Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Miromatrix Reports Second Quarter 2023 Results and Provides Corporate Update By: Miromatrix Medical Inc. via GlobeNewswire August 14, 2023 at 16:01 PM EDT EDEN PRAIRIE, Minn., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Miromatrix Medical Inc. (NASDAQ: MIRO), a life sciences company pioneering a novel technology for bioengineering fully transplantable organs to help save and improve patients' lives, today reported second quarter 2023 financial results and provided a corporate update. "Miromatrix remains on pace to submit a response to the FDA’s clinical hold letter relating to our miroliverELAPtm IND application in the second half of 2023," said Jeff Ross, Ph.D., Miromatrix CEO. "We continue to progress towards our goal of gaining authorization from the FDA to initiate a Phase 1 clinical trial to treat patients suffering from acute liver failure and becoming the first company to treat patients with bioengineered organs." Business Highlights and Corporate Update Confirmed plans to submit a response to the Food and Drug Administration ("FDA") clinical hold letter pertaining to miroliverELAP in the second half of 2023Nearing completion of in-life portion of animal safety study and biocompatibility study to address issues identified in the miroliverELAP clinical hold letterPresented three posters at 2023 American Transplant Congress ("ATC") and was awarded Best in Congress for a mirokidneytm posterParticipated in National Kidney Foundation’s ("NKF") Innovation Day congressional eventParticipated in Association of Organ Procurement Organizations ("AOPO") annual meeting panel titled Saving Lives Through Telepathology and BioengineeringRepresented cell & gene therapy sector to Capitol Hill policy makers at Alliance for Regenerative Medicine("ARM") Congressional Fly-InPublished manuscript titled “Sustained in vivo perfusion of a re-endothelialized tissue engineered kidney graft in a human-scale animal model,” in Frontiers in Bioengineering and BiotechnologyEnded the second quarter of 2023 with $20.4 million of unrestricted cash and investments that we believe will enable us to fund our operations through the second quarter of 2024 Second Quarter 2023 Financial Results Unrestricted cash and investments totaled $20.4 million as of June 30, 2023, compared to $25.6 million as of March 31, 2023. Additionally, received cash payments for $457,143 of the $527,143 employee retention credit receivable subsequent to the second quarter and remaining amount has been confirmed for upcoming receipt by the Internal Revenue Service. Operating loss was $6.7 million and $14.8 million for the three- and six-month periods ended June 30, 2023, respectively, as compared to $8.2 million and $15.4 million for the three- and six- month periods ended June 30, 2022, respectively. The decrease in operating loss for comparable periods was primarily attributable to reduced research and development lab supply costs. Net loss was $6.5 million and $14.0 million for the three- and six-month periods ended June 30, 2023, respectively, as compared to $8.2 million and $15.4 million for the three- and six- month periods ended June 30, 2022, respectively. The decrease in net loss for comparable periods was primarily attributable to reduced research and development lab supply costs, in addition to a one-time employee retention credit totalling $0.5 million that was recorded as other income in the first quarter of 2023. Conference Call and Webcast Details The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Monday, August 14, 2023, at 4:30 PM ET. To participate in the call, please dial 866-652-5200 (domestic) or 412-317-6060 (international) and provide conference ID 10181369. The live webcast will be available on the Events & Presentations page of the Investors section of Miromatrix's website. About Miromatrix Miromatrix Medical Inc. is a life sciences company pioneering a novel technology for bioengineering fully transplantable human organs to help save and improve patients' lives. The Company has developed a proprietary perfusion technology platform for bioengineering organs that it believes will efficiently scale to address the shortage of available human organs. The Company's initial development focus is on human livers and kidneys. For more information, visit miromatrix.com. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward looking statements, including statements regarding the potential timing of the filing of the IND application for our MiroliverELAP product and the initiation of the related clinical trial. