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Nice !!!!!!
T2 Biosystems Regains Compliance with Nasdaq’s Market Value of Listed Securities Requirement
Source: GlobeNewswire Inc.
T2 Biosystems, Inc. (NASDAQ:TTOO) (the “Company”), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced that it received written notice from the NASDAQ Stock Market LLC (“NASDAQ”) on August 8, 2023 informing the Company that it has regained compliance with the market value of listed securities (“MVLS”) requirement, as set forth in Nasdaq Listing Rule 5550(b)(2) (the “Rule”) for continued listing on the NASDAQ Capital Market.
As previously reported, T2 Biosystems was notified by the NASDAQ on November 22, 2022 that it was not in compliance with the NASDAQ’s Capital Market requirement because it failed to maintain a MVLS of at least $35 million for a period of 30 consecutive business days. To regain compliance with the Rule, the Company was required to maintain a MVLS of at least $35 million for at least 10 consecutive trading days. This requirement was met on August 7, 2023, the tenth consecutive trading day when the MVLS was at least $35 million.
The Company must still demonstrate compliance with Listing Rule 5550(a)(2), the Bid Price Rule, by November 20, 2023.
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat™ Panel, the Candida auris test, and T2Lyme™ Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers. For more information, please visit www.t2biosystems.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about the Company’s ability to regain compliance with the listing requirements of the Nasdaq Capital Market, including its ability to effect a reverse share split, as well as statements that include the words “expect,” “intend,” “plan”, “believe”, “project”, “forecast”, “estimate,” “may,” “should,” “anticipate,” and similar statements of a future or forward looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission, or SEC, on March 31, 2023, and other filings the company makes with the SEC from time to time. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date of this press release.
Investor Contact:
Philip Trip Taylor, Gilmartin Group
philip@gilmartinIR.com
415-937-5406
Primary Logo
Mms are crooked
Tomorrow will be interesting I’m ready $$$$
We are Golden here $$$$$
Relax already
Yeah I figured that
As of August 4, 2023, the registrant TTOO had 333,580,010 shares of common stock outstanding.
Load up
They are getting nervous
Let’s do it I’m in
A short squeeze situation arises when there is an unexpected increase in stock price, adversely impacting the short-sellers, who are then forced to buy the stocks at a higher price to cover their short position, which results in a further increase in the stock prices. The short-sellers are squeezed out of their short positions, usually at a loss.
They’re unloading losses slap her hard $$$$
Nice volume SQUEEZE is imminent
Let’s gooooo$$$$
I quess we still have .31 flippers lol
Tic toc tic toc
Setting up nicely $$$$$
Moving up on breakout board
Keep it going $$$$
Yeah it’s money I can afford to loose but hoping for the best here $$$$$
Agree$$$$$ I’m all in
Yes and it went to $60
That would be a life changer
Had to get more taking my chances hopefully CEO comes thru
Won’t be surprise if this breaks $5 tomorrow
And up she goes
T2 Biosystems Announces Second Quarter 2023 Financial Results
Source: GlobeNewswire Inc.
T2 Biosystems, Inc. (NASDAQ:TTOO) (the “Company”), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced financial results for the second quarter ended June 30, 2023.
Recent Financial and Operational Highlights
Achieved second quarter total revenue of $2.0 million, a decrease of 67% compared to the prior year period primarily due to a $3.4 million reduction in BARDA research contribution revenues.
Achieved sepsis test panel revenue of $1.3 million, representing an increase of 7% compared to the prior year period, despite ending the quarter with a $350 thousand sepsis test backorder.
Executed contracts for 11 T2Dx Instruments during the second quarter, including 4 in the U.S. and 7 internationally.
Secured multi-year contract with a European distributor for 7 T2Dx Instruments and sepsis test panels for Poland – including T2Bacteria® Panel, T2Candida® Panel, and T2Resistance® Panel.
Strengthened balance sheet by converting $10.0 million, or approximately 20%, of term loan debt with CRG Servicing LLC (“CRG”) in exchange for shares of T2 Biosystems equity.
Cash and cash equivalents totaled $16.1 million as of June 30, 2023, and the Company raised an additional $10.9 million in net proceeds through ATM sales during the third quarter.
Received extension to comply with Nasdaq listing requirements through November 20, 2023.
Recent Pipeline and Clinical Highlights
Received FDA Breakthrough Device designation for Candida auris direct-from-blood molecular diagnostic test, marking the third T2 Biosystems’ product to receive this designation.
Completed patient enrollment in the U.S. clinical trial for the T2Resistance Panel.
Filed FDA submission for T2Biothreat™ Panel, a direct-from-blood diagnostic test that runs on the FDA-cleared T2Dx Instrument and detects six biothreat pathogens identified as threats by CDC.
Established a clinical collaboration with Vanderbilt University Medical Center to implement the T2Bacteria Panel and assess its impact on antibiotic usage and clinical interventions.
“Our second quarter results were highlighted by record quarterly sepsis test panel orders and the second largest sepsis-driven instrument order in company history, demonstrating increasing demand for our life-saving direct-from-whole blood sepsis pathogen detection products,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “Progressing each of our corporate priorities, the implementation of our strategic restructuring program, which has led to a reduction in operating costs and the strengthening of the balance sheet, positions T2 Biosystems to continue the exploration of strategic alternatives and execute on our product development and growth initiatives.”
