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Acutus Medical Reports Third Quarter and Year-To-Date 2024 Financial Results

14.11.2024 by admin

CARLSBAD, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) — Acutus Medical, Inc. (“Acutus” or the “Company”) AFIB today reported results for the third quarter and year-to-date of 2024.

Recent Highlights:

Third quarter revenue from Continuing Operations of $5.3 million grew 156% year-over-year, from $2.1 million in the same quarter last year.
Operating income for continuing operations was $0.1 million, an improvement of 119% compared to the same period last year.
Recorded $2.4 million in gain on sale of business, a decrease of 8% compared to the same period last year.
Cash, cash equivalents, marketable securities and restricted cash were $12.6 million as of September 30, 2024.

Third Quarter 2024 Financial Results
Revenue from Continuing Operations was $5.3 million for the third quarter of 2024, an increase of 156% compared to $2.1 million for the third quarter of 2023.

Gross margin on a GAAP basis for continuing operations was 7% for the third quarter of 2024 compared to negative 53% for the same quarter last year. The improvement was driven by higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses.

Operating income for continuing operations on a GAAP basis was $0.1 million for the third quarter of 2024 compared to Operating expenses of $0.6 million for the same period last year. The decrease in operating expenses from reduced discretionary spend under this new business model.

Net loss on continuing operations on a GAAP basis was $0.8 million for the third quarter of 2024 and net loss per share was $0.03 on a weighted average basic and diluted outstanding share count of 29.8 million, compared to a net loss of $1.9 million and a net loss per share of $0.7 on a weighted average basic and diluted outstanding share count of 29.3 million for the same period last year.

Cash, cash equivalents, marketable securities and restricted cash were $12.6 million as of September 30, 2024.

Loss on Discontinued Operations
Loss on discontinued operations was $4.8 million for third quarter of 2024, compared to $13.2 million for the same period last year.

Outlook
Due to the announced plan to realign resources to support the left-heart access distribution business and exit from the electrophysiology mapping and ablation businesses, the Company will no longer provide financial guidance.

About Acutus
Acutus is focused on the production of left-heart access products under its distribution agreement with Medtronic, Inc. Founded in 2011, Acutus is based in Carlsbad, California.

Caution Regarding Forward-Looking Statements
This press release includes statements that may constitute “forward-looking” statements, usually containing the words ‘believe”, “estimate”, “project”, “expect” or similar expressions. Forward looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company’s ability to continue to manage expenses and cash burn rate at sustainable levels, successful completion of the Company’s restructuring plan, continued acceptance of the Company’s left-heart access products in the marketplace, the effect of global economic conditions on the ability and willingness of Medtronic to purchase the Company’s left-heart access products and the timing of such purchases, competitive factors, changes resulting from healthcare policy in the United States and globally including changes in government reimbursement of procedures, dependence upon third-party vendors and distributors, timing of regulatory approvals, the Company’s ability to maintain its listing on Nasdaq, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, Acutus undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:
Chad Hollister
Acutus Medical, Inc.
investors@acutus.com

Acutus Medical, Inc. Consolidated Balance Sheets

	September 30, 2024			December 31, 2023
(in thousands, except share and per share amounts)	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	12,595		$	19,170
Marketable securities, short-term		—			3,233
Restricted cash, short-term		—			7,030
Accounts receivable		9,970			11,353
Inventory		4,191			4,278
Prepaid expenses and other current assets		403			678
Current assets of discontinued operations (Note 3)		—			510
Total current assets		27,159			46,252

Property and equipment, net		736			825
Right-of-use assets, net		2,647			3,189
Other assets		94			94
Non-current assets of discontinued operations (Note 3)		1,531			3,600
Total assets	$	32,167		$	53,960

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		1,711			2,761
Accrued liabilities		1,702			2,887
Operating lease liabilities, short-term		897			718
Long-term debt, current portion		7,084			1,864
Warrant liability		302			409
Current liabilities of discontinued operations (Note 3)		2,969			10,303
Total current liabilities		14,665			18,942

Operating lease liabilities, long-term		2,532			3,243
Long-term debt		25,269			32,654
Total liabilities		42,466			54,839

Commitments and contingencies (Note 11)

Stockholders’ deficit
Preferred stock, $0.001 par value; 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 6,666 shares of preferred stock, designated as Series A Common Equivalent Preferred Stock, are issued and outstanding as of September 30, 2024 and December 31, 2023		—			—
Common stock, $0.001 par value; 260,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 29,912,305 and 29,313,667 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		30			29
Additional paid-in capital		598,670			599,935
Accumulated deficit		(608,118	)		(599,977	)
Accumulated other comprehensive loss		(881	)		(866	)
Total stockholders’ deficit		(10,299	)		(879	)
Total liabilities and stockholders’ deficit	$	32,167		$	53,960

Acutus Medical, Inc. Consolidated Statements of Operations and Comprehensive Loss

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
(in thousands, except share and per share amounts)	(unaudited)
Revenue	$	5,266		$	2,060		$	13,027		$	4,816
Cost of products sold		4,894			3,150			13,019			7,835
Gross profit (loss)		372			(1,090	)		8			(3,019	)

Operating expenses (income):
Research and development		—			896			—			2,752
Selling, general and administrative		2,318			2,354			7,880			9,502
Change in fair value of contingent consideration		—			—			—			123
Gain on sale of business		(2,435	)		(2,648	)		(8,096	)		(5,927	)
Total operating expenses (income)		(117	)		602			(216	)		6,450
Gain (loss) from operations		489			(1,692	)		224			(9,469	)

Other income (expense):
Change in fair value of warrant liability		(174	)		636			107			1,478
Interest income		153			547			641			2,223
Interest expense		(1,395	)		(1,409	)		(4,384	)		(4,110	)
Other revenue		111			—			187			—
Total other expense, net		(1,305	)		(226	)		(3,449	)		(409	)
Loss from continuing operations before income taxes		(816	)		(1,918	)		(3,225	)		(9,878	)
Net loss from continuing operations		(816	)		(1,918	)		(3,225	)		(9,878	)
Discontinued operations:
Loss from discontinued operations before taxes		(4,791	)		(11,244	)		(4,906	)		(37,945	)
Income tax expense – discontinued operations		—			75			10			75
Net loss from discontinued operations		(4,791	)		(11,319	)		(4,916	)		(38,020	)
Net loss	$	(5,607	)	$	(13,237	)	$	(8,141	)	$	(47,898	)

Other comprehensive loss
Unrealized loss (gain) on marketable securities		—			4			—			7
Foreign currency translation adjustment		(15	)		(66	)		(15	)		(91	)
Comprehensive loss	$	(5,622	)	$	(13,299	)	$	(8,156	)	$	(47,982	)

Net loss per share, basic and diluted:
Loss from continuing operations	$	(0.03	)	$	(0.07	)	$	(0.11	)	$	(0.34	)
Loss from discontinued operations	$	(0.16	)	$	(0.39	)	$	(0.17	)	$	(1.31	)
Net loss per common share	$	(0.19	)	$	(0.45	)	$	(0.27	)	$	(1.65	)

Weighted average shares outstanding, basic and diluted		29,799,241			29,262,768			29,768,208			29,024,353

Acutus Medical, Inc. Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
		2024			2023
(in thousands)	(unaudited)
Cash flows from operating activities
Net loss	$	(8,141	)	$	(47,898	)
Less: Loss from discontinued operations		4,916			38,020
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		235			384
Non-cash stock-based compensation expense		459			1,272
Accretion of discounts on marketable securities, net		(28	)		(1,318	)
Amortization of debt issuance costs		460			325
Amortization of operating lease right-of-use assets		542			513
Gain on sale of business, net		(8,096	)		(5,927	)
Change in fair value of warrant liability		(107	)		(1,478	)
Loss on disposal of property and equipment		—			—
Change in fair value of contingent consideration		—			123
Changes in operating assets and liabilities:
Accounts receivable		(3,499	)		3,247
Inventory		87			11,567
Employer retention credit receivable		—			4,703
Prepaid expenses and other current assets		286			2,010
Accounts payable		(1,050	)		(3,020	)
Accrued liabilities		(1,442	)		(8,043	)
Operating lease liabilities		(532	)		(253	)
Other long-term liabilities		—			20
Net cash used in operating activities – continuing operations		(15,910	)		(5,753	)
Net cash used in operating activities – discontinued operations		(11,692	)		(39,352	)
Net cash used in operating activities		(27,602	)		(45,105	)

Cash flows from investing activities
Proceeds from sale of business		13,235			17,000
Purchases of available-for-sale marketable securities		—			(38,521	)
Sales of available-for-sale marketable securities		500			—
Maturities of available-for-sale marketable securities		2,750			70,250
Purchases of property and equipment		(148	)		(1,187	)
Net cash provided by investing activities – continuing operations		16,337			47,542
Net cash provided by (used in) investing activities – discontinued operations		339			(207	)
Net cash provided by investing activities		16,676			47,335

Cash flows from financing activities
Repayment of debt		(2,625	)		—
Proceeds from the exercise of stock options		—			4
Repurchase of common shares to pay employee withholding taxes		—			(35	)
Proceeds from employee stock purchase plan		—			25
Net cash (used in) provided by financing activities – continuing operations		(2,625	)		(1,929	)
Net cash used in financing activities – discontinued operations		(41	)		(240	)
Net cash used in financing activities		(2,666	)		(2,169	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		(13	)		(294	)

Net change in cash, cash equivalents and restricted cash		(13,605	)		(233	)
Cash, cash equivalents and restricted cash, at the beginning of the period		26,200			31,348
Cash, cash equivalents and restricted cash, at the end of the period	$	12,595		$	31,115

Supplemental disclosure of cash flow information:
Cash paid for interest		3,394			3,731

Supplemental disclosure of noncash investing and financing activities:
Accounts receivable from sale of business	$	4,478		$	6,111
Change in unrealized (gain) on marketable securities	$	—		$	(7	)
Change in unpaid purchases of property and equipment	$	—		$	35

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Massive Insider Trade At Gartner

14.11.2024 by admin

On November 13, a recent SEC filing unveiled that Kenneth Allard, EVP at Gartner IT made an insider sell.