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "outlook," "guidance," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "continue," "remain,” or "on pace" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this press release are only predictions and are based largely on our current business plans, expectations, and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company; our expectations with respect to the regulatory pathway of our product candidates, our ability to obtain regulatory approvals for such product candidates, and the anticipated effect of delays in obtaining any such regulatory approvals; our expectations with respect to preclinical and clinical trial plans for our product candidates, the results of such activities and the safety and efficacy of our product candidates; our ability to commercialize our product candidates; our ability to compete successfully with larger competitors in our highly competitive industry; our ability to achieve and maintain adequate levels of coverage or reimbursement for any future products we may seek to commercialize; our expectations regarding our manufacturing capabilities; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide, including the outbreak of the novel strain of coronavirus, COVID-19; product liability claims; our ability to establish and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; our ability to attract and retain senior management and key scientific personnel; and other important factors that could cause actual results, performance or achievements to differ materially from those expected or projected. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's Form 10-K filed with the U.S. Securities and Exchange Commission and any additional risks presented in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Investor ContactGreg Chodaczek347-620-7010 ir@miromatrix.com Media Contact:Christina Campbell612-924-3793press@miromatrix.com MIROMATRIX MEDICAL INC.Condensed Balance Sheets June 30, December 31, 2023 2022 (unaudited) Assets Current assets: Cash and cash equivalents $4,571,777 $5,208,005 Restricted cash 800,100 800,100 Short-term investments 15,828,281 19,989,489 Employee retention credit receivable 527,143 — Receivable from Reprise Biomedical, Inc. 8,517 930,355 Interest receivable 30,707 107,861 Prepaid expenses and other current assets 114,943 274,952 Total current assets 21,881,468 27,310,762 Deferred offering costs — 232,899 Right of use asset 1,570,837 1,673,575 Property and equipment, net 4,998,862 5,545,694 Total assets $28,451,167 $34,762,930 Liabilities and Shareholders' Equity Current liabilities: Current portion of deferred royalties $739,738 $979,167 Accounts payable 803,571 1,584,929 Current portion of financing lease obligations 22,506 44,157 Current portion of lease liability 405,566 389,649 Accrued expenses 1,916,104 1,948,376 Total current liabilities 3,887,485 4,946,278 Deferred royalties, net — 491,733 Long-term debt 385,997 385,997 Financing lease obligations, net 3,964 11,689 Lease liability, net 2,512,062 2,720,781 Accrued interest 113,409 99,048 Total liabilities 6,902,917 8,655,526 Commitments and contingencies Shareholders’ equity: Common stock, par value $0.00001; 190,000,000 shares authorized; 27,310,553 issued and outstanding as of June 30, 2023 and 20,944,109 issued and outstanding as of December 31, 2022 273 209 Additional paid-in capital 139,570,460 130,119,106 Accumulated deficit (118,022,483) (104,011,911)Total shareholders’ equity 21,548,250 26,107,404 Total liabilities and shareholders’ equity $28,451,167 $34,762,930 MIROMATRIX MEDICAL INC.Condensed Statements of Operations(Unaudited) �� Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Licensing revenue $8,517 $3,952 $16,498 $10,720 Cost of goods sold 125,000 125,000 250,000 250,000 Gross loss (116,483) (121,048) (233,502) (239,280)Operating expenses: Research and development 3,621,224 4,988,233 8,013,342 8,994,899 Regulatory and clinical 397,448 419,394 803,763 774,632 Quality 515,575 517,333 1,098,917 958,268 General and administration 2,037,682 2,188,460 4,637,917 4,461,017 Total operating expenses 6,571,929 8,113,420 14,553,939 15,188,816 Operating loss (6,688,412) (8,234,468) (14,787,441) (15,428,096)Other income (expense) Interest income 166,162 61,078 268,139 61,848 Interest expense (8,170) (8,799) (18,413) (19,690)Employee retention credit — — 527,143 — Total other income 157,992 52,279 776,869 42,158 Net loss $(6,530,420) $(8,182,189) $(14,010,572) $(15,385,938)Net loss per share, basic and diluted $(0.24) $(0.40) $(0.56) $(0.75)Weighted average shares used in computing net loss per