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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): February 13, 2025
INTELLIGENT
BIO SOLUTIONS INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-39825 |
|
82-1512711 |
(State
of Incorporation) |
|
(Commission
File Number) |
|
(IRS employer
identification no.) |
135
West, 41st Street, 5th Floor
New
York, NY 10036
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (646) 828-8258
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, $0.01 par value |
|
INBS |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On
February 13, 2025, Intelligent Bio Solutions Inc. (the “Company”), issued a press release (the “Press Release”)
announcing financial results for the fiscal quarter ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1
to this Current Report on Form 8-K.
The
information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company,
whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated
by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section
or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| Date:
February 13, 2025 |
|
|
| |
INTELLIGENT
BIO SOLUTIONS INC. |
| |
|
|
| |
By:
|
/s/
Spiro Sakiris |
| |
Name:
|
Spiro
Sakiris |
| |
Title: |
Chief
Financial Officer |
Exhibit
99.1
Intelligent
Bio Solutions Announces Fiscal Q2 2025 Financial Results and Key Operational Achievements
Gross
profit increase of 32.6% and 11-point gross profit margin increase driven by higher-margin cartridge sales
Submitted
FDA 510(k) and remain on track for planned expansion into multi-billion dollar U.S. market in 2025
Added
strategic partnerships, increasing visibility across the Asia-Pacific Region and the U.S.
Secured
19 accounts during quarter, adding to 400+ active customer accounts in 19 countries
NEW
YORK, February 13, 2025 – Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“INBS” or the “Company”),
a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for
the fiscal second quarter and six months ended December 31, 2024, and provided a business update.
“Fiscal
Q2 was a successful quarter for the business in a number of areas. From a financial standpoint, our business model is excelling, with
higher-margin cartridge sales steadily increasing, contributing to our gross profit and margin growth. Our focus on deal size and growing
the volume of cartridge sales has resulted in an 11-point increase in our gross profit margin,” said Harry Simeonidis, President
and CEO at Intelligent Bio Solutions. “From a regulatory standpoint, our clinical studies returned strong results, and we achieved
a significant milestone with the submission of our FDA 510(k) package in December. We remain on track to enter the multi-billion dollar
U.S. market this year, and look forward to the opportunities this will present for the business. In addition, we successfully executed
on our international expansion plans, adding key strategic partnerships in the Asia-Pacific Region and the U.S.”
“Our
performance over the first half of fiscal 2025 shows that our focus on growing cartridge sales is translating to higher gross profit
and margins. We were pleased that gross profit grew to 32.6% while gross profit margins increased to 38.5% from 27.7% for the six months
ended December 31, 2024, year-over-year, showing that we have made strides in sustaining the Company’s long-term financial strength,”
said Spiro Sakiris, CFO at Intelligent Bio Solutions. “We expect cartridge sales to continue outpacing reader sales moving forward,
maximizing our recurring revenue. We also continued to scale our customer base of over 400 accounts and expand our international presence,
which we expect will continue to grow as we enter the U.S. market this year.”
Fiscal
Second Quarter & Recent Operational Highlights:
| ● | On
December 18, 2024, the Company announced the submission of its 510(k) pre-market notification
to the US Food and Drug Administration (FDA) for clearance following FDA review of its Intelligent
Fingerprinting Drug Screening System. |
| ● | On
November 26, the Company announced the successful completion of its method comparison study
on its Intelligent Fingerprinting Drug Screening System, confirming the sensitivity, specificity,
accuracy, and usability of the System. |
| ● | On
November 13, the Company announced strong initial results from its Pharmacokinetic (PK) study
required for an FDA 510(k) submission, showing that fingerprint sweat mimics the rate and
extent of codeine in blood and saliva. |
| ● | On
October 31, the Company announced a strategic partnership with B2i Digital to launch an investor-focused
marketing campaign, employing advanced digital marketing strategies to raise awareness of
INBS’ patented drug screening technology. |
| ● | On
October 9, the Company announced its distribution partnership with Spirit Group, an Australian,
Indigenous-owned marketing and consulting agency, with prominent clients across a wide range
of industries, including mining, transportation, and construction. |
| ● | The
Company secured 19 accounts throughout the quarter ended December 31, 2024, adding to its
400+ active customer accounts in 19 countries. |
Financial
Results for the Fiscal 2025 Second Quarter and Six-Months Ended December 31, 2024:
| ● | Total
cash and cash equivalents on hand as of December 31, 2024, was $2.24 million. |
| ● | Shareholders
equity as of December 31, 2024, was $4.20 million. |
| ● | Total
revenues for the fiscal second quarter were $0.61 million. |
| ● | Total
revenue for the six months ended December 31, 2024, was $1.48 million. |
| ● | Gross
profit increased 32.6% from $0.43 million to $0.57 million for the six months ended December
31, 2024. |
| ● | Gross
profit margin increased to 38.5% from 27.7% for the six months ended December 31, 2024. |
| ● | Net
loss for the fiscal second quarter was $2.26 million, including non-cash depreciation and
amortization and share-based expenses of $0.32 million. |
Revenue
from sales of goods decreased by $156,569 to $607,494 from $764,063 for the three months ended December 31, 2024, compared to the same
period in 2023, and by $80,376 to $1,479,781 from $1,560,157 for the six months ended December 31, 2024, compared to the same period
in 2023. Despite these fluctuations, the Company increased its gross profit margin by concentrating on higher-margin cartridge sales.