What Happened: Allard’s decision to sell 3,015 shares of Gartner was revealed in a Form 4 filing with the U.S. Securities and Exchange Commission on Wednesday. The total value of the sale is $1,652,786.

Gartner shares are trading down 1.64% at $542.75 at the time of this writing on Thursday morning.

About Gartner

Gartner Inc provides independent research and analysis on information technology and other related technology industries. Its research is delivered to clients’ desktops in the form of reports, briefings, and updates. Typical clients are chief information officers and other business executives who help plan companies’ IT budgets. Gartner also provides consulting services. The Company operates through three business segments, namely Research, Conferences and Consulting. The company generates majority of the revenue from Research segment.

Gartner: Delving into Financials

Revenue Growth: Gartner displayed positive results in 3 months. As of 30 September, 2024, the company achieved a solid revenue growth rate of approximately 5.36%. This indicates a notable increase in the company’s top-line earnings. When compared to others in the Information Technology sector, the company excelled with a growth rate higher than the average among peers.

Evaluating Earnings Performance:

Gross Margin: The company sets a benchmark with a high gross margin of 67.98%, reflecting superior cost management and profitability compared to its peers.
Earnings per Share (EPS): The company excels with an EPS that surpasses the industry average. With a current EPS of 5.36, Gartner showcases strong earnings per share.

Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 2.73, caution is advised due to increased financial risk.

Valuation Analysis:

Price to Earnings (P/E) Ratio: The current P/E ratio of 40.75 is below industry norms, indicating potential undervaluation and presenting an investment opportunity.
Price to Sales (P/S) Ratio: With a higher-than-average P/S ratio of 7.07, Gartner’s stock is perceived as being overvalued in the market, particularly in relation to sales performance.
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): A high EV/EBITDA ratio of 26.02 reflects market recognition of Gartner’s value, positioning it as more highly valued compared to industry peers.

Market Capitalization: Indicating a reduced size compared to industry averages, the company’s market capitalization poses unique challenges.

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The Relevance of Insider Transactions

Investors should view insider transactions as part of a multifaceted analysis and not rely solely on them for decision-making.

In legal terms, an “insider” refers to any officer, director, or beneficial owner of more than ten percent of a company’s equity securities registered under Section 12 of the Securities Exchange Act of 1934. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.

When a company insider makes a new purchase, that is an indication that they expect the stock to rise.

Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down.

Breaking Down the Significance of Transaction Codes

For investors, a primary focus lies on transactions occurring in the open market, as indicated in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.

Check Out The Full List Of Gartner’s Insider Trades.

Insider Buying Alert: Profit from C-Suite Moves

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This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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Markets News

Mobileye Global Options Trading: A Deep Dive into Market Sentiment

14.11.2024 by admin

Deep-pocketed investors have adopted a bearish approach towards Mobileye Global MBLY, and it’s something market players shouldn’t ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MBLY usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga’s options scanner highlighted 9 extraordinary options activities for Mobileye Global. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 22% leaning bullish and 33% bearish. Among these notable options, 5 are puts, totaling $421,273, and 4 are calls, amounting to $694,236.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $12.0 to $21.0 for Mobileye Global over the last 3 months.

Analyzing Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Mobileye Global’s options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Mobileye Global’s whale trades within a strike price range from $12.0 to $21.0 in the last 30 days.

Mobileye Global Call and Put Volume: 30-Day Overview

Options Call Chart

Largest Options Trades Observed:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
MBLY	CALL	TRADE	BEARISH	11/22/24	$2.6	$2.35	$2.37	$14.00	$592.5K	1.1K	2.5K
MBLY	PUT	SWEEP	NEUTRAL	01/15/27	$5.5	$5.3	$5.4	$15.00	$99.5K	152	225
MBLY	PUT	SWEEP	BULLISH	01/17/25	$5.4	$5.2	$5.2	$21.00	$94.6K	831	185
MBLY	PUT	SWEEP	NEUTRAL	01/15/27	$5.5	$5.3	$5.4	$15.00	$94.2K	152	408
MBLY	PUT	SWEEP	NEUTRAL	01/15/27	$3.8	$3.6	$3.7	$12.00	$68.2K	1.9K	225

About Mobileye Global

Mobileye Global Inc engages in the development and deployment of ADAS and autonomous driving technologies and solutions. It is building a portfolio of end-to-end ADAS and autonomous driving solutions to provide the capabilities needed for the future of autonomous driving, leveraging a comprehensive suite of purpose-built software and hardware technologies. Mobileye is the Company’s only reportable operating segment. Its solutions comprise Driver Assist, Cloud-Enhanced Driver Assist, Mobileye SuperVision Lite, Mobileye SuperVision, Mobileye Chauffeur, Mobileye Drive, Self-Driving System & Vehicles. It also provides data services to Expedite Maintenance Operations with AI-Powered Road Survey Technology.

After a thorough review of the options trading surrounding Mobileye Global, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Where Is Mobileye Global Standing Right Now?

With a trading volume of 5,576,962, the price of MBLY is down by -7.89%, reaching $15.95.
Current RSI values indicate that the stock is may be approaching overbought.
Next earnings report is scheduled for 70 days from now.

Expert Opinions on Mobileye Global

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $20.4.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge’s Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
* Consistent in their evaluation, an analyst from TD Cowen keeps a Buy rating on Mobileye Global with a target price of $19.
* An analyst from Barclays has decided to maintain their Overweight rating on Mobileye Global, which currently sits at a price target of $18.
* Reflecting concerns, an analyst from Loop Capital lowers its rating to Buy with a new price target of $20.
* Consistent in their evaluation, an analyst from Canaccord Genuity keeps a Buy rating on Mobileye Global with a target price of $25.
* An analyst from Needham persists with their Buy rating on Mobileye Global, maintaining a target price of $20.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Mobileye Global options trades with real-time alerts from Benzinga Pro.

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Lastest news News

LifeWallet Announces Third Quarter 2024 Financial Results

14.11.2024 by admin

MIAMI, Nov. 14, 2024 (GLOBE NEWSWIRE) — MSP Recovery, Inc. d/b/a LifeWallet LIFW (“LifeWallet,” or the “Company”), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, today announced financial results for the quarter ended September 30, 2024.

LifeWallet Chief Executive Officer, John H. Ruiz, said, “From additional settlements to the processing of additional claims data, we continue to see progress across all lines of business. We’re also reaping the rewards of reduced operating expenses, which have had a positive impact on our financials. In addition to providing invaluable technological resources to patients, providers, payers, and attorneys, our cost-cutting solutions can discover wasted federal funds and recover Medicare reimbursements to preserve tax dollars, benefiting all Americans.”

Third Quarter Highlights

On July 22, 2024, the Company announced a new comprehensive settlement with another group of affiliated property and casualty insurance carriers (“P&C Insurers”) doing business in multiple states, which includes the P&C Insurers’ agreement to provide ten years of historical data and data sharing of future claims, implementation of LifeWallet’s clearinghouse solution to settle future claims, and assignment of additional rights to collect against additional third parties related to the settled claims.
The Company entered into a confidential pharmaceutical antitrust settlement totaling $3.1 million. As part of LifeWallet’s owned claims portfolio, the Company has claims against multiple pharmaceutical and medical device manufacturers based on allegations of defective products or anti-competitive pricing.
The Company launched an initiative to secure new agreements with health plans, providers, insurers and attorneys, while continuing to reduce operating costs.
Creditors Virage Capital Management LP; Virage Recovery Master, LP; Hazel Holdings I, LLC; and Hazel Partners Holdings, LLC agreed to waive certain provisions in their agreements with the Company that would accelerate the payment of amounts due in the event that the Company receives a negative going concern opinion from its auditors for the year ending December 31, 2024.