share, basic and diluted 27,250,573 20,615,218 24,897,796 20,547,070 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Miromatrix Reports Second Quarter 2023 Results and Provides Corporate Update By: Miromatrix Medical Inc. via GlobeNewswire August 14, 2023 at 16:01 PM EDT EDEN PRAIRIE, Minn., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Miromatrix Medical Inc. (NASDAQ: MIRO), a life sciences company pioneering a novel technology for bioengineering fully transplantable organs to help save and improve patients' lives, today reported second quarter 2023 financial results and provided a corporate update. "Miromatrix remains on pace to submit a response to the FDA’s clinical hold letter relating to our miroliverELAPtm IND application in the second half of 2023," said Jeff Ross, Ph.D., Miromatrix CEO. "We continue to progress towards our goal of gaining authorization from the FDA to initiate a Phase 1 clinical trial to treat patients suffering from acute liver failure and becoming the first company to treat patients with bioengineered organs." Business Highlights and Corporate Update Confirmed plans to submit a response to the Food and Drug Administration ("FDA") clinical hold letter pertaining to miroliverELAP in the second half of 2023Nearing completion of in-life portion of animal safety study and biocompatibility study to address issues identified in the miroliverELAP clinical hold letterPresented three posters at 2023 American Transplant Congress ("ATC") and was awarded Best in Congress for a mirokidneytm posterParticipated in National Kidney Foundation’s ("NKF") Innovation Day congressional eventParticipated in Association of Organ Procurement Organizations ("AOPO") annual meeting panel titled Saving Lives Through Telepathology and BioengineeringRepresented cell & gene therapy sector to Capitol Hill policy makers at Alliance for Regenerative Medicine("ARM") Congressional Fly-InPublished manuscript titled “Sustained in vivo perfusion of a re-endothelialized tissue engineered kidney graft in a human-scale animal model,” in Frontiers in Bioengineering and BiotechnologyEnded the second quarter of 2023 with $20.4 million of unrestricted cash and investments that we believe will enable us to fund our operations through the second quarter of 2024 Second Quarter 2023 Financial Results Unrestricted cash and investments totaled $20.4 million as of June 30, 2023, compared to $25.6 million as of March 31, 2023. Additionally, received cash payments for $457,143 of the $527,143 employee retention credit receivable subsequent to the second quarter and remaining amount has been confirmed for upcoming receipt by the Internal Revenue Service. Operating loss was $6.7 million and $14.8 million for the three- and six-month periods ended June 30, 2023, respectively, as compared to $8.2 million and $15.4 million for the three- and six- month periods ended June 30, 2022, respectively. The decrease in operating loss for comparable periods was primarily attributable to reduced research and development lab supply costs. Net loss was $6.5 million and $14.0 million for the three- and six-month periods ended June 30, 2023, respectively, as compared to $8.2 million and $15.4 million for the three- and six- month periods ended June 30, 2022, respectively. The decrease in net loss for comparable periods was primarily attributable to reduced research and development lab supply costs, in addition to a one-time employee retention credit totalling $0.5 million that was recorded as other income in the first quarter of 2023. Conference Call and Webcast Details The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Monday, August 14, 2023, at 4:30 PM ET. To participate in the call, please dial 866-652-5200 (domestic) or 412-317-6060 (international) and provide conference ID 10181369. The live webcast will be available on the Events & Presentations page of the Investors section of Miromatrix's website. About Miromatrix Miromatrix Medical Inc. is a life sciences company pioneering a novel technology for bioengineering fully transplantable human organs to help save and improve patients' lives. The Company has developed a proprietary perfusion technology platform for bioengineering organs that it believes will efficiently scale to address the shortage of available human organs. The Company's initial development focus is on human livers and kidneys. For more information, visit miromatrix.com. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward looking statements, including statements regarding the potential timing of the filing of the IND application for our MiroliverELAP product and the initiation of the related clinical trial. