Bluejay Diagnostics, Inc. Studies Second Quarter 2022
ACTON, Mass., July 26, 2022 (GLOBE NEWSWIRE) — Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Firm”), a medical diagnostics firm targeted on creating cost-effective, fast, near-patient assessments for triage and monitoring of illness development, at the moment introduced monetary outcomes for the quarter and 6 months ended June 30, 2022.
Neil Dey, Chief Govt Officer, stated, “This quarter was very thrilling for Bluejay, saying our plan to pursue a de Novo regulatory pathway and completion of our preliminary scientific research for the Symphony IL-6 Take a look at. As well as, we reported that outcomes of our scientific research will likely be revealed on the 2022 AACC Annual Scientific Assembly being held July 26th to twenty-eightth in Chicago.”
Mr. Dey concluded, “Achievement of those milestones highlights Bluejay’s development in the direction of our objective of bringing to the market fast, near-patient assessments, utilizing entire blood samples, to help within the care of sufferers with life-threatening illnesses. We’ve got continued to put money into our manufacturing infrastructure as we put together our FDA advertising software for submission, anticipated within the fourth quarter of 2022.”
Monetary Outcomes for the Three Months Ended June 30, 2022
Money and money equivalents. Money and money equivalents on June 30, 2022 had been $15.3 million, as in comparison with $19.0 million on December 31, 2021. The Firm expects that its money place will likely be ample to fund operations past the date of our anticipated regulatory approval and preliminary commercialization of the Symphony IL-6 Take a look at.
Income/Gross Revenue. Bluejay acknowledged a small sale to a international improvement accomplice, which we don’t take into account an entry to the market or indicative of anticipated margins.
Analysis and improvement expense. Analysis and improvement bills for the three and 6 months ended June 30, 2022 had been $756,000 and $1.5 million, respectively, as in comparison with $226,000 and $250,000, respectively, for the comparable intervals in 2021. The rise in analysis and improvement bills is because of the development of our scientific research and to assist scale-up manufacturing of the Symphony IL-6 Take a look at.
Normal and administrative expense. Normal and administrative bills for the three and 6 months ended June 30, 2022 had been $1.2 million and $2.5 million, respectively, as in comparison with $390,000 and $530,000, respectively, for the comparable intervals in 2021. The rise typically and administrative bills displays the Firm’s funding in scalable infrastructure, in addition to bills to assist public firm operations because of the completion of our preliminary public providing in November 2021.
Gross sales and advertising expense. Gross sales and advertising bills for the three and 6 months ended June 30, 2022 had been $81,000 and $135,000, respectively, as in comparison with $50,000 and $119,000, respectively, for the comparable intervals in 2021. Whereas these bills have been restricted to this point, we count on to extend these efforts when applicable to assist our business progress.
Web loss/Web loss per share. The online loss for the three and 6 months ended June 30, 2022 was $1.9 million and $4.0 million, or $0.10 and $0.20 per share, respectively, in comparison with $640,000 and $834,000, or $0.15 and $0.20 per share, respectively, for the comparable intervals in 2021.
In regards to the Symphony™ System:
Bluejay’s Symphony System (the “Symphony System”) is designed to handle the necessity for easy, dependable, fast, near-patient testing by offering quantitative measurements of particular biomarkers to find out the necessity for extra affected person care and monitoring. The user-friendly Symphony System is not going to require any pattern preparation or devoted workers and was proven in revealed scientific research to ship leads to roughly 20 minutes.
The Symphony IL-6 Take a look at is a improvement stage product candidate for investigational use solely. It’s restricted by United States legislation to investigational use.
About Bluejay Diagnostics:
Bluejay Diagnostics, Inc. is a medical diagnostics firm targeted on bettering affected person outcomes utilizing its Symphony System, a cheap, fast, near-patient testing system for triage and monitoring of illness development. Bluejay’s first product candidate, an IL-6 Take a look at for sepsis triage, is designed to offer correct, dependable leads to roughly 20 minutes from ‘sample-to-result’ to assist medical professionals make earlier and higher triage/remedy selections. Extra data is offered at www.bluejaydx.com.