Subsequent Events

On November 11, 2024, the Company announced new comprehensive settlements with P&C Insurers, totaling $5.2 million, continued progress in recoveries on owned claims and acquiring rights to additional claims, as well as initiatives to eliminate wasteful Medicare spending by launching beta testing of its clearinghouse solution, built in partnership with Palantir Technologies, Inc. PLTR.
LifeWallet is also currently in negotiations with other property and casualty insurers to resolve claims on a similar basis, including one of the country’s largest P&C Insurers. Some of these negotiations have resulted in collaborative statistical sampling and extensive data-matching to determine the size and scope of claims that are owned by the Company that LifeWallet has asserted repayment is due pursuant to Medicare Secondary Payer and other related laws.
The Company entered into a confidential settlement with a medical device manufacturer totaling $760,000. As part of LifeWallet’s owned claims portfolio, the Company has ongoing litigation against other pharmaceutical and medical device manufacturers based on claims of defective products or anti-competitive pricing.
The Company acquired the recovery rights to additional Medicare Secondary Payer claims consisting of more than 450,000 Medicare members, as documented by health insurance plans, with an estimated total claims Paid Amount exceeding $10.6 billion.¹
LifeWallet strategically reduced its operating costs in 2023 and continues to do so in 2024. These cost reductions do not impact the systems that the Company has already created to support recovery efforts of the claims owned by the Company or other resources available to third parties. The Company anticipates these reductions could continue to contribute savings to operating expenses for the year ending December 31, 2024.
The Company is advancing initiatives to eliminate wasteful spending of federal dollars and unnecessary Medicare secondary payments, utilizing its clearinghouse system, created through its exclusive healthcare partnership with Palantir Technologies. The clearinghouse solution utilizes the Palantir Foundry platform, AI tools, natural language processing, and machine learning, resulting in the development of a sophisticated data analytics system that captures and manages healthcare data, enhancing LifeWallet’s Chase to Pay model.

Third Quarter Financial Highlights

Revenue: Total revenue for the three months ended September 30, 2024 was $3.7 million compared to $0.4 million for three months ended September 30, 2023.
Operating loss: Operating loss for the three months ended September 30, 2024 was $129.9 million, compared to $136.7 million during three months ended September 30, 2023. Adjusted operating loss for the three months ended September 30, 2024 was $8.4 million, excluding non-cash claims amortization expense of $121.0 million and professional fees paid in stock of $0.4 million.
Net loss: Net loss for the three months ended September 30, 2024 was $190.4 million and $160.5 million to controlling members, or net loss per share of $1.26 per share, Class A Common Stock, based on 23,764,079 million weighted average shares of Class A Common Stock outstanding. Adjusted net loss for the three months ended September 30, 2024 was $11.0 million, excluding the non-cash item noted above, change in fair value of warrant and derivative liabilities of $45.3 million, and $103.3 million related to interest expense.
Liquidity: As of September 30, 2024, cash totaled $4.7 million, and as of October 31, 2024, cash totaled $5.6 million. The Company continually monitors its liquidity and may in the future access debt and equity markets as necessary in order to meet its ongoing liquidity needs, including by drawing upon its working capital facility. For the three months ended September 30, 2024, the Company received $5.25 million of funding for working capital. Subsequently, the Company has received additional working capital funding of $3.5 million, and it has $5.25 million of remaining capacity to draw from its working capital facility as of the date of filing of the Quarterly Report on Form 10-Q for the period ending September 30, 2024.

Assigned Recovery Rights, Claims Paid and Billed Value

The table below outlines the Company’s claims data for the most recent periods. The amounts represent data received from current and new assignors:

*$ in billions*	Nine Months Ended September 30, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022
Paid Amount	$	380.5		$	369.8		$	374.8
Paid Value of Potentially Recoverable Claims⁽²⁾		87.8			88.9			89.6
Billed Value of Potentially Recoverable Claims		375.3			373.5			377.8
Recovery Multiple	N/A⁽¹⁾			N/A			N/A
Penetration Status of Portfolio		86.8	%		86.8	%		85.8	%

_{1) During the nine months ended September 30, 2024, the Company has received total recoveries of $9.9 million. However, the settlement amounts do not provide a large enough sample to be statistically significant, and are therefore not shown in the table.}

_{2) On August 10, 2022, the United States Court of Appeals, Eleventh Circuit held that a four-year statute of limitations period applies to certain claims brought under the Medicare Secondary Payer Act’s private cause of action, and that the limitations period begins to run on the date that the cause of action accrued. This opinion may render certain Claims held by the Company unrecoverable and may substantially reduce PVPRC and BVPRC as calculated. As our cases were filed at different times and in various jurisdictions, and prior to data matching with a defendant we are not able to accurately calculate the entirety of damages specific to a given defendant, we cannot calculate with certainty the impact of this ruling at this time. However, the Company has deployed several legal strategies (including but not limited to seeking to amend existing lawsuits in a manner that could allow claims to relate back to the filing date as well as asserting tolling arguments based on theories of fraudulent concealment) that would apply to tolling the applicable limitations period and minimizing any material effect on the overall collectability of its claim rights. In addition, the Eleventh Circuit decision applies only to district courts in the Eleventh Circuit. Many courts in other jurisdictions have applied other statutes of limitations to the private cause of action, including borrowing the three-year statute of limitations applicable to the government’s cause of action; and borrowing from the False Claims Act’s six-year period. The most recent decision on the issue from the District Court of Massachusetts, for example, applies the same statute of limitations as Eleventh Circuit, but expressly disagrees with the Eleventh Circuit’s application of the “accrual” rule and instead adopted the notice-based trigger that the company has always argued should apply. This would mean that the limitations period for unreported claims has not even begun to accrue. This is a complex legal issue that will continue to evolve in jurisdictions across the country. Nevertheless, if the application of the statute of limitations as determined by the Eleventh Circuit was applied to all Claims assigned to us, we estimate that the effect would be a reduction of PVPRC by approximately $9.9 billion. As set forth in our Risk Factors, PVPRC is based on a variety of factors. As such, this estimate is subject to change based on the variety of legal claims being litigated and statute of limitations tolling theories that apply.}

Going Concern

As disclosed in the Company’s Quarterly Report on Form 10-Q, the Company has concluded that, despite the financing arrangements entered into by the Company, there is substantial doubt about its ability to continue as a going concern. Unless the Company is successful in raising additional funds through the offering of debt or equity securities, the Company has concluded it is probable the Company will be unable to continue to operate as a going concern beyond the next 12 months.

Non-GAAP Financial Measures

Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables.

About LifeWallet

Founded in 2014 as MSP Recovery, LifeWallet has become a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries from responsible parties. LifeWallet innovates technologies and provides comprehensive solutions for multiple industries including healthcare, legal, and sports NIL. For more information, visit: LIFEWALLET.COM

Forward Looking Statements

This release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan” and “will” or, in each case, their negative, or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance or results and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by MSP Recovery herein speaks only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for LIFW to predict or identify all such events or how they may affect it. LIFW has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, LIFW’s ability to capitalize on its assignment agreements and recover monies that were paid by the assignors; the inherent uncertainty surrounding settlement negotiations and/or litigation, including with respect to both the amount and timing of any such results; the validity of the assignments of claims to LIFW; the ability to successfully expand the scope of LIFW’s claims or obtain new data and claims from LIFW’s existing assignor base or otherwise; LIFW’s ability to innovate and develop new solutions, and whether those solutions will be adopted by LIFW’s existing and potential assignors; negative publicity concerning healthcare data analytics and payment accuracy; and those additional factors included in LIFW’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by it with the Securities and Exchange Commission. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Contact

Media:

Media@LifeWallet.com

Investors:

Investors@LifeWallet.com

MSP RECOVERY, INC. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)

	September 30,			December 31,
(In thousands, except share and per share data)	2024			2023
ASSETS
Current assets:
Cash	$	4,746		$	11,633
Accounts receivable		3,100			217
Affiliate receivable (1)		1,222			1,188
Prepaid expenses and other current assets (1)		1,692			8,908
Total current assets		10,760			21,946
Property and equipment, net		4,866			4,911
Intangible assets, net (2)		2,771,969			3,132,796
Right-of-use assets		257			342
Total assets	$	2,787,852		$	3,159,995

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	10,767		$	6,244
Affiliate payable (1)		20,637			19,822
Commission payable		1,222			821
Derivative liability		110			37
Warrant liability (1)		27,012			268
Guaranty obligation (1)		1,077,070			—
Claims financing obligation and notes payable (1)		43,267			—
Interest payable (1)		11,096			—
Other current liabilities (1)		14,813			19,314
Total current liabilities		1,205,994			46,506
Guaranty obligation (1)		—			941,301
Claims financing obligation and notes payable (1)		588,513			548,276
Lease liabilities		138			235
Loan from related parties (1)		130,328			130,709
Interest payable (1)		12,655			73,839
Other long-term liabilities		3,236			—
Total liabilities	$	1,940,864		$	1,740,866

