Intelligent Bio Solutions Inc. Reports Fiscal 2023 Second Quarter Financial Results and Operational Highlights
- Second quarter total revenue and government support income increased over 100% year-over-year -
- Government support income increased 52% for the quarter ended
- Successful completion of Milestone 7, a key phase of its biosensor platform development -
- Cash and cash equivalents at quarter-end totaled
“Our strong fiscal second quarter results show the expansion and strength of our global portfolio, which now includes operations in the
“Recently, we announced several customer partnerships where companies are implementing our real-time, non-invasive intelligent fingerprinting testing solutions for their staff drug tests,” continued
Second Quarter Highlights, Recent Operational Developments
Strategic Partnerships &
January 2023, the Company announced the successful completion of the review of results from Milestone 7, a phase of its biosensor platform development at the University of Newcastle, Australia. The results showed a record 4x improvement in TTR, enabling the biosensor to return test results in under one minute. The Company’s biosensor platform is the world’s first platform designed to specifically support multiple non-invasive, real-time, saliva-based diagnostic tests based on Organic Thin Film Transistor (OTFT) technology. It features a small, printable organic strip designed to put the power of accurate, timely diagnosis in the hands of patients and their primary health practitioners. The biosensor development team has now proceeded to its next testing phase, which will include testing human saliva.
- Intelligent Bio Solutions also continues to advance towards the next phase of the Biosensor development program with its second study, which focuses on eliminating the variables affecting glucose levels in saliva and in the sample collection method.
February 2023, the Company announced that Boughey Distribution, one of the United Kingdom’s leading logistics providers to the food industry, has selected the on-the-spot fingerprint test from the Company’s subsidiary, Intelligent Fingerprinting (“IFP”), to support its random drug screening program, replacing its previous urine-based test.
January 2023, the Company announced that global garden equipment manufacturer Hozelock will implement drug tests to promote employee safety utilizing fingerprint sweat-based technology from IFP. Hozelock will use the fingerprint sweat-based drug test to determine any recent employee use of cocaine, cannabis, methamphetamine or opioids.
- Intelligent Bio Solutions continues to advance the construction of its state-of-the-art manufacturing facility at the
University of Newcastlein Australiaspecifically to produce its proprietary biosensor.
Anticipated Events and Targeted Milestones for the Coming Fiscal Year
- The launch of the Intelligent Fingerprint Drug screening solutions within the Australian and
New Zealandmarkets, including all the required infrastructure and regulatory requirements.
- The continued development of the biosensor to test glucose, moving forward in parallel with hormone testing, focusing initially on cortisol, to be included in the Company’s next series of clinical trials anticipated to start before calendar end 2023.
1. The second round of equipment for the Company’s labs, the Polymer synthesis and characterization work cells, is now complete. Intelligent Bio Solutions also completed the Installation and Equipment Qualification in
- The advancement into the final design and verification phase of the Biosensor development with two key parallel clinical studies based on results of the recently completed blood and saliva glucose study:
1. Study 1: Elimination of variables affecting glucose levels in saliva and in the sample collection method, which commenced in
November 2022and is expected to be completed in May 2023; and
2. Study 2: Assessing accuracy and reproducibility of glucose testing with the Biosensor test strip, anticipated to be completed in the second half of 2023.
Both studies, in tandem, are intended to refine saliva collection protocols and enhance the biosensor’s performance as the Company finalizes product design and shifts from Research and Development (“R&D”) to manufacturing.
- The determination of the scope of work for the expansion of the biosensor platform to include additional analytes, in parallel to glucose, for point of care testing using saliva.
- A focus on growing IFP product sales across the
United Kingdom, mainland Europe, the Asia Pacificregion and non-FDA regulated markets in the United Stateswith significant potential.
- The submission of an FDA application for the IFP DSR system.
Second Quarter Ended
For the quarter that ended
The Company’s government support income increased by 52% or
For more information, visit http://www.ibs.inc/
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.’s ability to consummate the proposed transaction described in this press release, develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although
INTELLIGENT BIO SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in US$)
|Three Months Ended
||Six Months Ended
|Cost of revenue||(112,635||)||-||(112,635||)||-|
|Government support income||269,625||177,791||580,945||177,791|
|General and administrative expenses||(2,245,289||)||(1,003,244||)||(3,695,707||)||(2,335,764||)|
|Development and regulatory approval expenses||(1,191||)||(2,641,182||)||(80,465||)||(2,747,981||)|
|Depreciation and amortization||(398,156||)||-||(398,156||)||-|
|Total operating expenses||(2,644,636||)||(3,644,426||)||(4,174,328||)||(5,083,745||)|
|Loss from operations||(2,130,967||)||(3,466,635||)||(3,349,339||)||(4,905,954||)|
|Other income (expense):|
|Realized foreign exchange (loss)/gain||(13,901||)||14||(16,148||)||(3,104||)|
|Fair value movements through profit and loss||1,793,091||-||1,793,091||-|
|Total other income (expense)||1,703,896||2,812||1,708,190||4,291|
|Net loss attributable to non-controlling interest||(6,471||)||(3,825||)||(12,256||)||(9,013||)|
|Net loss attributable to
|Other comprehensive loss, net of tax:|
|Foreign currency translation (loss)/gain||$||361,597||$||7,355||$||226,038||$||(60,127||)|
|Total other comprehensive (loss)/gain||361,597||7,355||226,038||(60,127||)|
|Comprehensive loss attributable to non-controlling interest||(6,471||)||(3,825||)||(12,256||)||(9,013||)|
|Comprehensive loss attributable to
|Net loss per share, basic and diluted||$||(0.46||)||$||(4.65||)||$||(1.97||)||$||(6.77||)|
|Weighted average shares outstanding, basic and diluted||908,283||744,126||826,389||722,216|
INTELLIGENT BIO SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in US$)
|Cash and cash equivalents||$||2,911,682||$||8,238,301|
|Accounts receivable, net||278,317||-|
|Grant receivable, current portion||1,504,566||1,529,882|
|Research and development tax incentive receivable||490,637||353,048|
|Other current assets||521,894||746,761|
|Total current assets||6,378,064||10,867,992|
|Property and equipment, net||484,301||391,408|
|Finance lease right-of-use assets||506,360||-|
|Intangible assets, net||5,472,510||-|
|Long-term grant receivable||1,076,661||1,092,773|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Accounts payable and accrued expenses||$||1,855,465||$||1,625,089|
|Current portion of finance lease liabilities||160,826||-|
|Current portion of deferred grant income||2,153,091||2,836,582|
|Current employee benefit liabilities||319,119||201,332|
|Current portion of notes payable||326,033||-|
|Total current liabilities||4,814,534||4,663,003|
|Employee benefit liabilities||23,696||50,626|
|Finance lease liabilities||357,326||-|
|Long-term deferred grant income||1,558,287||1,092,773|
|Convertible notes payable||523,703||-|
|Commitments and contingencies (Note 18)|
|Series D preferred stock,
|Additional paid-in capital||43,686,676||38,581,465|
|Accumulated other comprehensive loss||(562,097||)||(788,135||)|
|Total shareholders' equity||10,262,984||6,545,771|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||18,047,933||$||12,352,173|
Source: Intelligent Bio Solutions, Inc.