Second Quarter 2023 Financial Results
Total revenue for the second quarter of 2023 was $2.0 million, a 67% decrease compared to the prior year period, driven primarily by reduced BARDA contribution revenues and de minimus COVID-19 test sales. Product revenue was $2.0 million, a decrease of 23% compared to the prior year period, driven by the decline in COVID-19 test sales and partially offset by increased sepsis test sales.
Cost of product revenue for the second quarter of 2023 was $4.9 million, a 4% decrease compared to the prior year period, driven by decreased COVID-19 test sales. Research and development expenses were $3.9 million, a 52% decrease compared to the prior year period, driven by decreased BARDA contract activities. Selling, general and administrative expenses were $6.3 million, a 20% decrease compared to the prior year period driven by decreased Medical Affairs spending.
Net loss for the second quarter of 2023 was $6.3 million, $0.08 per share, compared to a net loss of $18.0 million, $5.10 per share, in the prior year period.
Cash and cash equivalents totaled $16.1 million as of June 30, 2023. The Company raised $18.5 million in net proceeds through ATM sales in the second quarter of 2023 and on July 6, 2023, converted $10 million, or approximately 20%, of its term loan into equity.
Updated 2023 Financial Outlook
The Company now expects full year total sepsis and related product revenue of $9.5 million to $10.5 million, representing growth of 13% to 25%, compared to 2022.
Webcast and Conference Call Information
The Company’s management team will host a conference call today, August 7, 2023, beginning at 4:30 pm ET. Investors interested in listening to the call may do so by dialing 888-506-0062 for domestic callers or 973-528-0011 for International callers and using conference ID 420267 approximately five minutes prior to the start time. A live and recorded webcast of the call will be available on the “Investors” section of the Company’s website at www.t2biosystems.com.
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat™ Panel, the Candida auris test, and T2Lyme™ Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers. For more information, please visit www.t2biosystems.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our revenue results and cash balance, financial outlook, instrument contracts, timing of completing clinical trials and filing of an FDA submission, impact of operating expense reductions, anticipated strategic priorities, product demand, commitments or opportunities, and growth expectations or targets, as well as statements that include the words “expect,” “may,” “should,” “anticipate,” and similar statements of a future or forward looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; (iv) failure to regain and maintain compliance with Nasdaq listing requirements and receipt of shareholder approval at our upcoming annual meeting of a reverse stock split; or (v) the factors discussed under Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission, or SEC, on March 31, 2023, and other filings the Company makes with the SEC from time to time, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Investor Contact:
Philip Trip Taylor, Gilmartin Group
ir@T2Biosystems.com
415-937-5406
T2 BIOSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
June 30,
2023 December 31,
2022
Assets
Current assets:
Cash and cash equivalents $ 16,084 $ 10,329
Accounts receivable 1,349 2,163
Inventories 4,337 4,285
Prepaid expenses and other current assets 2,100 2,582
Total current assets 23,870 19,359
Property and equipment, net 4,572 4,533
Operating lease right-of-use assets 8,088 8,741
Restricted cash 551 1,551
Other assets 49 143
Total assets $ 37,130 $ 34,327
Liabilities and stockholders’ deficit
Current liabilities:
Notes payable $ 50,571 $ 49,651
Accounts payable 2,234 1,296
Accrued expenses and other current liabilities 10,400 7,269
Operating lease liability 1,480 1,352
Derivative liability related to Term Loan 836 —
Warrant liabilities 270 39
Deferred revenue 265 172
Total current liabilities 66,056 59,779
Operating lease liabilities, net of current portion 7,433 8,214
Deferred revenue, net of current portion 64 52
Derivative liability related to Term Loan, net of current portion — 1,088
Accrued interest on term loan — 4,849
Total liabilities 73,553 73,982
Commitments and contingencies (see Note 13)
Stockholders’ deficit
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued
and outstanding — —
Common stock, $0.001 par value; 400,000,000 shares authorized; 241,849,922 and
7,716,519 shares issued and outstanding at June 30, 2023 and December 31, 2022,
respectively 242 8
Additional paid-in capital 521,866 494,556
Accumulated deficit (558,531 ) (534,219 )
Total stockholders’ deficit (36,423 ) (39,655 )
Total liabilities and stockholders’ deficit $ 37,130 $ 34,327
T2 Biosystems Q2 2023 Earnings Preview
Aug. 06, 2023 5:35 PM ETT2 Biosystems, Inc. (TTOO)By: Arundhati Sarkar, SA News Editor
T2 Biosystems (NASDAQ:TTOO) is scheduled to announce Q2 earnings results on Monday, August 7th, after market close.
Yea it is $$$
Thk you Dude !!!!
Can we do a vtgn here
I was just asking probably not
Wow can this hit $100
Check out vtgn
Lock your shares up $$$$
We break .5 it’s straight to $1
Load up $$$&
This should be way higher let’s gooo$$$$ need to break $1