Commitments and contingencies (Note 13)

Stockholders’ Equity:
Class A common stock, $0.0001 par value; 5,500,000,000 shares authorized; 30,975,324 and 14,659,794 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	$	3		$	1
Class V common stock, $0.0001 par value; 3,250,000,000 shares authorized; 124,067,498 and 124,132,398 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		12			12
Additional paid-in capital		459,748			357,928
Accumulated deficit		(159,416	)		(85,551	)
Total stockholders’ equity	$	300,347		$	272,390
Non-controlling interest		546,641			1,146,739
Total equity	$	846,988		$	1,419,129
Total liabilities and equity	$	2,787,852		$	3,159,995

_{1) As of September 30, 2024 and December 31, 2023, the total affiliate receivable, affiliate payable, warrant liability, guaranty obligation and loan from related parties balances are with related parties. In addition, the prepaid expenses and other current assets, claims financing obligation and notes payable, other current liabilities, and interest payable include balances with related parties. See Note 15, Related Party Transactions, for further details.}
_{2) As of September 30, 2024 and December 31, 2023, intangible assets, net included $2.0 billion and $2.2 billion, respectively, related to a consolidated VIE. See Note 9, Variable Interest Entities, for further details.}

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

MSP RECOVERY, INC. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except share and per share data)	2024			2023			2024			2023
Claims recovery income	$	3,577		$	440		$	9,879		$	6,479
Claims recovery service income		—			—			—			498
Other		91			—			127			—
Total Revenues	$	3,668		$	440		$	10,006		$	6,977

Operating expenses
Cost of revenues (1)		1,671			574			3,453			1,972
Claims amortization expense		121,007			121,008			363,027			355,481
General and administrative (2)		5,329			6,130			17,145			20,691
Professional fees		3,248			2,466			12,030			15,611
Professional fees – legal (3)		2,213			6,871			9,146			25,889
Allowance for credit losses		—			—			—			5,000
Depreciation and amortization		71			85			206			182
Total operating expenses		133,539			137,134			405,007			424,826
Operating Loss	$	(129,871	)	$	(136,694	)	$	(395,001	)	$	(417,849	)

Interest expense (4)		(106,653	)		(88,279	)		(306,596	)		(204,287	)
Other income (expense), net		799			408			1,140			8,697
Change in fair value of warrant and derivative liabilities		45,341			348			121,625			4,247
Net loss before provision for income taxes	$	(190,384	)	$	(224,217	)	$	(578,832	)	$	(609,192	)

Provision for income tax expense		—			—			—			—
Net loss	$	(190,384	)	$	(224,217	)	$	(578,832	)	$	(609,192	)

Less: Net loss attributable to non-controlling interests		160,537			204,462			504,967			576,301
Net loss attributable to MSP Recovery, Inc.	$	(29,847	)	$	(19,755	)	$	(73,865	)	$	(32,891	)

Basic and diluted weighted average shares outstanding, Class A Common Stock		23,764,079			12,703,472			18,586,357			7,097,032
Basic and diluted net loss per share, Class A Common Stock	$	(1.26	)	$	(1.56	)	$	(3.97	)	$	(4.63	)

_{1) For both the three and nine months ended September 30, 2024, cost of revenue included $1.3 million of related party expenses. For both the three and nine months ended September 30, 2023, cost of revenue included $0.3 million of related party expenses. See Note 15, Related Party Transactions, for further details.}
_{2) For the three and nine months ended September 30, 2024, general and administrative expenses included $89.1 thousand and $180.8 thousand of related party expenses, respectively. See Note 15, Related Party Transactions, for further details. No such related party expenses were present for the three and nine months ended September 30, 2023.}
_{3) For the three and nine months ended September 30, 2024 and 2023, Professional Fees—legal included $1.7 million and $7.7 million, and $4.6 million and $13.5 million, respectively, of related party expenses related to the Law Firm. See Note 15, Related Party Transactions, for further details.}
_{4) For the three and nine months ended September 30, 2024 and 2023, interest expense included $80.8 million and $233.3 million, and $69.1 million and $163.1 million, respectively, related to interest expense due to related parties. See Note 15, Related Party Transactions, for further details.}

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Non-GAAP Financial Measures

MSP RECOVERY, INC. and Subsidiaries Non-GAAP Reconciliation

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2024			2023			2024			2023
GAAP Operating Loss	$	(129,871	)	$	(136,694	)	$	(395,001	)	$	(417,849	)
Professional fees paid in stock		416			1,875			1,484			1,875
Claims amortization expense		121,007			121,008			363,027			355,481
Allowance for credit losses		—			—			—			5,000
Adjusted Operating Loss	$	(8,448	)	$	(13,811	)	$	(30,490	)	$	(55,493	)

GAAP Net Loss	$	(190,384	)	$	(224,217	)	$	(578,832	)	$	(609,192	)
Professional fees paid in stock		416			1,875			1,484			1,875
Claims amortization expense		121,007			121,008			363,027			355,481
Allowance for credit losses		—			—			—			5,000
Interest expense (1)		103,336			88,279			302,101			204,287
Change in fair value of warrant and derivative liabilities		(45,341	)		(348	)		(121,625	)		(4,247	)
Adjusted Net Loss	$	(10,966	)	$	(13,403	)	$	(33,845	)	$	(46,796	)

_{In addition to the financial measures prepared in accordance with GAAP, this Quarterly Report also contains non-GAAP financial measures. We consider “adjusted net loss” and “adjusted operating loss” as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate the Company’s ongoing operating performance on a consistent basis across reporting periods. We believe these measures provide useful information to investors. Adjusted net loss represents net loss adjusted for certain non-cash and non-recurring expenses, and adjusted operating loss items represents operating loss adjusted for certain non-cash and non-recurring expenses. A reconciliation of these non-GAAP measures to their most relevant GAAP measure is included above.}

_{(1) Interest expense included above excludes any interest expense payments made in cash during the three and nine months ended September 30, 2024.}

^{_______________________________
1 “Paid Amount” (a/k/a Medicare Paid Rate or wholesale price) means the amount paid to the provider from the health plan or insurer. This amount varies based on the party making payment. For example, Medicare typically pays a lower fee for service rate than commercial insurers. The Paid Amount is derived from the Claims data we receive from our Assignors. In the limited instances where the data received lacks a paid value, our team calculates the Paid Amount with a formula. The formula used provides rates for outpatient services and is derived from the customary rate at the 95th percentile as it appears from standard industry commercial rates or, where that data is unavailable, the Billed Amount if present in the data. These amounts are then adjusted to account for the customary Medicare adjustment to arrive at the calculated Paid Amount. Management believes that this formula provides a conservative estimate for the Medicare paid amount rate, based on industry studies which show the range of differences between private insurers and Medicare rates for outpatient services. We periodically update this formula to enhance the calculated paid amount where that information is not provided in the data received from our Assignors. Management believes this measure provides a useful baseline for potential recoveries, but it is not a measure of the total amount that may be recovered in respect of potentially recoverable Claims, which in turn may be influenced by any applicable potential statutory recoveries such as double damages or fines. Where we have to extrapolate a Paid Amount to establish damages, the calculated amount may be contested by opposing parties. The figures pertaining to Medicare Member Lives as well as the paid amount were tabulated based on the data provided by health care plans; these figures may be subject to adjustment upon further investigation of the paid amounts reflected by the health plans.}

news

Earnings News

BEN Reports Third Quarter 2024 Financial Results

14.11.2024 by admin

JACKSON, Wyo., Nov. 14, 2024 (GLOBE NEWSWIRE) — Brand Engagement Network Inc. (“BEN”) BNAI, a global leader in secure and reliable conversational AI solutions, today announced its financial results and key business highlights for the third quarter ended September 30, 2024.

“In the third quarter, we made significant progress in delivering secure, scalable AI solutions and advancing our mission to transform industries with intelligent technology,” said Paul Chang, CEO of BEN. “As we look ahead, BEN is poised to accelerate growth and deliver value to our customers, reinforcing our leadership in closed-loop Gen AI.”

Q3 2024 Key Business Highlights:

KangarooHealth Partnership: BEN partnered with KangarooHealth to enhance remote patient monitoring and chronic care management through AI, aiming to scale their platform for patients with chronic conditions.
IntelliTek Collaboration: BEN’s agreement with IntelliTek broadens global access to AI solutions for healthcare, supporting patient engagement and optimizing healthcare operations across multiple regions.
INTERVENT & Members Only Health Contracts: BEN signed with INTERVENT and Members Only Health to deploy AI assistants for health coaching and in-home healthcare, enhancing patient engagement and access.
Vybroo & Farmacia Roma Partnership: BEN collaborated with Vybroo and Farmacia Roma to offer AI-driven audio engagement, enhancing brand-consumer relationships through accessible, everyday channels.
New SEPA Agreement: BEN entered into a $50 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors, providing financial flexibility.
Leadership Promotion: Paul Chang was promoted to CEO, reinforcing BEN’s commitment to strategic growth and customer-focused initiatives.
New Board Member: Dr. Richard S. Isaacs, former CEO of Kaiser Permanente, was appointed to BEN’s board of directors, bringing healthcare technology innovation and leadership expertise.

