Biocardia ( (BCDA) ) has released its Q3 earnings. Here is a breakdown of the information Biocardia presented to its investors.
BioCardia, Inc., based in Sunnyvale, California, is a biotechnology company focused on the development of cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases. Their notable product platforms include CardiAMP® autologous and CardiALLO™ allogeneic cell therapies, supported by their innovative delivery systems.
In the third quarter of 2024, BioCardia reported significant progress in its clinical trials and product development. Key highlights included the FDA’s acceptance of plans for the CardiAMP Heart Failure Trial and the approval of a protocol amendment for the CardiAMP Heart Failure II Trial. The company also completed a submission to Japan’s PMDA regarding the CardiAMP Cell Therapy System and received FDA approval for its Morph Access Innovations product line.
Financially, BioCardia demonstrated a narrowing of net losses, reporting a net loss of $1.7 million for the third quarter of 2024, compared to $2.6 million for the same period in 2023. This improvement was primarily due to reduced research and development expenses following the completion of patient enrollment in the CardiAMP Cell Therapy Heart Failure Trial. Additionally, the company successfully completed a $7.2 million public offering in September 2024, bolstering its cash reserves.
Looking forward, BioCardia’s management remains cautiously optimistic about the upcoming data release from the CardiAMP Heart Failure Trial, expected in the first quarter of 2025. The company anticipates that positive results could pave the way for regulatory approval and the potential commercialization of the world’s first approved cardiac cell therapy for ischemic heart failure with reduced ejection fraction.