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "outlook," "guidance," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "continue," "remain,” or "on pace" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this press release are only predictions and are based largely on our current business plans, expectations, and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company; our expectations with respect to the regulatory pathway of our product candidates, our ability to obtain regulatory approvals for such product candidates, and the anticipated effect of delays in obtaining any such regulatory approvals; our expectations with respect to preclinical and clinical trial plans for our product candidates, the results of such activities and the safety and efficacy of our product candidates; our ability to commercialize our product candidates; our ability to compete successfully with larger competitors in our highly competitive industry; our ability to achieve and maintain adequate levels of coverage or reimbursement for any future products we may seek to commercialize; our expectations regarding our manufacturing capabilities; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide, including the outbreak of the novel strain of coronavirus, COVID-19; product liability claims; our ability to establish and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; our ability to attract and retain senior management and key scientific personnel; and other important factors that could cause actual results, performance or achievements to differ materially from those expected or projected. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's Form 10-K filed with the U.S. Securities and Exchange Commission and any additional risks presented in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Investor ContactGreg Chodaczek347-620-7010 ir@miromatrix.com Media Contact:Christina Campbell612-924-3793press@miromatrix.com MIROMATRIX MEDICAL INC.Condensed Balance Sheets June 30, December 31, 2023 2022 (unaudited) Assets Current assets: Cash and cash equivalents $4,571,777 $5,208,005 Restricted cash 800,100 800,100 Short-term investments 15,828,281 19,989,489 Employee retention credit receivable 527,143 — Receivable from Reprise Biomedical, Inc. 8,517 930,355 Interest receivable 30,707 107,861 Prepaid expenses and other current assets 114,943 274,952 Total current assets 21,881,468 27,310,762 Deferred offering costs — 232,899 Right of use asset 1,570,837 1,673,575 Property and equipment, net 4,998,862 5,545,694 Total assets $28,451,167 $34,762,930 Liabilities and Shareholders' Equity Current liabilities: Current portion of deferred royalties $739,738 $979,167 Accounts payable 803,571 1,584,929 Current portion of financing lease obligations 22,506 44,157 Current portion of lease liability 405,566 389,649 Accrued expenses 1,916,104 1,948,376 Total current liabilities 3,887,485 4,946,278 Deferred royalties, net — 491,733 Long-term debt 385,997 385,997 Financing lease obligations, net 3,964 11,689 Lease liability, net 2,512,062 2,720,781 Accrued interest 113,409 99,048 Total liabilities 6,902,917 8,655,526 Commitments and contingencies Shareholders’ equity: Common stock, par value $0.00001; 190,000,000 shares authorized; 27,310,553 issued and outstanding as of June 30, 2023 and 20,944,109 issued and outstanding as of December 31, 2022 273 209 Additional paid-in capital 139,570,460 130,119,106 Accumulated deficit (118,022,483) (104,011,911)Total shareholders’ equity 21,548,250 26,107,404 Total liabilities and shareholders’ equity $28,451,167 $34,762,930 MIROMATRIX MEDICAL INC.Condensed Statements of Operations(Unaudited) �� Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Licensing revenue $8,517 $3,952 $16,498 $10,720 Cost of goods sold 125,000 125,000 250,000 250,000 Gross loss (116,483) (121,048) (233,502) (239,280)Operating expenses: Research and development 3,621,224 4,988,233 8,013,342 8,994,899 Regulatory and clinical 397,448 419,394 803,763 774,632 Quality 515,575 517,333 1,098,917 958,268 General and administration 2,037,682 2,188,460 4,637,917 4,461,017 Total operating expenses 6,571,929 8,113,420 14,553,939 15,188,816 Operating loss (6,688,412) (8,234,468) (14,787,441) (15,428,096)Other income (expense) Interest income 166,162 61,078 268,139 61,848 Interest expense (8,170) (8,799) (18,413) (19,690)Employee retention credit — — 527,143 — Total other income 157,992 52,279 776,869 42,158 Net loss $(6,530,420) $(8,182,189) $(14,010,572) $(15,385,938)Net loss per share, basic and diluted $(0.24) $(0.40) $(0.56) $(0.75)Weighted average shares used in computing net loss per share, basic and diluted 27,250,573 20,615,218 24,897,796 20,547,070