Q3 2024 Financial Overview:

Revenue Growth: Achieved increase in revenue compared to the same period last year, driven by new partnerships and market expansion.
Operational Efficiency: Improved operational metrics through continued cost discipline, resulting in a sequential reduction in operating costs and quarter-over-quarter operating loss improvement, coupled with strategic collaborations and technology advancements.
Cash Position: Quarter over-quarter sequential improvement in Cash Flow from Operations driven by disciplined cost management. Implementing the Standby Equity Purchase Agreement (SEPA) provided cost-effective and efficient access to capital and liquidity.
Significant subsequent event: In October, the Company announced its agreement to acquire 100% of Cantaneo Gmbh, a leading media technology company based in Germany, for $19.5 million in cash and stock. BEN expects to close this transaction by the end of the year.

Conference Call and Webcast Information
The Company will host a conference call and webcast today, Thursday, November 14, 2024, at 5:00 p.m. ET. CEO Paul Chang and CFO Bill Williams will lead the call, introducing Tina, one of BEN’s AI Assistants.

Participants can register here to access the live webcast of the conference call. Those who prefer to join the call via phone can register using this link to receive a dial-in number and unique PIN.

The webcast will be archived for one year following the conference call and can be accessed on BEN’s investor relations website at https://investors.beninc.ai/.

For more information about BEN’s safe, intelligent, scalable AI, please visit www.beninc.ai.

About BEN
Brand Engagement Network Inc. is a global leader in providing secure and reliable conversational AI solutions for businesses and consumers. With offices in Jackson, Wyoming, and Seoul, South Korea, BEN offers a powerful and flexible platform that enhances customer experiences, boosts productivity, and delivers business value. At the heart of BEN’s offerings are AI-powered digital assistants and lifelike avatars, providing more personal and engaging experiences through browsers, mobile applications, and even life-size kiosks. These safe, intelligent, and inherently scalable AI solutions empower businesses to efficiently serve customers using validated data delivered through SaaS, Private Cloud, and On-Premises technology. BEN’s commitment to data sovereignty ensures that consumer and business data remain private, protected, and wholly owned by the respective parties. BEN’s mission is to make AI friendly and helpful for all, ensuring more people benefit from the AI-enhanced world. For more information about BEN’s safe, intelligent, scalable AI, please visit www.beninc.ai.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not historical facts, and involve risks and uncertainties that could cause actual results of BEN to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” or “would,” or, in each case, their negative or other variations or comparable terminology.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside BEN’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: uncertainties as to the timing of the acquisition with Cataneo Gmbh (the “Acquisition”); the risk that the Acquisition may not be completed on the anticipated terms in a timely manner or at all; (the failure to satisfy any of the conditions to the consummation of the Acquisition, including the ability to obtain financing to fund the Acquisition on terms that are agreeable to the parties or at all; the possibility that any or all of the various conditions to the consummation of the Acquisition may not be satisfied or waived; the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; the effect of the announcement or pendency of the transactions contemplated by the purchase agreement on the Company’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; risks related to diverting management’s attention from the Company’s ongoing business operations; uncertainty as to the timing of completion of the Acquisition; risks that the benefits of the Acquisition are not realized when and as expected; risks relating to the uncertainty of the projected financial information with respect to BEN; uncertainty regarding and the failure to realize the anticipated benefits from future production-ready deployments; the attraction and retention of qualified directors, officers, employees and key personnel; our ability to grow our customer base; BEN’s history of operating losses; BEN’s need for additional capital to support its present business plan and anticipated growth; technological changes in BEN’s market; the value and enforceability of BEN’s intellectual property protections; BEN’s ability to protect its intellectual property; BEN’s material weaknesses in financial reporting; BEN’s ability to navigate complex regulatory requirements; the ability to maintain the listing of BEN’s securities on a national securities exchange; the ability to implement business plans, forecasts, and other expectations; the effects of competition on BEN’s business; and the risks of operating and effectively managing growth in evolving and uncertain macroeconomic conditions, such as high inflation and recessionary environments. The foregoing list of factors is not exhaustive.

BEN cautions that the foregoing list of factors is not exclusive. BEN cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEN does not undertake nor does it accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, and it does not intend to do so unless required by applicable law. Further information about factors that could materially affect BEN, including its results of operations and financial condition, is set forth under “Risk Factors” in BEN’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q subsequently filed with the Securities and Exchange Commission.

BEN Contacts:

Investor Relations
Susan Xu
E: sxu@allianceadvisors.com
P: 778-323-0959

Media Contact
Amy Rouyer
E: amy@beninc.ai
P: 503-367-7596

Source: Brand Engagement Network, Inc. (BEN)

BRAND ENGAGEMENT NETWORK INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2024			December 31, 2023*
ASSETS
Current assets:
Cash and cash equivalents	$	72,878		$	1,685,013
Accounts receivable, net of allowance		30,888			10,000
Due from Sponsor		3,000			—
Prepaid expenses and other current assets		1,075,103			201,293
Total current assets		1,181,869			1,896,306
Property and equipment, net		285,305			802,557
Intangible assets, net		17,006,906			17,882,147
Other assets		13,475,000			1,427,729
TOTAL ASSETS	$	31,949,080		$	22,008,739
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	5,376,310		$	1,282,974
Accrued expenses		4,185,315			1,637,048
Due to related parties		693,036			—
Deferred revenue		—			2,290
Convertible note		1,900,000			—
Short-term debt		891,974			223,300
Total current liabilities		13,046,635			3,145,612
Warrant liabilities		1,150,868			—
Note payable – related party		—			500,000
Long-term debt		—			668,674
Total liabilities		14,197,503			4,314,286
Commitments and contingencies (Note M)
Stockholders’ equity:
Preferred stock par value $0.0001 per share, 10,000,000 shares authorized, none designated. There are no shares issued or outstanding as of September 30, 2024 or December 31, 2023		—			—
Common stock par value of $0.0001 per share, 750,000,000 shares authorized. As of September 30, 2024 and December 31, 2023, respectively, 37,931,764 and 23,270,404 shares issued and outstanding		3,794			2,327
Additional paid-in capital		46,806,699			30,993,846
Accumulated deficit		(29,058,916	)		(13,301,720	)
Total stockholders’ equity		17,751,577			17,694,453
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	31,949,080		$	22,008,739

* Derived from audited information

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BRAND ENGAGEMENT NETWORK INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Revenues	$	50,000		$	—		$	99,790		$	—
Cost of revenues		—			—			—			—
Gross profit		50,000			—			99,790			—
Operating expenses:
General and administrative		4,203,946			2,282,434			15,969,617			7,678,880
Depreciation and amortization		972,375			209,729			1,771,966			449,663
Research and development		153,191			75,450			759,427			153,828
Total operating expenses		5,329,512			2,567,613			18,501,010			8,282,371
Loss from operations		(5,279,512	)		(2,567,613	)		(18,401,220	)		(8,282,371	)
Other income (expenses):
Interest expense		(18,055	)		(34,507	)		(62,508	)		(34,507	)
Interest income		92			—			3,324			—
Gain on debt extinguishment		98,318			—			1,946,310			—
Change in fair value of warrant liabilities		(632,969	)		—			762,869			—
Other		9,043			19,789			(5,971	)		(11,961	)
Other income (expenses), net		(543,571	)		(14,718	)		2,644,024			(46,468	)
Loss before income taxes		(5,823,083	)		(2,582,331	)		(15,757,196	)		(8,328,839	)
Income taxes		—			—			—			—
Net loss	$	(5,823,083	)	$	(2,582,331	)	$	(15,757,196	)	$	(8,328,839	)
Net loss per common share- basic and diluted	$	(0.16	)	$	(0.12	)	$	(0.50	)	$	(0.42	)
Weighted-average common shares – basic and diluted		35,539,043			22,409,790			31,623,082			19,928,947

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BRAND ENGAGEMENT NETWORK INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

