Opgen Inc. Files Amended 10-Q for Q1 2024

TL;DR

Opgen filed an amended Q1 2024 10-Q. Check for updated financials.

AI Summary

Opgen Inc. filed an amended 10-Q for the period ending March 31, 2024, on August 19, 2024. The filing provides updated financial information and disclosures for the first quarter of 2024. Key financial data and business operations details are presented in this amended filing.

Why It Matters

This amended filing provides updated financial and operational details for Opgen Inc. for the first quarter of 2024, which is crucial for investors to assess the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — Amended filings can indicate that initial disclosures contained errors or omissions, requiring careful review by investors.

Key Numbers

• 2024-03-31 — Q1 2024 Period End (The financial period covered by the amended 10-Q filing.)
• 2024-08-19 — Filing Date (The date Opgen Inc. filed this amended 10-Q/A.)

Key Players & Entities

• OPGEN INC (company) — Filer of the 10-Q/A
• 0001829126-24-005661 (accession_number) — Accession number for the filing
• 20240819 (date) — Filing date of the amended 10-Q
• 20240331 (date) — Period end date for the financial report

FAQ

Key Financial Figures

• $0.01 — f the Company's common stock, par value $0.01 per share, were outstanding as of Augus
• $0.1 million — in an incremental loss of approximately $0.1 million. As a result of this error, the Compan

Filing Documents

• opgeninc_10qa.htm (10-Q/A) — 1214KB
• opgeninc_ex31-1.htm (EX-31.1) — 16KB
• opgeninc_ex31-2.htm (EX-31.2) — 16KB
• opgeninc_ex32-1.htm (EX-32.1) — 9KB
• 0001829126-24-005661.txt ( ) — 7401KB
• opgn-20240331.xsd (EX-101.SCH) — 61KB
• opgn-20240331_cal.xml (EX-101.CAL) — 55KB
• opgn-20240331_def.xml (EX-101.DEF) — 284KB
• opgn-20240331_lab.xml (EX-101.LAB) — 379KB
• opgn-20240331_pre.xml (EX-101.PRE) — 360KB
• opgeninc_10qa_htm.xml (XML) — 1256KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 iii INFORMATION REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q/A of OpGen, Inc. contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In this quarterly report, we refer to OpGen, Inc. as the "Company," "we," "our" or "us." All statements other than statements of historical facts contained herein, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect" or the negative version of these words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part I Item 1A "Risk Factors" of our most recent annual report on Form 10-K and any risk factors included in Part II Item 1A "Risk Factors" of this quarterly report on Form 10-Q/A. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances included herein may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking our liquidity and working capital requirements, in

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements OpGen, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) March 31, 2024 December 31, 2023 (As Restated) Assets Current assets Cash and cash equivalents $ 267,493 $ 1,151,823 Accounts receivable, net 37,968 103,316 Prepaid expenses and other current assets 227,112 324,735 Total current assets 532,573 1,579,874 Property and equipment, net 1,192,774 - Operating lease right-of-use assets 844,705 - Finance lease right-of-use assets, net - 138 Other noncurrent assets 302,262 302,262 Total assets $ 2,872,314 $ 1,882,274 Liabilities and Stockholders' Deficit Current liabilities Accounts payable $ 191,575 $ 111,149 Accrued compensation and benefits 47,828 127,601 Accrued liabilities 378,586 135,476 Deferred revenue 8,571 25,926 EIB loan guaranty 10,920,451 10,873,867 Short-term finance lease liabilities - 280 Short-term operating lease liabilities 154,117 147,943 Total current liabilities 11,701,128 11,422,242 Long-term operating lease liabilities, net of short-term amount 1,981,428 2,021,616 Total liabilities 13,682,556 13,443,858 Commitments and contingencies (Note 8) Stockholders' deficit Series D convertible preferred stock, $ 0.01 par value; 1,000 shares authorized; 250 shares issued and outstanding at March 31, 2024 and December 31, 2023 2 2,500 Series E convertible preferred stock, $ 0.01 par value; 3,000,000 shares authorized; 200,000 and 0 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,000 - Common stock, $ 0.01 par value; 100,000,000 shares authorized; 1,303,739 and 1,282,686 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 13,037 12,827 Additional paid-in capital 294,380,054 293,991,529 Accumulated deficit ( 305,205,335 ) ( 305,493,302

View Full Filing

View this 10-Q/A filing on SEC EDGAR