Increases in gross profit margin are further attributable to enhanced production capacity, which has reduced direct labor, direct materials
and overhead costs. The Company continues to improve its strategic sales mix and operational streamlining, thus driving increased gross
profit.
Net
loss attributable to the Company increased by $279,829 to $2,249,470 from $1,969,641 for the three months ended December 31, 2024, compared
to the same period in 2023, and by $540,258 to $4,935,103 from $4,394,845 for the six months ended December 31, 2024, compared to the
same period in 2023. This increase is primarily driven by the Company’s investment in R&D work required for its FDA 510(k)
clinical study plan and increased selling, general and administrative expenses due to continued expansion in existing and new regions.
The Company submitted its 510(k) pre-market notification to the US Food and Drug Administration (FDA) on December 18, 2024.
About
Intelligent Bio Solutions Inc.
Intelligent
Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company
believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis,
which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens
for the recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection
in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. The
Company’s current customer segments outside the US include construction, manufacturing and engineering, transport and logistics
firms, drug treatment organizations, and coroners.
For
more information, visit: http://www.ibs.inc
Forward-Looking
Statements:
Some
of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties.
Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.’s ability to successfully
develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure
regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking
statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or
implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology,
including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,”
“intends,” “potential,” “may,” “could,” “might,” “will,” “should,”
“approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements.
These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent
Bio Solutions’ public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this
release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained
in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Company
Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc
LinkedIn | Twitter
Investor
& Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
Financial
Tables to Follow
Intelligent
Bio Solutions Inc.
Condensed
Consolidated Balance Sheets
| | |
As
of December 31, | | |
As
of June 30, | |
| | |
2024 | | |
2024 | |
| | |
| (Unaudited)
| | |
| | |
| ASSETS | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash
equivalents | |
$ | 2,242,209 | | |
$ | 6,304,098 | |
| Accounts receivable, net | |
| 266,080 | | |
| 429,704 | |
| Inventories, net | |
| 701,280 | | |
| 777,537 | |
| Research and development
tax incentive receivable | |
| 375,687 | | |
| 525,332 | |
| Deferred charges | |
| 127,586 | | |
| - | |
| Other
current assets | |
| 348,684 | | |
| 497,572 | |
| Total current assets | |
| 4,061,526 | | |
| 8,534,243 | |
| Property and equipment, net | |
| 537,225 | | |
| 565,850 | |
| Operating lease right-of-use assets | |
| 182,637 | | |
| 306,744 | |
| Intangibles, net | |
| 3,902,587 | | |
| 4,372,026 | |
| Total
assets | |
$ | 8,683,975 | | |
$ | 13,778,863 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’
EQUITY | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable and accrued
expenses | |
$ | 1,074,716 | | |
$ | 1,704,568 | |
| Current portion of operating
lease liabilities | |
| 205,945 | | |
| 274,834 | |
| Current portion of deferred
grant income | |
| 2,299,644 | | |
| 2,486,668 | |
| Current employee benefit
liabilities | |
| 416,929 | | |
| 469,381 | |
| Current
portion of notes payable | |
| 405,535 | | |
| 515,282 | |
| Total current liabilities | |
| 4,402,769 | | |
| 5,450,733 | |
| Employee benefit liabilities, less current
portion | |
| 63,283 | | |
| 63,615 | |
| Operating lease liabilities,
less current portion | |
| 14,535 | | |
| 81,324 | |
| Total
liabilities | |
$ | 4,480,587 | | |
$ | 5,595,672 | |
| Commitments and contingencies | |
| | | |
| | |
| | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | |
| Common stock, $0.01 par
value, 100,000,000 shares authorized, 4,807,068 and 3,456,000 shares issued and outstanding at December 31, 2024 and June 30, 2024,
respectively | |
| 48,068 | | |
| 34,557 | |
| Treasury stock, at cost, 116 shares as of
December 31, 2024 and June 30, 2024, respectively | |
| (1 | ) | |
| (1 | ) |
| Additional paid-in capital | |
| 61,856,832 | | |
| 60,971,740 | |
| Accumulated deficit | |
| (56,899,435 | ) | |
| (51,964,332 | ) |
| Accumulated
other comprehensive loss | |
| (639,424 | ) | |
| (712,614 | ) |
| Total consolidated Intelligent
Bio Solutions Inc. equity | |
$ | 4,366,040 | | |
$ | 8,329,350 | |
| Non-controlling interest | |
| (162,652 | ) | |
| (146,159 | ) |
| Total
shareholders’ equity | |
| 4,203,388 | | |
| 8,183,191 | |
| TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 8,683,975 | | |
$ | 13,778,863 | |
Intelligent
Bio Solutions Inc.