	Preferred Stock			Common Stock			Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Equity
	Shares	Par Value		Shares	Par Value		Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Equity
Balance at December 31, 2023	—	$	—	23,270,404	$	2,327	$	30,993,846		$	(13,301,720	)	$	17,694,453
Stock issued to DHC shareholders in reverse recapitalization	—		—	7,885,220		789		(10,722,277	)		—			(10,721,488	)
Issuance of common stock pursuant to Reseller Agreement	—		—	1,750,000		175		13,474,825			—			13,475,000
Sale of common stock	—		—	645,917		65		6,324,935			—			6,325,000
Warrant exercises	—		—	40,514		4		15,260			—			15,264
Stock-based compensation	—		—	—		—		698,705			—			698,705
Net loss	—		—	—		—		—			(6,884,409	)		(6,884,409	)
Balance at March 31, 2024	—		—	33,592,055		3,360		40,785,294			(20,186,129	)		20,602,525
Stock issued in settlement of accounts payable and loans payable	—		—	93,333		9		321,999			—			322,008
Sale of common stock	—		—	877,500		198		1,993,552			—			1,993,750
Warrant exercises	—		—	13,505		1		4,999			—			5,000
Stock-based compensation, including vested restricted shares	—		—	381,915		42		768,497			—			768,539
Net loss	—		—	—		—		—			(3,049,704	)		(3,049,704	)
Balance at June 30, 2024	—		—	34,958,308		3,610		43,874,341			(23,235,833	)		20,642,118
Issuance of common stock for Standby Equity Purchase Agreement commitment fee	—		—	280,899		28		499,972			—			500,000
Stock issued in settlement of accrued expenses	—		—	151,261		15		261,667			—			261,682
Sale of common stock	—		—	602,500		131		1,756,056			—			1,756,187
Option and warrant exercises	—		—	98,335		10		79,750			—			79,760
Stock-based compensation, including vested restricted shares	—		—	35,461		—		334,913			—			334,913
Net loss	—		—	—		—		—			(5,823,083	)		(5,823,083	)
Balance at September 30, 2024	—	$	—	36,126,764	$	3,794	$	46,806,699		$	(29,058,916	)	$	17,751,577

BRAND ENGAGEMENT NETWORK INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

	Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Deficit
	Shares	Par Value		Shares	Par Value		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Deficit
Balance at December 31, 2022	—	$	—	17,057,085	$	1,705	$	1,528,642	$	(1,570,454	)	$	(40,107	)
Warrant exercises	—		—	81,030		8		29,992		—			30,000
Stock issued in conversion of accounts payable and loans payable	—		—	135,050		14		49,986		—			50,000
Stock-based compensation	—		—	—		—		2,442,701		—			2,442,701
Net loss	—		—	—		—		—		(2,637,956	)		(2,637,956	)
Balance at March 31, 2023	—		—	17,273,165		1,727		4,051,321		(4,208,410	)		(155,362	)
Stock issued for DM Lab APA	—		—	4,325,043		433		16,012,317		—			16,012,750
Options and warrant exercises	—		—	56,552		10		20,928		—			20,938
Stock issued in conversion of convertible notes	—		—	378,140		38		1,399,962		—			1,400,000
Stock issued in settlement of accounts payable and loans payable	—		—	103,439		10		382,953		—			382,963
Stock-based compensation	—		—	—		—		1,841,767		—			1,841,767
Net loss	—		—	—		—		—		(3,108,552	)		(3,108,552	)
Balance at June 30, 2023	—		—	22,136,339		2,218		23,709,248		(7,316,962	)		16,394,504
Options and warrant exercises	—		—	64,993		3		9,997		—			10,000
Vesting of early exercised options	—		—	—		—		1,563		—			1,563
Stock issued in conversion of convertible notes	—		—	432,160		43		1,599,957		—			1,600,000
Sale of common stock, net of issuance costs	—		—	123,333		12		949,988		—			950,000
Stock-based compensation	—		—	—		—		464,075		—			464,075
Net loss	—		—	—		—		—		(2,582,331	)		(2,582,331	)
Balance at September 30, 2023	—	$	—	22,756,825	$	2,276	$	26,734,828	$	(9,899,293	)	$	16,837,811

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BRAND ENGAGEMENT NETWORK INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Nine Months Ended September 30,
		2024			2023
Cash flows from operating activities:
Net loss	$	(15,757,196	)	$	(8,328,839	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		1,771,966			449,663
Allowance for uncollected receivables		30,000			—
Write off of deferred financing fees		1,427,729			—
Change in fair value of warrant liabilities		(762,869	)		—
Gain on debt extinguishment		(1,946,310	)		—
SEPA financing costs		525,000			—
Stock based compensation, including the issuance of restricted shares		1,581,744			4,727,799
Changes in operating assets and liabilities:
Prepaid expense and other current assets		(856,986	)		(103,917	)
Accounts receivable		(50,888	)		500
Accounts payable		5,393,334			62,373
Accrued expenses		(3,019,367	)		431,194
Other assets		—			8,850
Deferred revenue		(2,290	)		—
Net cash used in operating activities		(11,666,133	)		(2,752,377	)
Cash flows from investing activities:
Purchase of property and equipment		(53,023	)		(28,465	)
Purchase of patents		—			(379,864	)
Capitalized internal-use software costs		(162,940	)		(310,944	)
Asset acquisition (Note D)		—			(257,113	)
Net cash used in investing activities		(215,963	)		(976,386	)
Cash flows from financing activities:
Cash and cash equivalents acquired in connection with the reverse recapitalization		858,292			—
Proceeds from the sale of common stock		10,274,937			1,000,000
Proceeds from convertible notes		—			3,075,000
Proceeds from related party note		—			620,000
Proceeds received from option and warrant exercises		100,024			22,500
Payment of financing costs		(883,292	)		(107,310	)
Payment of related party note		(80,000	)		—
Advances to related parties		—			(39,065	)
Proceeds received from related party advance repayments		—			138,110
Net cash provided by financing activities		10,269,961			4,709,235
Net (decrease) increase in cash and cash equivalents		(1,612,135	)		980,472
Cash and cash equivalents at the beginning of the period		1,685,013			2,010
Cash and cash equivalents at the end of the period	$	72,878		$	982,482

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BRAND ENGAGEMENT NETWORK INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Nine Months Ended September 30,
	2024		2023
Supplemental Cash Flow Information
Cash paid for interest	$	—	$	—
Cash paid for income taxes	$	—	$	—
Supplemental Non-Cash Information
Capitalized internal-use software costs in accrued expenses	$	—	$	46,963
Issuance of common stock pursuant to Reseller Agreement	$	13,475,000	$	—
Issuance of common stock for Standby Equity Purchase Agreement commitment fee	$	500,000	$	—
Stock-based compensation capitalized as part of capitalized software costs	$	220,413	$	20,745
Settlement of liabilities into common shares	$	583,690	$	432,963
Settlement of accounts payable into convertible note	$	1,900,000	$	—
Conversion of convertible notes into common shares	$	—	$	3,000,000
Warrants exercise through settlement of accounts payable	$	—	$	40,000
Financing costs in accounts payable and accrued expenses	$	200,000	$	687,609
Issuance of common stock in connection with asset acquisition	$	—	$	16,012,750

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

News Real estate

Quarterra Multifamily Announces the Start of Leasing at Cordelia Apartments

14.11.2024 by admin

High-Rise Community Offers the Closest Luxury Living to the Water in Sarasota Bay

SARASOTA, Fla., Nov. 14, 2024 /PRNewswire/ — Quarterra Multifamily, a subsidiary of Lennar Corporation and a multifamily apartment developer, property manager, and asset manager, today announced the start of leasing at Cordelia, a luxury high-rise community in Downtown Sarasota, Fla., on Sarasota Bay.

Part of a 14-acre master development, Cordelia includes 240 luxury homes and 13,811 square feet of ground floor retail space. The community sits along a central green space with spectacular views of the bay and exceptional access to downtown. Cordelia will feed off its vibrant and diverse location, combining a unique blend of urban energy and natural beauty for a distinctly upscale Florida living experience.

“Cordelia is designed to capture and complement both downtown and bayside vibes, and offer residents the best of both worlds,” said Cameron Palm, Senior Development Manager with Quarterra. “From the community’s exquisite large balconies with waterfront views and top-flight amenities package to the seemingly endless dining and entertainment opportunities, residents will find themselves in an ideal place to live their best lives. It’s exciting to reach this milestone in the property’s development and stride one step closer to welcoming residents home.”

Situated at 468 Quay Commons, Cordelia positions residents within easy reach of a myriad of downtown dining destinations. Hot spots include: 1592 Wood Fired Kitchen & Cocktails, Boca, The Breakfast House, Café Epicure, Caragiulos, C’est La Vie, Drunken Poet, Duval’s, Indigenous, Jack Dusty, Lila, Made, Mattison’s City Grille, Mediterraneo, Owen’s Fish Camp, II Panificio, Pho Cali, Sage, Selva, Siegfried’s Restaurant, and State Street Eating House + Cocktails. Ocean Prime is slated to open later this year giving residents another high-end restaurant experience.

