Bluejay Diagnostics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bluejay Diagnostics, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial and operational status.</b>

AI Summary

Bluejay Diagnostics, Inc. (BJDX) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Bluejay Diagnostics, Inc. filed a Form 10-Q for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and has its principal executive offices in Acton, MA. Bluejay Diagnostics is classified as a Non-Accelerated Filer and a Smaller Reporting Company. The company has elected not to use the extended transition period for new accounting standards. As of May 1, 2024, Bluejay Diagnostics had 2,904,448 shares of common stock outstanding.

Why It Matters

For investors and stakeholders tracking Bluejay Diagnostics, Inc., this filing contains several important signals. This filing provides crucial insights into the company's financial performance and operational status during the first quarter of 2024. As a smaller reporting company, this 10-Q is a key document for investors to assess the company's progress and potential risks.

Risk Assessment

Risk Level: low — Bluejay Diagnostics, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new financial data or material events that would indicate a change in risk profile.

Analyst Insight

Monitor future 10-Q filings for detailed financial performance and operational updates, particularly regarding revenue and net income.

Key Numbers

• 2,904,448 — Common Stock Outstanding (As of May 1, 2024)
• March 31, 2024 — Quarterly Period End Date (Form 10-Q filing)

Key Players & Entities

• Bluejay Diagnostics, Inc. (company) — Registrant Name
• March 31, 2024 (date) — Quarterly period ended
• 001-41031 (other) — Commission file number
• Delaware (other) — State of Incorporation
• Acton, MA (location) — Principal Executive Offices
• BJDX (ticker) — Trading Symbol
• 2,904,448 (dollar_amount) — shares of common stock outstanding at May 1, 2024
• May 1, 2024 (date) — Date of outstanding shares

FAQ

Industry Context

Bluejay Diagnostics operates in the medical instruments and apparatus industry, focusing on diagnostic solutions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including quarterly (10-Q) and annual (10-K) filings.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Track future SEC filings for updates on product development, regulatory approvals, and financial performance.
3. Analyze the company's market position and competitive landscape within the diagnostics sector.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the previous period's filings.

Filing Documents

• ea0205962-10q_bluejay.htm (10-Q) — 455KB
• ea020596201ex31-1_bluejay.htm (EX-31.1) — 12KB
• ea020596201ex31-2_bluejay.htm (EX-31.2) — 12KB
• ea020596201ex32-1_bluejay.htm (EX-32.1) — 4KB
• ea020596201ex32-2_bluejay.htm (EX-32.2) — 4KB
• 0001213900-24-043735.txt (&nbsp;) — 3709KB
• bjdx-20240331.xsd (EX-101.SCH) — 48KB
• bjdx-20240331_cal.xml (EX-101.CAL) — 29KB
• bjdx-20240331_def.xml (EX-101.DEF) — 196KB
• bjdx-20240331_lab.xml (EX-101.LAB) — 371KB
• bjdx-20240331_pre.xml (EX-101.PRE) — 197KB
• ea0205962-10q_bluejay_htm.xml (XML) — 345KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 19

Signatures

Signatures 20 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS We make forward-looking statements under the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other sections of this Quarterly Report on Form 10-Q (this "Form 10-Q"). In some cases, you can identify these statements by forward-looking words such as "may," "might," "should," "would," "could," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. While we believe we have identified material risks, these risks and uncertainties are not exhaustive. Other sections of this Form 10-Q may describe additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of acti

financial statements

financial statements. Reflects a 1-for-20 reverse stock split effective July 24, 2023. 2 Bluejay Diagnostics, Inc. Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Stockholders' Equity Common Stock Additional Paid-In Accumulated Total Stockholders' Shares Amount Capital Deficit Equity Balance at December 31, 2023 1,239,140 $ 124 $ 29,845,714 $ ( 26,950,990 ) $ 2,894,848 Stock-based compensation expense - - 11,874 - 11,874 Issuance of Common Stock and PreFunded Warrants net of issuance costs of $ 444,950 712,538 71 2,788,898 - 2,788,969 Exercise of PreFunded Warrants 736,770 74 ( 74 ) - - Net loss - - - ( 2,328,465 ) ( 2,328,465 ) Balance at March 31, 2024 2,688,448 $ 269 $ 32,646,412 $ ( 29,279,455 ) $ 3,367,226 Stockholders' Equity Common Stock Additional Paid-In Accumulated Total Stockholders' Shares Amount Capital Deficit Equity Balance at December 31, 2022 1,010,560 $ 101 $ 28,538,274 $ ( 16,997,102 ) $ 11,541,273 Stock-based compensation expense - - 54,730 - 54,730 Grants of fully vested restricted stock units to settle accrued bonus, net of shares withheld 12,188 1 107,234 - 107,235 Net loss - - - ( 2,539,843 ) ( 2,539,843 ) Balance at March 31, 2023 1,022,748 $ 102 $ 28,700,238 $ ( 19,536,945 ) $ 9,163,395 See accompanying notes to condensed consolidated

