T2 Biosystems Inc

NASDAQ:TTOOUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

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• DJ T2 Biosystems Shares Soar on Narrower 1Q Loss, Plus Debt-to-Equity and Distribution Pacts, from 6 hours ago by Dow Jones

  6 hours ago by Dow Jones
  Companies Mentioned: TTOO
  
  By Paul Ziobro
  
  Shares of T2 Biosystems soared in late trading Monday after the diagnostics company disclosed a narrower first-quarter loss, as well as steps to improve its balance sheet and expand distribution of its products.
  

• -- Earnings Flash (TTOO) T2 BIOSYSTEMS Posts Q1 Revenue $2.1M, from 8 hours ago by MT Newswires

  8 hours ago by MT Newswires
  Companies Mentioned: TTOO
  04:35 PM EDT, 05/06/2024 (MT Newswires) -- ...

• T2 Biosystems Announces First Quarter 2024 Financial Results, from 8 hours ago by GlobeNewswire

  8 hours ago by GlobeNewswire
  Companies Mentioned: TTOO

• T2 Biosystems Announces Commercial Expansion Through Middle East Distributor, from 8 hours ago by GlobeNewswire

  8 hours ago by GlobeNewswire
  Companies Mentioned: TTOO

• T2 Biosystems Announces First Quarter 2024 Financial Results, from 8 hours ago by Dow Jones

  8 hours ago by Dow Jones
  Companies Mentioned: TTOO
  
  Investor Contact:
  
  Philip Trip Taylor, Gilmartin Group
  
  ir@T2Biosystems.com
  
  415-937-5406
  T2 Biosystems, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) March 31, December 31, 2024 2023 --------- -------------- Assets Current assets: Cash and cash equivalents $ 6,208 $ 15,689 Accounts receivable, net 1,588 1,420 Inventories 4,670 4,819 Prepaid expenses and other current assets 3,094 3,261 -------- ---------- Total current assets 15,560 25,189 Property and equipment, net 1,611 1,658 Operating lease right-of-use assets 7,031 7,395 Restricted cash 551 551 Other assets 2 4 -------- ---------- Total assets $ 24,755 $ 34,797 ======== ========== Liabilities and stockholders' deficit Current liabilities: Notes payable to related party $ 41,666 $ 41,284 Accounts payable 1,887 1,527 Accrued expenses and other current liabilities 4,231 4,905 Accrued final payment fee on Term Loan with related party 4,767 4,807 Operating lease liability 1,651 1,616 Derivative liability related to Term Loan with related party 1,662 1,554 Warrant liabilities 207 235 Deferred revenue 185 224 -------- ---------- Total current liabilities 56,256 56,152 Operating lease liabilities, net of current portion 6,180 6,598 Deferred revenue, net of current portion 92 83 Total liabilities 62,528 62,833 Commitments and contingencies Stockholders' deficit Preferred stock, $0.001 par value; 10,000,000 shares authorized: Series B Convertible Preferred Stock, 10,875 shares designated on March 31, 2024, 10,875 and 93,297 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively -- -- Common stock, $0.001 par value; 400,000,000 shares authorized; 5,512,332 and 4,058,381 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively 6 4 Additional paid-in capital 560,051 556,256 Accumulated deficit (597,830) (584,296) -------- ---------- Total stockholders' deficit (37,773) (28,036) -------- ---------- Total liabilities and stockholders' deficit $ 24,755 $ 34,797 ======== ========== T2 Biosystems, Inc. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three Months Ended March 31, --------------------- 2024 2023 ---------- -------- Revenue: Product revenue $ 2,061 $ 1,655 Contribution revenue -- 423 --------- ------- Total revenue 2,061 2,078 Costs and expenses: Cost of product revenue 4,202 3,995 Research and development 3,721 4,471 Selling, general and administrative 6,738 7,299 Total costs and expenses 14,661 15,765 --------- ------- Loss from operations (12,600) (13,687) Other income (expense): Interest expense to related party (1,179) (1,522) Change in fair value of derivative related to Term Loan with related party (108) (770) Change in fair value of warrant liabilities 28 (1,304) Other, net 325 (682) Total other income (expense) (934) (4,278) --------- ------- Net loss $ (13,534) $(17,965) ========= ======= Net loss per share -- basic and diluted $ (2.66) $(131.77) ========= ======= Weighted-average number of common shares used in computing net loss per share -- basic and diluted 5,094,809 136,333 ========= ======= Other comprehensive loss: Net loss $ (13,534) $(17,965) Total other comprehensive income, net of taxes -- -- --------- ------- Comprehensive loss $ (13,534) $(17,965) ========= =======