Residents will also find themselves in close proximity to shopping at Main Street, St. Armands Circle and The Mall at University Town Center, as well as the Sarasota Farmers Market. Entertainment venues, including Van Wezel Performing Arts Hall, Sarasota Opera House, Sarasota Orchestra, The Belle Haven, The Florida Studio Theatre, The Asolo Repertory Theatre, IMG Sports Complex, Robarts Arena, Ed Smith Stadium, The Bay Park and The John and Mable Ringling Museum are also nearby.

Cordelia is positioned along Tamiami Trail and adjacent to Fruitville Road, providing simple connectivity to the rest of Sarasota and surrounding municipalities. SCAT bus service and Bay Runner trolley are both easily accessible from the property, creating easy commutes to regional employers like Bealls, Tropicana, PGT Industries and Sarasota Memorial Healthcare. A newly designed trail system skirts the perimeter of the community, accessing the bay, beaches and parks. A seven-floor above/below ground parking garage, featuring several EV charging stations, will accommodate resident vehicles.

Cordelia consists of studio, one-, two- and three-bedroom apartment homes. Homes range from 558 to 1,480 square feet and are highlighted by floor-to-ceiling windows, designer pendant and sconce lighting and ceramic tile flooring in living spaces. Kitchens showcase under-cabinet lighting, stainless steel appliances, shaker cabinets, quartz countertops, islands, tile backsplashes and wine fridges. Bathrooms include oversized tubs and walk-in showers.

All residents have access to a picturesque rooftop pool, sky terrace and sun deck with outdoor bar, grill stations, fireplaces and lounge areas. Other amenity highlights include a catering kitchen, flex fitness studio, yoga studio, pet spa, maker space, co-working spaces, private dining area, wine lounge with tasting room, and gaming room with golf simulator.

About Quarterra
Quarterra Group, Inc., a wholly-owned subsidiary of Lennar Corporation (NYSE: LEN and LEN.B), is a multi-strategy, real estate focused, alternative asset management company comprising three rapidly growing verticals: Multifamily, Single-Family Rental, and Land. Launched in 2011, Quarterra Multifamily, previously known as LMC, is among the nation’s most active developers, builders, and managers and has been on the National Multi-Housing Council’s (NMHC) annual Top 50 list for nine consecutive years.

Quarterra creates extraordinary communities where people can live remarkably.
www.Quarterra.com

Media Contact
Marlena DeFalco
marlena@linnelltaylor.com

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Markets News

JOHN HANCOCK CLOSED-END FUNDS RELEASE EARNINGS DATA

14.11.2024 by admin

BOSTON, Nov. 14, 2024 /PRNewswire/ – The John Hancock Closed-End Funds listed in the table below announced earnings¹for the three months ended October 31, 2024. The same data for the comparable three-month period ended October 31, 2023 is also available below.

Ticker	Fund Name	Current Fiscal Year End	Net Investment Income	Per Common Share	NAV	Total Managed Assets		Total Net Assets
HPI	Preferred Income Fund	7/31	$ 6,878,402	$ 0.258	$16.76	$ 704,458,262	*	$ 447,358,262
HPF	Preferred Income Fund II	7/31	$ 5,567,231	$ 0.258	$16.61	$ 565,006,713	*	$ 358,306,713
HPS	Preferred Income Fund III	7/31	$ 7,430,608	$ 0.232	$14.94	$ 752,451,157	*	$ 478,151,157
JHS	Income Securities Trust	10/31	$ 1,387,615	$ 0.119	$12.12	$ 232,412,539	*	$ 141,112,539
JHI	Investors Trust	10/31	$ 1,966,022	$ 0.225	$14.88	$ 217,030,285	*	$ 130,130,285
PDT	Premium Dividend Fund	10/31	$ 6,918,725	$ 0.141	$13.59	$1,042,180,692	*	$ 668,480,692
HTD	Tax-Advantaged Dividend Income Fund	10/31	$ 8,825,606	$ 0.249	$24.73	$1,295,238,098	*	$ 876,338,098

Three Months Ended 10/31/2023
Ticker	Fund Name	Current Fiscal Year End	Net Investment Income	Per Common Share	NAV	Total Managed Assets		Total Net Assets
HPI	Preferred Income Fund	7/31	$6,961,141	$ 0.262	$13.72	$ 621,188,250	*	$364,088,250
HPF	Preferred Income Fund II	7/31	$5,663,914	$ 0.263	$13.61	$ 499,492,341	*	$292,792,341
HPS	Preferred Income Fund III	7/31	$7,559,044	$ 0.237	$12.30	$ 667,097,267	*	$392,797,267
JHS	Income Securities Trust	10/31	$1,083,779	$ 0.093	$10.96	$ 218,944,918	*	$127,644,918
JHI	Investors Trust	10/31	$1,875,134	$ 0.214	$13.51	$ 205,053,711	*	$118,153,711
PDT	Premium Dividend Fund	10/31	$6,181,817	$ 0.126	$10.58	$ 894,258,103	*	$520,558,103
HTD	Tax-Advantaged Dividend Income Fund	10/31	$7,799,316	$ 0.220	$19.02	$1,092,852,827	*	$673,952,827
*Total managed assets include assets attributable to borrowings under the Committed Facility Agreement or Liquidity Agreement, as applicable.

¹ Earnings refer to net investment income, which is comprised of the Fund’s interest and dividend income, less expenses. Earnings presented represent past earnings and there is no guarantee of future results.

Amounts distributed by the Funds may vary from the earnings shown above and will be announced in separate press releases. Up-to-date distribution rate information is available on John Hancock Investment Management’s web site at www.jhinvestments.com by clicking on “Closed-End Funds” under the “Daily Prices” tab.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund’s investment objectives, risks, charges, and expenses carefully before investing.

About John Hancock Investment Management

A company of Manulife Investment Management, we serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.

About Manulife Investment Management

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

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SOURCE John Hancock Investment Management

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Earnings News

Akoya Biosciences Reports Third Quarter 2024 Financial Results

14.11.2024 by admin

MARLBOROUGH, Mass., Nov. 14, 2024 (GLOBE NEWSWIRE) — Akoya Biosciences, Inc. AKYA (“Akoya”), The Spatial Biology Company®, today announced its financial results for the third quarter ending September 30, 2024.

“Our third-quarter results came in below expectations, largely due to ongoing capital equipment purchase constraints seen across the life science tools market. We remain optimistic about the long-term growth outlook of our industry, but we recognize the current environment will pose temporary challenges. We proactively anticipated this with our recent organizational restructuring, which, while difficult and temporarily disruptive this quarter, was the right decision and enhanced our readiness to absorb the headwinds we are facing,” said Brian McKelligon, CEO of Akoya Biosciences. “We remain confident that Akoya’s technologies will continue to be the preferred platform in the spatial biology market from discovery to diagnostics, supporting a return to topline growth in 2025, and beyond, and achievement of our profitability goals.”

Third Quarter 2024 Financial Results

For the third quarter of 2024, revenue was $18.8 million, a 25% year-over-year decrease from $25.2 million in the third quarter of 2023.
For the third quarter of 2024, gross margin was 62.3%, an improvement on the gross margin of 60.6% in the third quarter of 2023.
For the third quarter of 2024, operating expenses were $20.1 million, a 25% year-over-year improvement on operating expenses of $26.8 million in the third quarter of 2023.
For the third quarter of 2024, loss from operations was $8.3 million, a 28% year-over-year improvement on loss from operations of $11.6 million in the third quarter of 2023.
$39.3 million of cash, cash equivalents and marketable securities as of September 30, 2024.

Third Quarter 2024 Business Updates

Ended the third quarter of 2024 with an instrument installed base of 1,299 (388 PhenoCyclers, 911 PhenoImagers), a year-over-year increase of 15% compared to an installed base of 1,132 in the prior year period (327 PhenoCyclers, 805 PhenoImagers).
As of September 30, 2024, there were 1,578 total publications citing Akoya’s technology, compared to 1,070 total publications in the prior year period, a 47% increase.
At the Society for Immunotherapy of Cancer Conference (SITC) which took place November 6-10, Akoya announced three new product offerings enabled by our Manufacturing Center of Excellence that we believe will drive continued growth in reagent revenue.
- First, Akoya introduced the PhenoCode™ Discovery IO60 Panel, an ultra-high-plex panel for immune-oncology research targeting 60 biomarkers using off-the-shelf antibodies.
- Additionally, Akoya unveiled a new mouse FFPE IO panel, optimized for pre-clinical immune-oncology applications to drive translational research insights.
- Lastly, Akoya expanded our PhenoCode catalogue of molecular barcodes to enable routine ultra-high-plex of 100-biomarker spatial experiments.
Akoya announced the selection of its spatial proteomics platforms, PhenoCycler-Fusion and PhenoImager HT, for the UK-wide MANIFEST program, a multi-million-dollar initiative led by the Francis Crick Institute and the Royal Marsden NHS Foundation Trust, focused on evaluating thousands of patient samples to better understand responses to cancer immunotherapy.
On October 2, 2024, Scott Mendel was appointed as Chairman of the Board of Directors. Mr. Mendel has served as a member of Akoya’s Board of Directors since June 2021 and brings with him over 30 years of financial and operational management experience.

