Sintx Technologies(SINT) - 2024 Q3 - Quarterly Report

Revenue Performance - For the three months ended September 30, 2024, total product revenue increased by $0.2 million, or 118$0.4 million, or 64%, compared to the same period in 2023[109]. - Grant and contract revenue decreased by $0.1 million, or 15$0.3 million, or 5%, compared to the same period in 2023[106]. - Net loss for the three months ended September 30, 2024, was $6.2 million, compared to a net loss of$3.2 million for the same period in 2023, representing a 96% increase in loss[107]. - For the nine months ended September 30, 2024, the company incurred a net loss of $9.3 million, compared to a net loss of$5.9 million for the same period in 2023, reflecting an increase in losses of approximately 57.6%[121]. Expenses - Research and development expenses decreased by $1.7 million, or 68$0.2 million, or 19%, for the three months ended September 30, 2024, compared to the same period in 2023[113]. - Sales and marketing expenses decreased by $0.2 million, or 66$2.8 million, or 68%, for the three months ended September 30, 2024, compared to the same period in 2023[107]. - Armor exit costs increased by $4.5 million, or 100$7.5 million for the nine months ended September 30, 2024, from $11.0 million in the same period of 2023, a reduction of$3.5 million or 31.8%[140]. - Other income decreased by $1.7 million, or 36$12.0 million from a public offering on February 10, 2023, and $4.0 million from another public offering on February 2, 2024[123][124]. - The company has an accumulated deficit of$280.0 million as of September 30, 2024, compared to $270.7 million as of December 31, 2023[121]. - The workforce was reduced from 40 to 23 employees, resulting in expenses of approximately$407,000 during the three months ended September 30, 2024[135]. - TA&T entered into a Business Loan of approximately $350,000 at an interest rate of 3.75$350,000 were repaid in full during Q3 2024, with payments structured in 24 equal monthly installments[144]. - As of September 30, 2024, the Wells Fargo line of credit had no outstanding balance and the account was closed[145]. - A Premium Finance Arrangement for Director and Officer insurance was established, financing approximately $239,000, with an outstanding balance of$70,000 as of September 30, 2024[145]. - Another Premium Finance Arrangement for commercial liability insurance financed approximately $117,000, with an outstanding balance of$64,000 as of September 30, 2024[146]. Strategic Outlook - The company anticipates requiring substantial future capital to continue operations and fund research and development activities[121]. - The company is exploring strategic transactions, including acquisitions and partnerships, to enhance its business focus[130]. - The company is evaluating a shift towards advancements in the medical device sector, leveraging expertise in advanced ceramics and biomaterials[131]. Accounting and Compliance - There are no off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K[147]. - Significant accounting policies and estimates have not materially changed for the nine months ended September 30, 2024[148]. - The company is currently evaluating new accounting pronouncements as discussed in Note 1 of the Quarterly Report[149].