Ahead-Wanting Statements:
This press launch incorporates statements that the Firm believes are “forward-looking statements” inside the that means of the Non-public Litigation Reform Act. Ahead-looking statements on this press launch embrace, with out limitation, the flexibility of the Firm to submit a advertising software with the FDA within the fourth quarter of 2022, whether or not the Firm’s money place will likely be ample to fund operations past the date of its anticipated regulatory approval and preliminary commercialization of the Symphony IL-6 Take a look at, and whether or not such anticipated regulatory approval will really happen. Ahead-looking statements could also be recognized by phrases equivalent to “anticipates,” “believes,” “estimates,” “expects,” “intends,” “could,” “plans,” “initiatives,” “seeks,” “ought to,” “recommend”, “will,” and comparable expressions. The Firm has based mostly these forward-looking statements on its present expectations and projections about future occasions, nonetheless, precise outcomes or occasions might differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements the Firm makes. These statements are solely predictions and contain identified and unknown dangers, uncertainties, and different components, together with these mentioned beneath merchandise 1A. “Danger Elements” in our most not too long ago filed Type 10-Ok filed with the Securities and Change Fee, as up to date by the Firm’s subsequent Quarterly Studies on Type 10-Q. You shouldn’t place undue reliance on these forward-looking statements, as they’re topic to dangers and uncertainties, and precise outcomes and efficiency in future intervals could also be materially totally different from any future outcomes or efficiency steered by the forward-looking statements on this launch. This press launch speaks as of the date indicated above. The Firm undertakes no obligation to replace any forward-looking statements, whether or not because of new data, future occasions, or in any other case. The Firm expressly disclaims any obligation to replace or revise any forward-looking statements discovered herein to mirror any future adjustments within the Firm’s expectations of outcomes or any future change in occasions.
Investor Contact:
Alexandra Schuman
LifeSci Advisors
alex@lifesciadvisors.com
t: 646-876-3647
Bluejay Diagnostics, Inc.
Condensed Consolidated Stability Sheets
(Unaudited)
| June 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| ASSETS | ||||||||
| Present property: | ||||||||
| Money and money equivalents | $ | 15,341,862 | $ | 19,047,778 | ||||
| Inventories | 671,250 | – | ||||||
| Pay as you go bills and different present property | 1,037,145 | 1,612,708 | ||||||
| Whole present property | 17,050,257 | 20,660,486 | ||||||
| Property and gear, internet | 409,070 | 337,366 | ||||||
| Working lease right-of-use property | 573,040 | – | ||||||
| Different non-current property | 35,075 | 21,019 | ||||||
| Whole property | $ | 18,067,442 | $ | 21,018,871 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Present liabilities: | ||||||||
| Accounts payable | $ | 196,108 | $ | 295,778 | ||||
| Accrued bills | 783,482 | 341,384 | ||||||
| Whole present liabilities | 979,590 | 637,162 | ||||||
| Non-current liabilities: | ||||||||
| Working lease legal responsibility, non-current | 430,116 | – | ||||||
| Whole liabilities | 1,409,706 | 637,162 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ fairness | ||||||||
| Frequent inventory, $0.0001 par worth; 30,000,000 shares approved; 20,152,344 and 20,112,244 shares issued and excellent at June 30, 2022 and December 31, 2021, respectively | 2,015 | 2,011 | ||||||
| Further paid-in capital | 28,306,680 | 28,074,484 | ||||||
| Accrued deficit | (11,650,959 | ) | (7,694,786 | ) | ||||
| Whole stockholders’ fairness | 16,657,736 | 20,381,709 | ||||||
| Whole liabilities and stockholders’ fairness | $ | 18,067,442 | $ | 21,018,871 | ||||
See notes to unaudited condensed consolidated monetary statements.
Displays a 1-for-3.15 inventory dividend efficient June 7, 2021.
Bluejay Diagnostics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Income | $ | 249,040 | $ | – | $ | 249,040 | $ | – | |||||||
| Value of gross sales | 200,129 | – | 200,129 | – | |||||||||||
| Gross revenue | 48,911 | – | 48,911 | – | |||||||||||
| Working bills: | |||||||||||||||
| Analysis and improvement | 756,283 | 225,992 | 1,451,040 | 250,175 | |||||||||||
| Normal and administrative | 1,196,996 | 389,830 | 2,516,815 | 529,741 | |||||||||||
| Gross sales and advertising | 81,357 | 50,250 | 135,042 | 119,354 | |||||||||||
| Whole working bills | 2,034,636 | 666,072 | 4,102,897 | 899,270 | |||||||||||
| Working loss | (1,985,725) | (666,072) | (4,053,986) | (899,270) | |||||||||||
| Different earnings: | |||||||||||||||
| Curiosity expense, internet | – | (59,167) | – | (32,116) | |||||||||||
| Grant earnings | – | 75,000 | – | 75,000 | |||||||||||
| Different earnings, internet | 48,323 | 10,006 | 103,181 | 21,965 | |||||||||||
| Whole different earnings, internet | 48,323 | 25,839 | 103,181 | 64,849 | |||||||||||
| Web loss | $ | (1,937,402) | $ | (640,233) | $ | (3,950,805) | $ | (834,421) | |||||||
| Web loss per share – Primary and diluted | $ | (0.10) | $ | (0.15) | $ | (0.20) | $ | (0.20) | |||||||
| Weighted common widespread shares excellent: | |||||||||||||||
| Primary and diluted | 20,151,969 | 4,201,688 | 20,151,969 | 4,201,688 | |||||||||||
See notes to unaudited condensed consolidated monetary statements.
Displays a 1-for-3.15 inventory dividend efficient June 7, 2021.
