses have been limited to date, we
expect to increase these efforts when appropriate to support our
commercial growth.
Net loss/Net loss per share.
The net loss for the three and nine months ended September 30, 2023
was $2.29 million and $7.65 million, or $2.08 and $7.30 per share,
respectively, compared to $2.9 million and $6.9 million, or $2.94
and $6.86 per share, respectively, for the comparable periods in
2022.
About the
SymphonyTM System:
Bluejay’s Symphony System (the “Symphony
System”) is designed to address the need for simple, reliable,
rapid, near-patient testing by providing quantitative measurements
of specific biomarkers to determine the need for additional patient
care and monitoring. The user-friendly Symphony System will not
require any sample preparation or dedicated staff and was shown in
published clinical studies to deliver results in approximately 20
minutes.
The Symphony IL-6 Test is a development stage
product candidate for investigational use only. It is limited
by United States law to investigational use.
About Bluejay Diagnostics:
Bluejay Diagnostics, Inc. is a medical
diagnostics company focused on improving patient outcomes using its
Symphony System, a cost-effective, rapid, near-patient testing
system for triage and monitoring of disease progression. Bluejay’s
first product candidate, an IL-6 Test for sepsis triage, is
designed to provide accurate, reliable results in approximately 20
minutes from ‘sample-to-result’ to help medical professionals make
earlier and better triage/treatment decisions. More information is
available at www.bluejaydx.com.
Forward-Looking Statements:
This press release contains statements that the
Company believes are “forward-looking statements” within the
meaning of the Private Litigation Reform Act. Forward-looking
statements in this press release include, without limitation, the
ability of the Company to submit a marketing application with the
FDA in the first-half of 2024 whether the Company’s cash position
will be sufficient to fund operations beyond the date of its
anticipated regulatory approval and initial commercialization of
the Symphony IL-6 Test, and whether such anticipated regulatory
approval will actually occur. Forward-looking statements may be
identified by words such as “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “may,” “plans,” “projects,” “seeks,”
“should,” “suggest”, “will,” and similar expressions. The Company
has based these forward-looking statements on its current
expectations and projections about future events, nevertheless,
actual results or events could differ materially from the plans,
intentions and expectations disclosed in, or implied by, the
forward-looking statements the Company makes. These statements are
only predictions and involve known and unknown risks,
uncertainties, and other factors, including those discussed under
item 1A. “Risk Factors” in our most recently filed Form 10-K filed
with the Securities and Exchange Commission, as updated by the
Company’s subsequent Quarterly Reports on Form 10-Q. You should not
place undue reliance on these forward-looking statements, as they
are subject to risks and uncertainties, and actual results and
performance in future periods may be materially different from any
future results or performance suggested by the forward-looking
statements in this release. This press release speaks as of the
date indicated above. The Company undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events, or otherwise. The Company expressly
disclaims any obligation to update or revise any forward-looking
statements found herein to reflect any future changes in the
Company’s expectations of results or any future change in
events.
Investor Contact: Neil
DeyBluejay Diagnostics, Inc.Tel:
978-631-0310Email:
neil.dey@bluejaydx.com
|
Bluejay Diagnostics, Inc. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
|
|
September 30, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
5,076,937 |
|
|
$ |
10,114,990 |
|
Prepaid expenses and other current assets |
|
1,450,805 |
|
|
|
1,673,480 |
|
Total current assets |
|
6,527,742 |
|
|
|
11,788,470 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
1,321,711 |
|
|
|
1,232,070 |
|
Operating lease right-of-use assets |
|
367,248 |
|
|
|
465,514 |
|
Other non-current assets |
|
29,907 |
|
|
|
35,211 |
|
Total assets |
$ |
8,246,608 |
|
|
$ |
13,521,265 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
755,949 |
|
|
$ |
635,818 |
|
Operating lease liability, current |
|
168,716 |
|
|
|
168,706 |
|
Accrued expenses and other current liabilities |
|
1,875,475 |
|
|
|
835,730 |
|
Total current liabilities |
|
2,800,140 |
|
|
|
1,640,254 |
|
|
|
|
|
|
|
|
|
Operating lease liability, non-current |
|
220,093 |
|
|
|
323,915 |
|
Other non-current liabilities |
|
13,220 |
|
|
|
15,823 |
|
Total liabilities |
|
3,033,453 |
|
|
|
1,979,992 |
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Common stock, $0.0001 par value; 7,500,000 shares authorized;
1,239,140 and 1,010,560 shares issued and outstanding at September
30, 2023 and December 31, 2022, respectively |
|
124 |
|
|
|
101 |
|
Additional paid-in capital |
|
29,861,279 |
|
|
|
28,538,274 |
|
Accumulated deficit |
|
(24,648,248 |
) |
|
|
(16,997,102 |
) |
Total stockholders’
equity |
|
5,213,155 |
|
|
|
11,541,273 |
|
Total liabilities and
stockholders’ equity |
$ |
8,246,608 |
|
|
$ |
13,521,265 |
|
|
See notes to unaudited condensed consolidated financial
statements. |
Reflects a 1-for-20 reverse stock split effective July 24,
2023. |
Bluejay Diagnostics, Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
|
|
Three months endedSeptember
30, |
|
|
Nine months endedSeptember
30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
249,040 |
|
Cost of sales |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
200,129 |
|
Gross profit |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
48,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
1,397,318 |
|
|
|
1,379,665 |
|
|
|
4,428,123 |
|
|
|
2,830,705 |
|
General and administrative |
|
963,534 |
|
|
|
1,284,411 |
|
|
|
3,213,614 |
|
|
|
3,801,226 |
|
Sales and marketing |
|
(19,619 |
) |
|
|
146,102 |
|
|
|
282,756 |
|
|
|
281,144 |
|
Total operating expenses |
|
2,341,233 |
|
|
|
2,810,178 |
|
|
|
7,924,493 |
|
|
|
6,913,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(2,341,233 |
) |
|
|
(2,810,178 |
) |
|
|
(7,924,493 |
) |
|
|
(6,864,164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of property and equipment |
|
- |
|
|
|
(210,117 |
) |
|
|
- |
|
|
|
(210,117 |
) |
Other income, net |
|
43,235 |
|
|
|
60,406 |
|
|
|
273,347 |
|
|
|
163,587 |
|
Total other income (expense), net |
|
43,235 |
|
|
|
(149,711 |
) |
|
|
273,347 |
|
|
|
(46,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(2,297,998 |
) |
|
$ |
(2,959,889 |
) |
|
$ |
(7,651,146 |
) |
|
$ |
(6,910,694 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
Basic and diluted |
$ |
(2.08 |
) |
|
$ |
(2.94 |
) |
|
$ |
(7.30 |
) |
|
$ |
(6.86 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
1,102,966 |
|
|
|
1,007,617 |
|
|
|
1,048,430 |
|
|
|
1,007,445 |
|
|
See notes to unaudited condensed consolidated financial
statements. |
Reflects a 1-for-20 reverse stock split effective July 24,
2023. |
|
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