YTD 2024 Financial Results

YTD 2024 revenue was $60.3 million, compared to $70.1 million in the prior year period; a 14% decrease.
YTD 2024 reported gross margin was 55.5% while non-GAAP adjusted gross margin was 58.9% when excluding the write-off from discontinued legacy products in the first quarter of 2024. Both GAAP and non-GAAP gross margin were 56.6% in the prior year period of 2023.
YTD 2024 operating expenses were $74.5 million while non-GAAP operating expenses were $68.4 million when excluding the impairment charge for facility consolidation and restructuring associated with a reduction in force in the first quarter and third quarter of 2024. Both GAAP and non-GAAP operating expenses were $87.9 million in the prior year period of 2023.
YTD 2024 loss from operations was $41.0 million while non-GAAP loss from operations was $32.9 million excluding the items noted above. Both GAAP and non-GAAP loss from operations were $48.2 million in the prior year period of 2023.

2024 Financial Outlook

Due to persistent macro challenges during the year, Akoya expects revenue for the full year 2024 to now be in the range of $80 million to $85 million versus a prior range of $96 million to $104 million. As part of our ongoing commitment to maximizing shareholder value, the company is also actively evaluating a range of strategic alternatives to identify the best path forward for sustainable growth, profitability and long-term success.

Webcast and Conference Call Details

Akoya will host a conference call today, November 14, 2024, at 5:00 p.m. Eastern Time to discuss its third quarter 2024 financial results. Investors interested in listening to the conference call are required to register online. A live webcast of the conference call will be available on the “Investors” section of the Company’s website at https://investors.akoyabio.com/. The webcast will be archived on the website following the completion of the call for three months.

Non-GAAP Financial Measures

In addition to reporting financial measures in accordance with generally accepted accounting principles (“GAAP”), Akoya is including in this press release “non-GAAP adjusted gross profit,” “non-GAAP adjusted gross margin,” “non-GAAP operating expense,” and “non-GAAP loss from operations,” all of which are non-GAAP financial measures. Akoya defines non-GAAP adjusted gross profit as gross profit margin adjusted for certain excess and obsolete inventory charges. Non-GAAP adjusted gross margin is defined as non-GAAP adjusted gross profit divided by total revenue. Akoya defines non-GAAP operating expense as operating expense adjusted for impairment and restructuring charges. Akoya defines non-GAAP loss from operations as loss from operations adjusted for certain excess and obsolete inventory charges, impairment, and restructuring charges.

Akoya includes these non-GAAP financial measures because it believes they allow investors to understand and evaluate the Company’s core operating performance and trends. In particular, the exclusion of certain items in calculating non-GAAP adjusted gross profit, non-GAAP adjusted gross margin, non-GAAP operating expense, and non-GAAP loss from operations can provide useful measures for period-to-period comparisons of the Company’s core business. These non-GAAP financial measures have limitations as analytical tools, including the fact that such non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies because other companies may calculate non-GAAP adjusted gross profit, non-GAAP adjusted gross margin, non-GAAP operating expense, and non-GAAP loss from operations differently than Akoya does. For more information regarding these non-GAAP financial measures, see the tables included at the end of this press release.

Forward-Looking Statements

This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our expectations for full year 2024 revenue, our ability to achieve market acceptance of our current and planned products and services, our growth prospects, and other statements regarding our business strategies, use of capital, results of operations, financial performance and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

About Akoya Biosciences

As The Spatial Biology Company®, Akoya Biosciences’ mission is to bring context to the world of biology and human health through the power of spatial phenotyping. The Company offers comprehensive single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and response to therapy. Akoya offers a full continuum of spatial phenotyping solutions to serve the diverse needs of researchers across discovery, translational and clinical research: PhenoCode™ Panels and PhenoCycler®, PhenoImager® Fusion and PhenoImager HT Instruments. To learn more about Akoya, visit www.akoyabio.com.

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)


	September 30, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	12,557	$	83,125
Marketable securities		23,339		—
Accounts receivable, net		12,786		16,994
Inventories, net		25,212		17,877
Prepaid expenses and other current assets		2,967		3,794
Total current assets		76,861		121,790
Property and equipment, net		7,546		10,729
Marketable securities, net of current portion		3,399		—
Demo inventory, net		792		893
Intangible assets, net		15,272		17,412
Goodwill		18,262		18,262
Operating lease right of use assets, net		4,664		8,365
Financing lease right of use assets, net		1,763		1,562
Other non-current assets		1,414		1,356
Total assets	$	129,973	$	180,369
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities	$	18,128	$	25,209
Current portion of operating lease liabilities		2,651		2,681
Current portion of financing lease liabilities		1,026		767
Deferred revenue		6,188		6,688
Total current liabilities		27,993		35,345
Deferred revenue, net of current portion		3,093		3,193
Long-term debt, net		75,902		75,254
Contingent consideration liability, net of current portion		3,859		5,765
Operating lease liabilities, net of current portion		4,562		6,238
Financing lease liabilities, net of current portion		778		766
Other long-term liabilities		153		38
Total liabilities		116,340		126,599
Total stockholders’ equity		13,633		53,770
Total liabilities and stockholders’ equity	$	129,973	$	180,369

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)

Three months ended

Nine months ended

September 30,

2024

2023

2024

2023

Revenue:

Product revenue

12,298

18,048

40,364

50,719

Service and other revenue

6,516

7,167

19,964

19,427

Total revenue

18,814

25,215

60,328

70,146

Cost of goods sold:

Cost of product revenue

4,430

6,208

17,620

19,747

Cost of service and other revenue

2,660

3,731

9,219

10,714

Total cost of goods sold

7,090

9,939

26,839

30,461

Gross profit

11,724

15,276

33,489

39,685

Operating expenses:

Selling, general and administrative

14,672

20,251

53,629

67,281

Research and development

4,474

6,314

15,316

19,614

Change in fair value of contingent consideration

(763

)

262

(496

)

1,019

Impairment

—

2,971

—

Restructuring

1,690

—

3,087

—

Total operating expenses

20,073

26,827

74,507

87,914

Loss from operations

(8,349

)

(11,551

)

(41,018

)

(48,229

)

Other income (expense):

Interest expense

(2,625

)

(2,239

)

(7,843

)

(6,468

)

Interest income

521

1,074

2,126

2,576

Other expense, net

(36

)

(185

)

(277

)

(338

)

Loss before provision for income taxes

(10,489

)

(12,901

)

(47,012

)

(52,459

)

Provision for income taxes

(44

)

(15

)

(154

)

(62

)

Net loss

(10,533

)

(12,916

)

(47,166

)

(52,521

)

Net loss per share attributable to common stockholders, basic and diluted

(0.21

)

(0.26

)

(0.96

)

(1.23

)

Weighted-average shares outstanding, basic and diluted

49,503,272

48,975,432

49,370,959

42,686,065

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Gross Profit to Non-GAAP Adjusted Gross Profit Reconciliation and Calculation of Gross Margin and Non-GAAP Adjusted Gross Margin (unaudited)
(in thousands)


	Three months ended						Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2024			2023			2024			2023
Total revenue	$	18,814		$	25,215		$	60,328		$	70,146

Gross profit		11,724			15,276			33,489			39,685
Provision for excess and obsolete inventories – product discontinuation and lease exit inventory charges		—			—			2,045			—
Non-GAAP adjusted gross profit	$	11,724		$	15,276		$	35,534		$	39,685

Gross margin		62	%		61	%		56	%		57	%

Non-GAAP adjusted gross margin		62	%		61	%		59	%		57	%

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Operating Expense to Non-GAAP Operating Expense Reconciliation (unaudited)
(in thousands)


	Three months ended					Nine months ended
	September 30,			September 30,		September 30,			September 30,
	2024			2023		2024			2023
Operating expenses	$	20,073		$	26,827	$	74,507		$	87,914
Impairment		—			—		(2,971	)		—
Restructuring		(1,690	)		—		(3,087	)		—
Non-GAAP operating expenses	$	18,383		$	26,827	$	68,449		$	87,914

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Loss From Operations to Non-GAAP Loss From Operations Reconciliation (unaudited)
(in thousands)


	Three months ended						Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2024			2023			2024			2023
Loss from operations	$	(8,349	)	$	(11,551	)	$	(41,018	)	$	(48,229	)
Provision for excess and obsolete inventories – product discontinuation and lease exit inventory charges		—			—			2,045			—
Impairment		—			—			2,971			—
Restructuring		1,690			—			3,087			—
Non-GAAP loss from operations	$	(6,659	)	$	(11,551	)	$	(32,915	)	$	(48,229	)

Investor Contact:

Priyam Shah
investors@akoyabio.com 

Media Contact:

Christine Quern
media@akoyabio.com