Co-Diagnostics, Inc.

Listed Company

CODXCIK 0001692415NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusUtahFY ends Dec 31

Period

FY 2025

Revenue

$622.5K

Net Income

$-46.90M

Total Assets

$24.74M

Equity

$20.63M

Shares Out

3.60M

Op. Cash Flow

$-29.14M

Business

Co-Diagnostics, Inc. develops, manufactures and sells molecular diagnostic reagents and test design software centered on its proprietary Co-Primers® PCR technology. Its main products include PCR diagnostic kits for infectious diseases (COVID-19, influenza, TB, hepatitis, HPV, malaria, dengue, Zika, chikungunya), Vector Smart™ mosquito tests, and a developing Co-Dx™ PCR platform comprising the Co-Dx PCR Pro instrument, patent‑pending test cups and a mobile app. Key business areas include infectious disease product offerings, the Co-Dx PCR platform, a manufacturing joint venture in India (CoSara), and mosquito vector control services. The company distributes through clinical laboratories, a global distributor network across 50+ countries, CE-mark and other regulatory channels, and intends point‑of‑care and at‑home channels for its Co-Dx platform.

Summary from filing dated 2025-03-27

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
Total revenue	622,489	4	7	34	98
Cost of revenue	222,377	999,124	4	5	12
Gross profit	400,112	3	3	29	86
Sales and marketing	2	4	7	7	13
General and administrative	9	16	14	14	12
Research and development	19	21	23	17	15
Depreciation and amortization	1	1	1	1	335,363
Impairment charges	19	—	—	—	—
Total operating expenses	51	43	45	56	40
Loss from operations	−50	−40	−43	−27	46
Interest income, net	292,932	1	1	704,045	45,631
Realized gain on investments	683,365	870,745	2	—	—
Gain (loss) on disposition of assets	−82,421	8,291	−2,578	−138,117	−44,355
Gain on remeasurement of acquisition contingencies	805,863	714,876	—	—	—
Loss on equity method investment in joint ventures	−46,301	−186,067	100,703	−332,969	−430,433
Total other income, net	2	2	5	8	−429,157
Loss before income taxes	−49	−38	−38	−19	46
Income tax provision (benefit)	−2	57,368	−3	−5	9
Net loss	−47	−38	−35	−14	37
Change in net unrealized gains (losses) on marketable securities, net of tax	−418,443	271,743	−146,440	293,140	—
Total other comprehensive income (loss)	−418,443	271,743	—	—	—
Comprehensive loss	−47	−37	−35	−14	37
Basic (per share)	−35.25	−37.22	−1.2	−0.45	1.27
Diluted (per share)	−35.25	−37.22	−1.2	−0.45	1.23
Basic (shares)	1	1	29	31	29
Diluted (shares)	1	1	29	31	30

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	3	15	23	89
Marketable investment securities	—	27	44	58	1
Accounts receivable, net	190,375	132,570	303,926	3	21
Inventory, net	992,397	1	2	5	2
Income taxes receivable	44,559	—	—	—	—
Prepaid expenses and other current assets	581,527	1	2	761,187	2
Total current assets	14	32	62	93	115
Property and equipment, net	2	3	3	3	2
Operating lease right-of-use asset	1	2	3	372,115	—
Intangible assets, net	7	26	26	27	27
Investment in joint ventures	350,569	294,304	773,382	—	—
Total assets	25	64	95	123	160
Accounts payable	2	3	1	952,296	607,506
Accrued expenses	865,301	3	2	934,447	4
Operating lease liability, current	662,258	915,619	838,387	297,209	—
Contingent consideration liabilities, current	119,036	502,819	891,666	2	6
Deferred revenue	14,800	40,857	362,449	—	150,000
Total current liabilities	4	7	6	4	13
Income taxes payable	—	713,643	659,186	1	1
Operating lease liability	574,301	1	2	50,708	—
Contingent consideration liabilities	—	422,080	748,109	1	5
Total long-term liabilities	574,301	2	4	5	13
Total liabilities	4	10	9	9	26
Commitments and contingencies (Note 13)	—	—	—	—	—
Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	—	—	—	—	—
Common stock, $0.001 par value; 100,000,000 shares authorized; 2,256,654 shares issued and 2,095,031 shares outstanding as of December 31, 2025 and 1,263,408 shares issued and 1,101,785 shares outstanding as of December 31, 2024	67,700	37,902	36,108	34,754	33,820
Treasury stock, at cost; 161,623 shares held as of December 31, 2025 and December 31, 2024, respectively	−16	−16	−16	−14	—
Additional paid-in capital	117	102	97	88	80
Accumulated other comprehensive income	—	418,443	146,700	293,140	—
Accumulated deficit	−80	−33	5	40	54
Total stockholders equity	21	54	86	115	134
Total liabilities and stockholders equity	25	64	95	123	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
Stock-based compensation expense	2	5	8	8	6
Common stock issued for financial advisory services	135,000	—	—	—	—
Change in fair value of acquisition contingencies	−805,863	−714,876	—	—	—
Non-cash lease expense	−8,197	13,510	47,992	30,430	—
Recoveries of credit losses	−26,006	−15,035	—	—	—
Inventory obsolescence expense (recovery)	−50,944	326,512	3	148,099	—
Accounts receivable	−31,799	186,391	3	15	−9
Prepaid expenses and other assets	585,926	412,056	1	−224,094	−2
Inventory	131,271	265,489	413,140	−4	6
Deferred revenue	−26,057	−321,592	362,449	−150,000	−155,307
Income taxes payable	−713,643	54,457	−522,098	−2	3
Accounts payable, accrued expenses and other liabilities	−3	2	2	−2	−299,937
Net cash used in operating activities	−29	−29	−22	7	41
Purchases of property and equipment	−700,047	−748,352	−1	−1	−669,463
Proceeds from maturities of marketable investment securities	34	59	127	11	3
Purchases of marketable securities	−7	−41	−110	−68	—
Investment in joint ventures	−102,566	−143,750	—	—	—
Net cash provided by investing activities	26	17	15	−58	4
Proceeds from exercise of options	12,500	—	—	—	—
Issuance of common stock related to at-the-market offering, net of offering costs	2	103,914	—	—	—
Issuance of common stock related to registered direct offering, net of offering costs	10	—	—	—	—
Net cash provided by financing activities	12	103,914	−1	−14	450,398
Net increase (decrease) in cash and cash equivalents	9	−12	−8	−66	46
Cash received for income taxes	−858,870	—	55,975	4	5
Receivable from issuance of common stock, collected in 2025	—	126,750	—	—	—

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