OpGen Inc. Files Q1 2024 10-Q

TL;DR

OpGen Q1 2024 10-Q filed. Financials out.

AI Summary

OpGen Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance for the first quarter of 2024, including revenue from products and services, and information on preferred stock series D and E. The company's principal executive offices are located at 9717 Key West Avenue, Suite 100, Rockville, MD 20850.

Why It Matters

This filing provides investors with the latest financial snapshot of OpGen Inc., crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q1 — Reporting Period (First quarter of 2024 financial performance)
• 2023-12-31 — Previous Year End (Comparison point for financial data)

Key Players & Entities

• OPGEN INC (company) — Filer
• 20240331 (date) — Reporting Period End Date
• 20240708 (date) — Filing Date
• 9717 KEY WEST AVENUE SUITE 100 ROCKVILLE MD 20850 (address) — Business and Mail Address
• 301-869-9683 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — f the Company's common stock, par value $0.01 per share, were outstanding as of July
• $200,000 — rman. On March 25, 2024, Mr. Lazar paid $200,000 at the initial closing of the transacti
• $150,000 — r. Lazar subsequently paid $200,000 and $150,000 on April 5, 2024 and April 23, 2024, re
• $2.45 million — Lazar is expected to fund the remaining $2.45 million in the third quarter of 2024, at which
• $2.0 million — eement, the Company will pay a total of $2.0 million of the proceeds to settle all outstandi

Filing Documents

• opgeninc_10q.htm (10-Q) — 1075KB
• opgeninc_ex31-1.htm (EX-31.1) — 16KB
• opgeninc_ex32-1.htm (EX-32.1) — 7KB
• 0001829126-24-004635.txt ( ) — 6252KB
• opgn-20240331.xsd (EX-101.SCH) — 54KB
• opgn-20240331_cal.xml (EX-101.CAL) — 53KB
• opgn-20240331_def.xml (EX-101.DEF) — 241KB
• opgn-20240331_lab.xml (EX-101.LAB) — 355KB
• opgn-20240331_pre.xml (EX-101.PRE) — 316KB
• opgeninc_10q_htm.xml (XML) — 974KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II. OTHER INFORMATION 40 Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 i INFORMATION REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q 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. 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 statements. Forward-looking statements include, but are not limited to, statements about: our liquidity and working capital requirements, includin

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 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 Finance lease right-of-use assets, net - 138 Indemnification assets 2,135,545 - Other noncurrent assets 302,262 302,262 Total assets $ 2,970,380 $ 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 ( 305,107,269 ) ( 305,493,302 ) Accumulated other comprehensive loss - ( 75,138 ) Total stockh

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View this 10-Q filing on SEC EDGAR