Insight Molecular Diagnostics | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 260 K

Revenue: As of FY2025 Q3, the actual value is USD 260 K, missing the estimate of USD 285 K.

EPS: As of FY2025 Q3, the actual value is USD -0.34, missing the estimate of USD -0.21.

Laboratory Services: Revenue increased to $260,000 for the three months ended September 30, 2025, from $115,000 in the same period in 2024. For the nine months ended September 30, 2025, revenue was $2,892,000, up from $373,000 in 2024.
Laboratory Developed Test Services: Revenue remained at $0 for both the three and nine months ended September 30, 2025, compared to $0 and $22,000 respectively for the same periods in 2024.
Kitted Products: Revenue was $0 for the three months ended September 30, 2025, unchanged from 2024. For the nine months ended September 30, 2025, revenue was $24,000, compared to $0 in 2024.

Net Loss: The net loss was $10,854,000 for the three months ended September 30, 2025, compared to $13,493,000 in 2024. For the nine months ended September 30, 2025, the net loss was $27,267,000, slightly higher than $27,152,000 in 2024.
Gross Profit: Gross profit increased to $139,000 for the three months ended September 30, 2025, from $50,000 in 2024. For the nine months ended September 30, 2025, gross profit was $1,802,000, up from $145,000 in 2024.
Research and Development Expenses: R&D expenses rose to $3,878,000 for the three months ended September 30, 2025, from $2,817,000 in 2024. For the nine months ended September 30, 2025, expenses were $10,071,000, up from $7,582,000 in 2024.
Sales and Marketing Expenses: These expenses increased to $1,386,000 for the three months ended September 30, 2025, from $1,043,000 in 2024. For the nine months ended September 30, 2025, expenses were $4,052,000, up from $2,742,000 in 2024.
General and Administrative Expenses: G&A expenses were $2,545,000 for the three months ended September 30, 2025, compared to $2,565,000 in 2024. For the nine months ended September 30, 2025, expenses were $8,307,000, up from $7,645,000 in 2024.
Change in Fair Value of Contingent Consideration: The change was $3,378,000 for the three months ended September 30, 2025, compared to $7,140,000 in 2024. For the nine months ended September 30, 2025, the change was $7,061,000, compared to $9,421,000 in 2024.

Net Cash Used in Operating Activities: $16,639,000 for the nine months ended September 30, 2025, compared to $15,338,000 in 2024.
Net Cash Used in Investing Activities: $1,706,000 for the nine months ended September 30, 2025, compared to $302,000 in 2024.
Net Cash Provided by Financing Activities: $28,324,000 for the nine months ended September 30, 2025, compared to $9,592,000 in 2024.

First Kitted Products Revenue: Revenue from kitted products was $24,000 for the nine months ended September 30, 2025.

Core Business Focus: Insight Molecular Diagnostics Inc. plans to continue developing and commercializing its key products, including DetermaIO and DetermaCNI, while seeking regulatory approvals for kitted tests to enhance clinical sales.
Non-Core Business: The company is exploring alternative commercialization options, such as partnerships and licensing agreements, to enter overseas markets and mitigate risks related to Medicare reimbursement approvals.
Priority: The company is prioritizing technology execution, facility expansion, and acquiring new laboratory machines, relying on collaboration with Bio-Rad for product development and commercialization.