Bluejay Diagnostics Files Q3 2024 10-Q Report

TL;DR

Bluejay Diagnostics filed its 10-Q for Q3 2024. Check financials.

AI Summary

Bluejay Diagnostics, Inc. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in Delaware, reported its financial status and business operations. The filing provides an update on the company's performance and outlook.

Why It Matters

This filing provides investors and stakeholders with the latest financial and operational details of Bluejay Diagnostics, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant risks or opportunities, but it is not an earnings release or a major event announcement.

Key Players & Entities

• Bluejay Diagnostics, Inc. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 001-41031 (other) — Commission file number
• Delaware (other) — State of Incorporation
• 47-3552922 (other) — I.R.S. Employer Identification No.
• 360 Massachusetts Avenue, Suite 203, Acton, MA 01720 (address) — Principal Executive Offices
• (844) 327-7078 (phone_number) — Registrant's Telephone Number

FAQ

Filing Documents

• ea0220132-10q_bluejay.htm (10-Q) — 584KB
• ea022013201ex31-1_bluejay.htm (EX-31.1) — 9KB
• ea022013201ex31-2_bluejay.htm (EX-31.2) — 9KB
• ea022013201ex32-1_bluejay.htm (EX-32.1) — 3KB
• ea022013201ex32-2_bluejay.htm (EX-32.2) — 3KB
• 0001213900-24-095388.txt ( ) — 4421KB
• bjdx-20240930.xsd (EX-101.SCH) — 51KB
• bjdx-20240930_cal.xml (EX-101.CAL) — 35KB
• bjdx-20240930_def.xml (EX-101.DEF) — 224KB
• bjdx-20240930_lab.xml (EX-101.LAB) — 430KB
• bjdx-20240930_pre.xml (EX-101.PRE) — 235KB
• ea0220132-10q_bluejay_htm.xml (XML) — 445KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

OTHER INFORMATION

PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26

Signatures

Signatures 27 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 activi

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements. Bluejay Diagnostics, Inc. Condensed Consolidated Balance Sheets (Unaudited) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 5,755,741 $ 2,208,516 Prepaid expenses and other current assets 811,945 747,263 Deferred offering costs - 265,081 Total current assets 6,567,686 3,220,860 Property and equipment, net 1,534,631 1,285,741 Operating lease right-of-use assets 227,495 333,267 Other non-current assets 23,598 28,663 Total assets $ 8,353,410 $ 4,868,531 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 316,650 $ 491,474 Operating lease liability, current 111,453 162,990 Accrued expenses and other current liabilities 621,144 1,116,911 Notes payable, net - - Total current liabilities 1,049,247 1,771,375 Operating lease liability, non-current 130,199 189,987 Other non-current liabilities 9,530 12,321 Total liabilities 1,188,976 1,973,683 Commitments and Contingencies (See Note 10) Stockholders' equity: Common stock, $ 0.0001 par value; 250,000,000 shares authorized; 17,827,280 and 154,893 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 1,783 16 Additional paid-in capital 40,399,445 29,845,822 Accumulated deficit ( 33,236,794 ) ( 26,950,990 ) Total stockholders' equity 7,164,434 2,894,848 Total liabilities and stockholders' equity $ 8,353,410 $ 4,868,531 See accompanying notes to condensed consolidated

financial statements

financial statements. Reflects a 1-for-8 reverse stock split effective June 20, 2024 1 Bluejay Diagnostics, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating expenses: Research and development $ 551,655 $ 1,397,318 $ 2,917,674 $ 4,428,123 General and administrative 809,199 963,534 2,759,817 3,213,614 Sales and marketing 753 ( 19,619 ) 7,481 282,756 Total operating expenses 1,361,607 2,341,233 5,684,972 7,924,493 Operating loss ( 1,361,607 ) ( 2,341,233 ) ( 5,684,972 ) ( 7,924,493 ) Other income (expense): Interest expense ( 190,610 ) - ( 822,299 ) - Other income 70,258 43,235 221,467 273,347 Total other income (expense), net ( 120,352 ) 43,235 ( 600,832 ) 273,347 Net loss $ ( 1,481,959 ) $ ( 2,297,998 ) $ ( 6,285,804 ) $ ( 7,651,146 ) Net loss per share – Basic and diluted $ ( 0.16 ) $ ( 16.67 ) $ ( 1.82 ) $ ( 58.38 ) Weighted average common shares outstanding – Basic and diluted 9,555,855 137,871 3,444,646 131,054 See accompanying notes to condensed consolidated