Condensed
Consolidated Statements of Operations and Other Comprehensive Income (Loss)
(Unaudited)
| | |
Three
months ended December 31, | | |
Six
months ended December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Revenue | |
$ | 607,494 | | |
$ | 764,063 | | |
$ | 1,479,781 | | |
$ | 1,560,157 | |
| Cost of revenue (exclusive
of amortization shown separately below) | |
| (384,381 | ) | |
| (564,815 | ) | |
| (909,867 | ) | |
| (1,128,578 | ) |
| Gross profit | |
| 223,113 | | |
| 199,248 | | |
| 569,914 | | |
| 431,579 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other income: | |
| | | |
| | | |
| | | |
| | |
| Government support income | |
| 133,640 | | |
| 153,204 | | |
| 259,768 | | |
| 263,075 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative
expenses | |
| (1,809,114 | ) | |
| (1,705,044 | ) | |
| (3,758,130 | ) | |
| (4,162,104 | ) |
| Development and regulatory
approval expenses | |
| (506,944 | ) | |
| (348,452 | ) | |
| (1,455,696 | ) | |
| (452,399 | ) |
| Depreciation
and amortization | |
| (305,177 | ) | |
| (290,313 | ) | |
| (605,599 | ) | |
| (597,873 | ) |
| Total
operating expenses | |
| (2,621,235 | ) | |
| (2,343,809 | ) | |
| (5,819,425 | ) | |
| (5,212,376 | ) |
| Loss from operations | |
| (2,264,482 | ) | |
| (1,991,357 | ) | |
| (4,989,743 | ) | |
| (4,517,722 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income (expense), net | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| (13,502 | ) | |
| (32,468 | ) | |
| (35,829 | ) | |
| (69,916 | ) |
| Realized foreign exchange
loss | |
| (750 | ) | |
| (555 | ) | |
| (801 | ) | |
| (555 | ) |
| Fair value gain on revaluation
of financial instrument | |
| - | | |
| 44,488 | | |
| - | | |
| 175,738 | |
| Interest
income | |
| 21,937 | | |
| 3,509 | | |
| 74,777 | | |
| 3,648 | |
| Total
other income, net | |
| 7,685 | | |
| 14,974 | | |
| 38,147 | | |
| 108,915 | |
| Net loss | |
| (2,256,797 | ) | |
| (1,976,383 | ) | |
| (4,951,596 | ) | |
| (4,408,807 | ) |
| Net
loss attributable to non-controlling interest | |
| (7,327 | ) | |
| (6,742 | ) | |
| (16,493 | ) | |
| (13,962 | ) |
| Net
loss attributable to Intelligent Bio Solutions Inc. | |
$ | (2,249,470 | ) | |
$ | (1,969,641 | ) | |
$ | (4,935,103 | ) | |
$ | (4,394,845 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive income (loss), net of tax: | |
| | | |
| | | |
| | | |
| | |
| Foreign
currency translation gain (loss) | |
| (143,165 | ) | |
| 75,133 | | |
| 73,190 | | |
| 57,117 | |
| Total
other comprehensive income (loss) | |
| (143,165 | ) | |
| 75,133 | | |
| 73,190 | | |
| 57,117 | |
| Comprehensive loss | |
| (2,399,962 | ) | |
| (1,901,250 | ) | |
| (4,878,406 | ) | |
| (4,351,690 | ) |
| Comprehensive
loss attributable to non-controlling interest | |
| (7,327 | ) | |
| (6,742 | ) | |
| (16,493 | ) | |
| (13,962 | ) |
| Comprehensive
loss attributable to Intelligent Bio Solutions Inc. | |
| (2,392,635 | ) | |
| (1,894,508 | ) | |
| (4,861,913 | ) | |
| (4,337,728 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net
loss per share, basic and diluted | |
$ | (0.50 | ) | |
$ | (2.07 | ) | |
$ | (1.18 | ) | |
$ | (7.68 | ) |
| Weighted average shares
outstanding, basic and diluted | |
| 4,535,815 | | |
| 949,660 | | |
| 4,173,452 | | |
| 571,930 | |
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