Bluejay Diagnostics, Inc. Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Corporate Update
Testing program underway for lead product candidate, the Symphony IL-6 Test, in support of an FDA Marketing Application, planned for Q3 2022
2021 ended with approximately $19 million in cash expected to fund operations beyond the date of our anticipated regulatory approval and initial commercialization of the IL-6 Test
ACTON, Mass., March 10, 2022 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay”, “the Company”) a late-stage, pre-revenue diagnostics company focused on developing cost-effective, rapid, near-patient products for triage and monitoring of disease progression, today announced financial results for the fourth quarter and full year ended December 31, 2021 and provided a corporate update, including on the Company’s first product candidate, the IL-6 Test.
“Bluejay had a very productive 2021. We substantially advanced our lead product candidate, the Symphony IL-6 Test, into several clinical studies at highly respected study sites, completed an upsized IPO, and started to build out our team and the systems to support the company as we prepare for commercial launch in the U.S.,” said Neil Dey, Bluejay’s Chief Executive Officer.
“Bluejay’s Symphony platform was designed to provide rapid test results, using whole blood samples, in near-patient settings to aid in the care of patients with life-threatening diseases. Looking ahead in 2022, we plan to complete the clinical and analytical studies to support the company’s planned marketing application with the FDA and to continue our preparations for commercial launch of the Symphony IL-6 Test in the U.S.,” continued Neil.
Recent Corporate Highlights:
Financial Results for the Three Months Ended December 31, 2021 and Full Year 2021
Cash and cash equivalents. Cash and cash equivalents on December 31, 2021 were $19,047,778 as compared to $912,361 on December 31, 2020. The company expects its existing cash and cash equivalents to be sufficient to fund operations beyond the date of our anticipated regulatory approval and initial commercialization of the IL-6 Test.
Research and development expense. Research and development expenses for the three months ended December 31, 2021 were $455,253 as compared to $419,061 for the comparable period in 2020. Research and development expenses for 2021 were $1,147,955 compared to $527,253 for 2020.
The increase relates to initiation of testing and manufacturing of the Symphony IL-6 Test.
General and administrative expense. General and administrative expenses for the three months ended December 31, 2021 were $817,688 as compared to $143,270 for the comparable period in 2020. General and administrative expenses for 2021 were $1,792,482 compared to $596,116 for 2020.
The increase is attributable to the transition from a private to a public company, including the accounting, legal and audit related expenses. Compensation and benefit costs also increased as a result of increased headcount.
Marketing and business development expense. Marketing and business development expenses for the three months ended December 31, 2021 were $99,961 as compared to $19,448 for the comparable period in 2020. Marketing and business development expenses for 2021 were $289,726 compared to $73,022 for 2020.
The increase is attributable to increased employee/consultant headcount to facilitate commercialization of the Symphony IL-6 Test.
Net loss/Net loss per share. The Net loss and Net loss per share for the three months ended December 31, 2021 was $1,460,493 and $0.09 compared to $544,025 and $0.17 for the comparable period in 2020. The Net loss and Net loss per share for 2021 was $3,488,298 and $0.41 compared to $1,158,285 and $0.37 for 2020.
Full financial tables are included below. For further details on Bluejay’s financials, refer to its Form 10K, filed March 10, 2022 with the S.E.C.
About the Symphony IL-6 Test Program
About the Symphony™ System:
This user-friendly system is expected to fit into ICU/near-patient settings without the need for dedicated staff to run a test. The system has been designed to measure test analytes using whole blood. Samples are collected and loaded into proprietary, test-specific cartridges.
The Symphony IL-6 Test is a development stage product candidate for investigational use only. It is limited by United States law to investigational use.
About Bluejay Diagnostics:
Forward Looking Statements:
Bluejay Diagnostics, Inc.
Bluejay Diagnostics, Inc.