financial statements

financial statements. Reflects a 1-for-8 reverse stock split effective June 20, 2024. 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 154,893 $ 16 $ 29,845,822 $ ( 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 89,067 9 2,788,960 - 2,788,969 Exercise of January 2024 Prefunded Warrants 92,096 9 ( 9 ) - - Net loss - - - ( 2,328,465 ) ( 2,328,465 ) Balance at March 31, 2024 336,056 34 32,646,647 ( 29,279,455 ) 3,367,226 Stock-based compensation expense - - 6,010 - 6,010 Exercise of January 2024 Prefunded Warrants 155,376 15 ( 15 ) - - Issuance of Common Stock in connection with Bridge Note Financing 72,537 7 307,556 - 307,563 Issuance of Common Stock in connection with June 2024 Offering, net of issuance costs of $ 1,399,500 2,020,089 202 7,435,454 - 7,435,656 Net loss - - - ( 2,475,380 ) ( 2,475,380 ) Balance at June 30, 2024 2,584,058 258 40,395,652 ( 31,754,835 ) 8,641,075 Stock-based compensation expense - - 4,792 - 4,792 Exercise of June 2024 Prefunded Warrants 3,347,739 335 ( 335 ) - - Exercise of Series D Warrants 11,895,483 1,190 ( 664 ) - 526 Net loss - - - ( 1,481,959 ) ( 1,481,959 ) Balance at September 30, 2024 17,827,280 $ 1,783 $ 40,399,445 $ ( 33,236,794 ) $ 7,164,434 Stockholders' Equity Common Stock Additional Paid-In Accumulated Total Stockholders' Shares Amount Capital Deficit Equity Balance at December 31, 2022 126,320 $ 13 $ 28,538,362 $ ( 16,997,102 ) $ 11,541,273 Stock-based compensation expense - - 54,730 - 54,730 Grants of fully vested restricted stock units to se

financial statements

financial statements. Reflects a 1-for-8 reverse stock split effective June 20, 2024 3 Bluejay Diagnostics, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Nine months ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ ( 6,285,804 ) $ ( 7,651,146 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 55,843 626,366 Stock-based compensation expense 22,676 204,810 Amortization of right-of-use asset 105,772 98,266 Non-cash interest expense for finance lease 814 - Non-cash interest expense for notes payable 807,797 - Impairment of property and equipment 925 1,787 Changes in operating assets and liabilities: Deferred offering costs 265,081 - Prepaid expenses and other current assets ( 64,682 ) 222,675 Other non-current assets 5,065 5,304 Accounts payable ( 387,478 ) 18,609 Other non-current liabilities ( 59,788 ) - Accrued expenses and other current liabilities ( 547,304 ) 936,936 Net cash used in operating activities ( 6,081,083 ) ( 5,536,393 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment ( 305,658 ) ( 616,272 ) Net cash used in investing activities ( 305,658 ) ( 616,272 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock, gross - 1,590,840 Payment for issuance of common stock - ( 413,544 ) Proceeds from issuance of notes payable, net of discounts of $ 287,580 2,000,000 - Repayment of notes payable ( 2,287,580 ) - Proceeds from issuance of common stock and prefunded warrants 12,069,075 - Issuance costs related to issuance or common stock ( 1,844,450 ) - Proceeds from exercise of Class D warrants and prefunded warrants 526 - Payment of Finance Lease ( 3,605 ) ( 3,605 ) Payment of tax withholding obligations on restricted stock units - ( 59,079 ) Net cash provided by financing activities 9,933,966 1,114,612 Increa

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 an exclusively licensed and patented technology 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 could consistently monitor this critical care biomarker with rapid results providing critical information to the physicians to improve patient care. 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. In the future, Bluejay also plans to explore new products to support Bluejay's biomarker detection program. Furthermore, Bluejay plans to explore strategic opportunities around the specimen biobanks generated fro