EDEN PRAIRIE, Minn., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Miromatrix Medical Inc. (NASDAQ: MIRO), a life sciences company pioneering a novel technology for bioengineering fully transplantable organs to help save and improve patients' lives, today reported second quarter 2023 financial results and provided a corporate update. "Miromatrix remains on pace to submit a response to the FDA’s clinical hold letter relating to our miroliverELAPtm IND application in the second half of 2023," said Jeff Ross, Ph.D., Miromatrix CEO. "We continue to progress towards our goal of gaining authorization from the FDA to initiate a Phase 1 clinical trial to treat patients suffering from acute liver failure and becoming the first company to treat patients with bioengineered organs." Business Highlights and Corporate Update Confirmed plans to submit a response to the Food and Drug Administration ("FDA") clinical hold letter pertaining to miroliverELAP in the second half of 2023Nearing completion of in-life portion of animal safety study and biocompatibility study to address issues identified in the miroliverELAP clinical hold letterPresented three posters at 2023 American Transplant Congress ("ATC") and was awarded Best in Congress for a mirokidneytm posterParticipated in National Kidney Foundation’s ("NKF") Innovation Day congressional eventParticipated in Association of Organ Procurement Organizations ("AOPO") annual meeting panel titled Saving Lives Through Telepathology and BioengineeringRepresented cell & gene therapy sector to Capitol Hill policy makers at Alliance for Regenerative Medicine("ARM") Congressional Fly-InPublished manuscript titled “Sustained in vivo perfusion of a re-endothelialized tissue engineered kidney graft in a human-scale animal model,” in Frontiers in Bioengineering and BiotechnologyEnded the second quarter of 2023 with $20.4 million of unrestricted cash and investments that we believe will enable us to fund our operations through the second quarter of 2024 Second Quarter 2023 Financial Results Unrestricted cash and investments totaled $20.4 million as of June 30, 2023, compared to $25.6 million as of March 31, 2023. Additionally, received cash payments for $457,143 of the $527,143 employee retention credit receivable subsequent to the second quarter and remaining amount has been confirmed for upcoming receipt by the Internal Revenue Service. Operating loss was $6.7 million and $14.8 million for the three- and six-month periods ended June 30, 2023, respectively, as compared to $8.2 million and $15.4 million for the three- and six- month periods ended June 30, 2022, respectively. The decrease in operating loss for comparable periods was primarily attributable to reduced research and development lab supply costs. Net loss was $6.5 million and $14.0 million for the three- and six-month periods ended June 30, 2023, respectively, as compared to $8.2 million and $15.4 million for the three- and six- month periods ended June 30, 2022, respectively. The decrease in net loss for comparable periods was primarily attributable to reduced research and development lab supply costs, in addition to a one-time employee retention credit totalling $0.5 million that was recorded as other income in the first quarter of 2023. Conference Call and Webcast Details The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Monday, August 14, 2023, at 4:30 PM ET. To participate in the call, please dial 866-652-5200 (domestic) or 412-317-6060 (international) and provide conference ID 10181369. The live webcast will be available on the Events & Presentations page of the Investors section of Miromatrix's website. About Miromatrix Miromatrix Medical Inc. is a life sciences company pioneering a novel technology for bioengineering fully transplantable human organs to help save and improve patients' lives. The Company has developed a proprietary perfusion technology platform for bioengineering organs that it believes will efficiently scale to address the shortage of available human organs. The Company's initial development focus is on human livers and kidneys. For more information, visit miromatrix.com. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward looking statements, including statements regarding the potential timing of the filing of the IND application for our MiroliverELAP product and the initiation of the related clinical trial. