Insight Molecular Diagnostics Inc.

Listed Company

IMDXCIK 0001642380NasdaqNon-AcceleratedSmaller ReportingIn Vitro & In Vivo Diagnostic SubstancesCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$4.05M

Net Income

$-50.22M

Total Assets

$25.76M

Equity

$-31.46M

Shares Out

32.17M

Op. Cash Flow

$-22.18M

Business

Insight Molecular Diagnostics Inc. is a diagnostics technology company that develops molecular diagnostic test kits and provides laboratory and pharma services to enable decentralized testing and research. Its main offerings include kitted research-use-only (RUO) and clinical tests, laboratory-developed tests (LDTs) such as GraftAssureCore, GraftAssureIQ, and oncology assays like DetermaIO, plus CLIA/CAP-certified clinical lab and pharma services. Business segments include transplant diagnostics, oncology diagnostics, CLIA laboratory services, and pharma services. Products are distributed through direct sales, partnerships, licensing, and its CLIA laboratory, serving hospitals, transplant centers, local labs and researchers in the U.S. and internationally.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	4	2	2	958,000	2
Cost of revenues	2	1	1	880,000	697,000
Cost of revenues amortization of acquired intangibles	7,000	88,000	88,000	96,000	81,000
Gross profit	2	740,000	413,000	−18,000	1
Research and development	16	10	9	7	5
Sales and marketing	6	4	3	1	552,000
General and administrative	11	10	11	22	22
Change in fair value of contingent consideration	6	−4	−6	−31	27
Impairment losses	15	42	7	—	—
Impairment loss on held for sale assets	0	169,000	1	—	—
Total operating expenses	53	62	26	18	55
Loss from operations	−51	−61	−25	−18	−54
Interest expense	−109,000	−84,000	−52,000	−83,000	−209,000
Other income, net	1	462,000	394,000	−61,000	−37,000
Total other income, net	902,000	378,000	281,000	−615,000	854,000
Loss before income taxes	−50	−61	−25	−19	−44
Income taxes	0	0	—	—	9
Net loss	−50	−61	−28	−73	−64
Net loss attributable to common stockholders - basic	−50	−61	−29	−73	−64
Net loss attributable to common stockholders - diluted	−50	−61	−29	—	—
Net loss attributable to common stockholders per share - basic	−1.65	−4.66	−3.75	−13.25	−0.72
Net loss attributable to common stockholders per share - diluted	−1.65	−4.66	−3.75	−13.25	—
Weighted average shares outstanding - basic	30	13	8	6	88,920
Weighted average shares outstanding - diluted	30	13	8	6	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	12	9	9	20	33
Accounts receivable, net of allowance for credit losses of $11 and $16, respectively	1	2	484,000	2	1
Inventories	446,000	410,000	—	—	—
Deferred financing costs	0	279,000	—	—	—
Restricted cash, current	729,000	0	—	—	—
Prepaid expenses and other current assets	1	821,000	643,000	977,000	901,000
Total current assets	15	12	11	26	39
Right-of-use operating and financing lease assets, net	3	3	—	—	—
Machinery and equipment, net, and construction in progress	6	4	4	9	6
Intangible assets, net	0	15	57	62	62
Restricted cash, noncurrent	607,000	2	2	2	2
Other noncurrent assets	593,000	691,000	463,000	371,000	264,000
TOTAL ASSETS	26	35	75	100	160
Accounts payable	3	2	953,000	1	2
Due to related party (Note 9)	3	638,000	—	—	—
Accrued compensation	2	2	2	2	3
Accrued royalties	1	1	1	2	—
Accrued expenses and other current liabilities	939,000	418,000	452,000	2	2
Operating and financing lease liabilities, current	2	1	—	—	—
Contingent consideration liabilities, current	428,000	228,000	2	109,000	1
Total current liabilities	12	7	7	12	14
Operating and financing lease liabilities, noncurrent	2	2	—	—	—
Contingent consideration liabilities, noncurrent	43	38	40	46	77
TOTAL LIABILITIES	57	47	49	60	94
Commitments and contingencies (Note 6)	—	—	—	—	—
Preferred stock, no par value, 5,000 shares authorized; no shares issued and outstanding	0	0	—	—	—
Common stock, no par value, 230,000 shares authorized; 28,683 and 17,453 shares issued and outstanding at December 31, 2025 and 2024, respectively	369	338	310	295	253
Accumulated other comprehensive income	86,000	21,000	49,000	39,000	37,000
Accumulated deficit	−401	−351	−290	1	−188
Total shareholders' deficit	−31	−12	20	34	65
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	26	35	75	100	160

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	2	2	2	2	—
Amortization of intangible assets	7,000	88,000	88,000	4	3
Stock-based compensation	2	2	3	10	7
Equity compensation for bonus awards and consulting services	164,000	160,000	127,000	—	—
Impairment loss on held for sale assets	0	169,000	1	—	—
Unrealized foreign currency losses (gains)	185,000	−4,000	—	—	—
Accounts receivable	485,000	−1	109,000	−575,000	−1
Inventories	−36,000	−410,000	—	—	—
Prepaid expenses and other assets	−226,000	−430,000	784,000	−231,000	227,000
Accounts payable and accrued liabilities	3	967,000	−5	297,000	−1
Operating lease assets and liabilities	−142,000	−291,000	−107,000	−116,000	147,000
Net cash used in operating activities	−22	−21	−23	−46	−36
Proceeds from sale of equipment	0	4,000	354,000	—	—
Machinery and equipment purchases, and construction in progress	−3	−516,000	−281,000	−4	−2
Net cash used in investing activities	−3	−512,000	−932,000	−4	−14
Proceeds from sale of common shares	29	26	14	33	65
Financing costs to issue common shares	−487,000	−1	−427,000	−389,000	−3
Proceeds from sale of common shares under at-the-market transactions	0	2	—	31,000	—
Financing costs for at-the-market sales	0	−421,000	—	−1,000	—
Redemption of Series A redeemable convertible preferred shares	0	−5	−1	—	—
Contingent consideration liability payments	−2,000	0	—	—	—
Taxes paid related to net share settlement of stock-based awards	−72,000	0	—	—	—
Repayment of financing lease obligations	−510,000	−201,000	−117,000	−104,000	−34,000
Net provided by financing activities	28	20	12	36	78
Effect of exchange rate changes on cash and cash equivalents	−120,000	−24,000	—	—	—
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3	−796,000	−12	−14	28
Cash paid for interest	91,000	42,000	7,000	24,000	114,000
Cash paid for income taxes	0	0	—	—	—
Machinery and equipment purchases, and construction in progress included in accounts payable and accrued liabilities	1	570,000	—	—	—
Accretion of Series A convertible preferred stock	0	263,000	824,000	—	—
Lease assets obtained in exchange for lease liabilities	1	2	—	—	—

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