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Full Year 2023 Financial Results
Revenues
Revenues were US$122,112, compared to US$3,519,627 in the full year of 2022, reflecting a decrease in selling price and sales volume of the Company's COVID-19 Antigen Rapid Test Kits attributable to the slowdown of COVID-19 infections in Taiwan.
Cost of Revenues
Cost of revenues was US$375,845 in the full year of 2023, compared with U$$2,114,284 in the same period of 2022. The decrease was primarily attributable to a decline in sales volume, partially offset by recognition of inventory loss.
Gross Profit
In the full year of 2023, gross profit was negative US$253,733, compared with a positive gross profit of US$1,405,343 a year ago, driven by declines in sales volume and selling price, as well as recognition of inventory loss.
Total Operating Expenses
Total operating expenses decreased to US$12,952,663 in the full year of 2023 from US$15,381,555 in the same period of 2022. The decrease was mainly attributable to a decline in share-based compensation. Operating expenses excluding depreciation and amortization expenses and share-based compensation increased to US$4,813,717 in the full year of 2023, from US$4,196,981 in the full year of 2022.
Net Loss
Net loss attributable to common stock shareholders was US$13,770,549 in 2023, compared with US$14,006,690 in 2022.
Balance Sheet
As of December 31, 2023, the Company had cash and cash equivalents of US$1,885,628 compared with US$1,853,362 as of December 31, 2022.
Recent Business Developments
On November 6, 2023, the Company announced that it had signed a Memorandum of Understanding ("MoU") with SIDSCO Biomedical Co., Ltd. ("SIDSCO"). The MoU is an important step in Ainos' strategy to expand its product line into the global pet care market. Under the agreement, Ainos and SIDSCO will jointly explore the feasibility of VELDONA®/Cytoprotein contract clinical trials. Ainos intends to conduct animal clinical trials for veterinary investigational medicines in conjunction with SIDSCO, and will provide the technical knowledge, funding, and assistance required for the project.
On November 21, 2023, the Company announced that positive top-line data has been reported from three clinical studies for its VELDONA® low-dose oral interferon formulation as a potential treatment for oral warts in HIV-seropositive patients, which the FDA has granted orphan drug designation. The positive results partially fulfill the hypotheses of the three studies in establishing a safe daily dose, and demonstrate the formulation's superior efficacy compared to a placebo in relieving oral warts in HIV-seropositive individuals.
On November 28, 2023, the Company announced that its contract manufacturer, Swiss Pharmaceutical Co., Ltd. (Taiwan) ("Swiss Pharma"), has completed manufacturing of a Good Manufacturing Practice ("GMP") Clinical Batch of the Company's VELDONA® investigational new drugs.
On December 26, 2023, the Company announced that it is initiating the second phase of co-development of a volatile organic compound (VOC) sensing platform, powered by AI Nose technology, in collaboration with Nisshinbo Micro Devices Inc. and Taiwan Inabata Sangyo Co. The parties aim to finalize the prototype in the third quarter of 2024 and subsequently prepare for mass production.
Posted In: AIMD