financial statements

financial statements. Reflects a 1-for-20 reverse stock split effective July 24, 2023. 3 Bluejay Diagnostics, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss $ ( 2,328,465 ) $ ( 2,539,843 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 19,714 120,017 Stock-based compensation expense 11,874 219,589 Amortization of right-of-use asset 34,612 40,328 Non-cash interest expense for finance lease 294 - Changes in operating assets and liabilities: Deferred offering costs 265,081 - Prepaid expenses and other current assets ( 41,315 ) ( 446,532 ) Other non-current assets 3,448 1,768 Accounts payable ( 219,649 ) ( 314,773 ) Other non-current Liabilities ( 20,492 ) - Accrued expenses and other current liabilities ( 21,178 ) ( 14,161 ) Net cash used in operating activities ( 2,296,076 ) ( 2,933,607 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment ( 35,433 ) ( 340,669 ) Net cash used in investing activities ( 35,433 ) ( 340,669 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock, gross 3,500,000 - Payment of issuance costs of common stock ( 445,950 ) - Payment of deferred offering costs ( 265,081 ) - Payment of finance lease ( 4,807 ) ( 1,202 ) Payment of tax withholding obligations on restricted stock units - ( 57,601 ) Net cash provided in financing activities 2,784,162 ( 58,803 ) Increase (decrease) in cash and cash equivalents 452,653 ( 3,333,079 ) Cash and cash equivalents, beginning of period 2,208,516 10,114,990 Cash and cash equivalents, end of period $ 2,661,169 $ 6,781,911 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH FINANCING ACTIVITIES Liabilities incurred for the purchase of property and equipment - $ 67,000 See accompanying notes to

financial statements

financial statements. 4 Bluejay Diagnostics, Inc. Notes to the Condensed Consolidated Financial Statements (Unaudited) 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Business

Business Bluejay Diagnostics, Inc. ("Bluejay" or the "Company") is a medical diagnostics company developing rapid tests using whole blood on our Symphony technology platform ("Symphony") to improve patient outcomes in critical care settings. The Company's Symphony platform is a combination of Bluejay's intellectual property ("IP") and exclusively licensed and patented IP that consists of a mobile device and single-use test cartridges that if cleared, authorized, or approved by the U.S. Food and Drug Administration (the "FDA"), can provide a solution to a significant market need in the United States. Clinical trials indicate the Symphony device produces results in less than 20 minutes for intensive care units and emergency rooms, where rapid and reliable results are required. Bluejay's first product, the Symphony IL-6 test, is for the monitoring of disease progression in critical care settings. IL-6 is a clinically established inflammatory biomarker, considered a first-responder,' for assessment of severity of infection and inflammation across many disease indications, including sepsis. A current challenge of healthcare professionals is the excessive time and cost associated determining a patient's level of severity at triage and the Symphony IL-6 test has the ability to consistently monitor this critical care biomarker with rapid results. In the future Bluejay plans to develop additional tests for Symphony including two cardiac biomarkers (hsTNT and NT pro-BNP), as well as other tests using the Symphony platform. The Company does not yet have regulatory clearance for its Symphony products, and its Symphony products will need to receive regulatory authorization from the FDA in order to be marketed as a diagnostic product in the United States. We were incorporated under the laws of Delaware on March 20, 2015. Our headquarters is located in Acton, Massachusetts. On June 4, 2021, the Company formed Bluejay Spinco, LLC, a wholly owned subsidiary of the Company,

Financial Statements

Financial Statements. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company believes judgment is involved in accounting for the fair value-based measurement of stock-based compensation, accruals, and warrants. The Company evaluates its estimates and assumptions as facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates and assumptions, and those differences could be material to the condensed consolidated financial statements. 7 Stock-based compensation Stock-based compensation expense for all stock-based payment awards made to employees, directors and non-employees is measured based on the grant-date fair value of the award. Stock-based compensation expense for awards granted to non-employees is determined using the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. The Company recognizes the compensation cost of stock-based awards on a straight-line basis over the requisite service period. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the implied service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company recognizes forfeitures related to employee stock-based payments when they occur. Forfeited options are recorded as a reduction to stock compensation expense. Research and development expenses Costs incurred in the research and development of new products