0001213900-26-024616
SEC filingBluejay Diagnostics, Inc. reported a net loss of $6.8 million for fiscal year 2025, an improvement from a net loss of $7.7 million in 2024. The company generated no revenue, with total operating expenses of $7.0 million, primarily driven by research and development ($3.0 million) and general and administrative costs ($3.9 million). Cash and cash equivalents stood at $5.2 million as of December 31, 2025, with total assets of $7.1 million and stockholders' equity of $6.0 million. The company used $6.1 million in operating cash flow but raised $7.1 million through financing activities, resulting in a net cash increase of $863,000. Management estimates cash resources will fund operations only through the third quarter of 2026 and requires at least $20 million in additional capital by fiscal year 2027 to continue development of its Symphony diagnostic platform.
Bluejay Diagnostics reported a net loss of $6.8 million for fiscal year 2025, representing an improvement from the $7.7 million net loss in 2024. Operating loss was $7.0 million, slightly better than the $7.2 million operating loss in the prior year. The company generated no revenue in either period. Research and development expenses decreased by 12% to $3.0 million from $3.5 million in 2024, primarily due to reduced technology transfer efforts. General and administrative expenses increased 6% to $3.9 million from $3.7 million, driven by higher Delaware franchise tax and personnel costs. Sales and marketing expenses were minimal at $8,000 in 2024 and zero in 2025. Other income improved to $104,000 from a net expense of $548,000 in 2024, primarily due to the absence of interest expense from the 2024 Bridge Note Financing.
The company generated no revenue during fiscal year 2025 or 2024. Bluejay Diagnostics remains a pre-revenue clinical-stage medical diagnostics company focused on developing its Symphony diagnostic platform for sepsis detection. The company's business model, contingent on FDA clearance, involves selling single-use diagnostic test cartridges to create recurring revenue streams. No segment revenue data is available as the company operates as a single reportable segment focused on developing the Symphony platform.
With no revenue generated, gross margin and operating margin metrics are not applicable. The company's cost structure is dominated by research and development and general administrative expenses, totaling $7.0 million in 2025. Research and development expenses decreased by $0.4 million year-over-year due to reduced personnel costs and product development expenses, partially offset by increased clinical development costs. General and administrative expenses increased by $0.2 million primarily due to higher Delaware franchise tax and personnel costs. The company's accumulated deficit grew to $41.5 million as of December 31, 2025, from $34.7 million at the end of 2024.
Net cash used in operating activities was $6.1 million in 2025, an improvement from $7.8 million in 2024. The decrease was primarily due to reduced net loss and timing of vendor payments. Net cash used in investing activities was $174,000 for property and equipment purchases. Net cash provided by financing activities was $7.1 million from equity offerings, compared to $10.2 million in 2024. Cash and cash equivalents totaled $5.2 million as of December 31, 2025, with total current assets of $5.5 million and total assets of $7.1 million. Total liabilities were $1.1 million, resulting in stockholders' equity of $6.0 million. The company's current ratio (current assets to current liabilities) was approximately 4.9:1.
Management estimates current cash resources will fund operations only through the third quarter of 2026. The company requires at least $20 million in additional capital by the end of fiscal year 2027 to continue development of its Symphony platform. Key milestones include completing patient enrollment in the SYMON-II clinical trial (583 of 750 patients enrolled as of filing), manufacturing cartridge verification in 2026, sample testing in Q3 2026, and submitting a 510(k) regulatory application to the FDA in 2027. Significant risks include potential termination of the Toray license agreement if manufacturing site establishment deadlines are not met, narrow patent protection windows (expiring 2027-2030), and substantial doubt about the company's ability to continue as a going concern. The company plans to raise additional capital through public or private equity offerings.