BioCardia reported its third‑quarter 2025 financial results, posting a net loss of $1.5 million—down from $1.7 million in the same quarter last year—while the nine‑month loss narrowed to $6.2 million versus $5.5 million in 2024. The company’s earnings per share were –$0.24, beating the consensus estimate of –$0.25 by $0.01.
Revenue remained flat at $0, reflecting the company’s status as a clinical‑stage biopharma with no commercial sales. Research and development expenses rose modestly to $936,000, up from $931,000, driven by the closeout of the CardiAMP heart‑failure study and the initiation of the CardiAMP Heart Failure II trial, as well as ongoing regulatory activities. Selling, general and administrative costs fell to $0.6 million from $0.8 million, largely due to lower compensation and professional‑services outlays.
The EPS beat was largely a result of disciplined cost management. CFO David McClung noted that reduced compensation expenses, lower professional‑services costs, and a smaller share‑based‑compensation charge helped offset the company’s ongoing R&D investments. The company also highlighted that the net‑loss reduction was supported by these same cost‑control measures.
Management emphasized the strategic importance of the FDA breakthrough designation for the CardiAMP cell‑therapy platform. CEO Peter Altman said the designation “underscores the safety and efficacy data we have generated and positions us for accelerated regulatory review.” He also noted progress in regulatory submissions in the United States and Japan and active enrollment in the CardiAMP Heart Failure II trial.
The company’s cash position stands at $5.3 million as of September 30, 2025, after a $6 million financing round that extended runway into the second quarter of 2026. CFO McClung reassured investors that the current reserves should sustain operations through that period, though he acknowledged the need for additional financing to reach commercialization.
Market reaction to the results was muted, with the stock trading slightly lower in aftermarket sessions. Analysts and investors focused on the company’s continued net losses and the inherent risks of a clinical‑stage biotech, tempering enthusiasm for the EPS beat and the lack of revenue.
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