BioRestorative Therapies Meets Nasdaq Rule; Reports Q1 2024 Financials

BioRestorative Therapies, Inc. (BioRestorative or BRTX), a clinical-stage company specializing in stem cell-based therapies, has announced that it has regained compliance with the Nasdaq Stock Market's Listing Rule 5250(c)(1). This compliance was achieved following the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2024, with the Securities and Exchange Commission.

For the first quarter of 2024, BioRestorative reported a significant improvement in its operating performance compared to the same period in 2023. The company experienced a loss from operations amounting to $4.1 million, which is a 29% improvement over the $5.8 million loss reported for the first quarter of 2023. Additionally, the net loss for Q1-2024 was $2.2 million, or $0.33 per share, compared to a net loss of $7.2 million, or $1.93 per share, during the same period in the previous year.

Cash used in operating activities for the first quarter of 2024 was $2.3 million, closely matching the $2.4 million used in Q1-2023. BioRestorative ended the first quarter with a strong financial position, holding $16.4 million in cash, cash equivalents, and marketable securities as of March 31, 2024.

BioRestorative Therapies, Inc. focuses on developing therapeutic products based on cell and tissue protocols, primarily utilizing adult stem cells. The company’s primary clinical development programs target disc/spine diseases and metabolic disorders, and it has also ventured into the BioCosmeceutical market.

The Disc/Spine Program features the company's lead candidate, BRTX-100. This product is derived from a patient’s own mesenchymal stem cells, which are cultured from bone marrow. The treatment is designed for non-surgical intervention in painful lumbosacral disc disorders or as an adjunct to surgical procedures. The proprietary production process includes collecting bone marrow, isolating and culturing stem cells, and cryopreserving them. BRTX-100 is then injected into the damaged disc. The therapy is intended for patients who have not found relief from non-invasive treatments and are facing possible surgery. A Phase 2 clinical trial is currently underway to assess BRTX-100 for chronic lower back pain due to degenerative disc disease.

The Metabolic Program, called ThermoStem®, focuses on developing therapies for obesity and metabolic disorders using brown adipose-derived stem cells (BADSC). These cells are used to generate brown adipose tissue (BAT) and exosomes secreted by BADSC. BAT is believed to help regulate metabolic homeostasis in humans, potentially burning more calories and lowering glucose and lipid levels. Initial research suggests that individuals with higher levels of brown fat might have a reduced risk of obesity and diabetes.

BioRestorative also operates a commercial BioCosmeceutical platform, offering products formulated and manufactured in an ISO-7 certified clean room. Their current product is a cell-based secretome containing exosomes, proteins, and growth factors. This biologic serum is designed to reduce the appearance of fine lines and wrinkles and improve other cosmetic areas. The company plans to expand its commercial offerings to include a wider range of cell-based biological aesthetic products and therapeutics. These efforts aim to achieve U.S. Food and Drug Administration (FDA) approvals in the developing BioCosmeceuticals market.