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "outlook," "guidance," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "continue," "remain,” or "on pace" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this press release are only predictions and are based largely on our current business plans, expectations, and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company; our expectations with respect to the regulatory pathway of our product candidates, our ability to obtain regulatory approvals for such product candidates, and the anticipated effect of delays in obtaining any such regulatory approvals; our expectations with respect to preclinical and clinical trial plans for our product candidates, the results of such activities and the safety and efficacy of our product candidates; our ability to commercialize our product candidates; our ability to compete successfully with larger competitors in our highly competitive industry; our ability to achieve and maintain adequate levels of coverage or reimbursement for any future products we may seek to commercialize; our expectations regarding our manufacturing capabilities; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide, including the outbreak of the novel strain of coronavirus, COVID-19; product liability claims; our ability to establish and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; our ability to attract and retain senior management and key scientific personnel; and other important factors that could cause actual results, performance or achievements to differ materially from those expected or projected. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's Form 10-K filed with the U.S. Securities and Exchange Commission and any additional risks presented in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Investor ContactGreg Chodaczek347-620-7010 ir@miromatrix.com Media Contact:Christina Campbell612-924-3793press@miromatrix.com MIROMATRIX MEDICAL INC.Condensed Balance Sheets June 30, December 31, 2023 2022 (unaudited) Assets Current assets: Cash and cash equivalents $4,571,777 $5,208,005 Restricted cash 800,100 800,100 Short-term investments 15,828,281 19,989,489 Employee retention credit receivable 527,143 — Receivable from Reprise Biomedical, Inc. 8,517 930,355 Interest receivable 30,707 107,861 Prepaid expenses and other current assets 114,943 274,952 Total current assets 21,881,468 27,310,762 Deferred offering costs — 232,899 Right of use asset 1,570,837 1,673,575 Property and equipment, net 4,998,862 5,545,694 Total assets $28,451,167 $34,762,930 Liabilities and Shareholders' Equity Current liabilities: Current portion of deferred royalties $739,738 $979,167 Accounts payable 803,571 1,584,929 Current portion of financing lease obligations 22,506 44,157 Current portion of lease liability 405,566 389,649 Accrued expenses 1,916,104 1,948,376 Total current liabilities 3,887,485 4,946,278 Deferred royalties, net — 491,733 Long-term debt 385,997 385,997 Financing lease obligations, net 3,964 11,689 Lease liability, net 2,512,062 2,720,781 Accrued interest 113,409 99,048 Total liabilities 6,902,917 8,655,526 Commitments and contingencies Shareholders’ equity: Common stock, par value $0.00001; 190,000,000 shares authorized; 27,310,553 issued and outstanding as of June 30, 2023 and 20,944,109 issued and outstanding as of December 31, 2022 273 209 Additional paid-in capital 139,570,460 130,119,106 Accumulated deficit (118,022,483) (104,011,911)Total shareholders’ equity 21,548,250 26,107,404 Total liabilities and shareholders’ equity $28,451,167 $34,762,930 MIROMATRIX MEDICAL INC.Condensed Statements of Operations(Unaudited) �� Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Licensing revenue $8,517 $3,952 $16,498 $10,720 Cost of goods sold 125,000 125,000 250,000 250,000 Gross loss (116,483) (121,048) (233,502) (239,280)Operating expenses: Research and development 3,621,224 4,988,233 8,013,342 8,994,899 Regulatory and clinical 397,448 419,394 803,763 774,632 Quality 515,575 517,333 1,098,917 958,268 General and administration 2,037,682 2,188,460 4,637,917 4,461,017 Total operating expenses 6,571,929 8,113,420 14,553,939 15,188,816 Operating loss (6,688,412) (8,234,468) (14,787,441) (15,428,096)Other income (expense) Interest income 166,162 61,078 268,139 61,848 Interest expense (8,170) (8,799) (18,413) (19,690)Employee retention credit — — 527,143 — Total other income 157,992 52,279 776,869 42,158 Net loss $(6,530,420) $(8,182,189) $(14,010,572) $(15,385,938)Net loss per share, basic and diluted $(0.24) $(0.40) $(0.56) $(0.75)Weighted average shares used in computing net loss per share, basic and diluted 27,250,573 20,615,218 24,897,796 20,547,070