0001104659-26-062634
SEC filingRevenue declined 48.4% to $3.1M, while operating loss improved 19.9% to -$6.3M, reflecting lower expenses from reduced FiberCel activities.
Revenue for the three months ended March 31, 2026 was $3.1 million, a decrease of 48.4% compared to $6.0 million in the same period last year. The decrease was primarily due to the prior-year period including sales under contracted pricing arrangements that were lower than end-user pricing. In the current period, sales were generated by both volume growth and higher unit prices as sales are now at end-user pricing versus contracted prices.
Gross profit was $1.8 million, down 26.7% from $2.5 million in the prior year. Gross margin was 57.9% for the quarter.
Operating loss improved to -$6.3 million from -$7.9 million, a 19.9% improvement. The decrease in operating expenses was primarily due to significant reductions in FiberCel activities and related contingent liability fluctuations, with nearly all cases having been settled as of March 31, 2026. This was partially offset by incremental facility costs associated with the Gaithersburg headquarters, to which the company moved in May 2025.
Net loss was -$7.5 million, compared to -$3.9 million in the prior year, an increase of 89.9%. The increase was primarily due to a lower operating loss in the current year, offset by non-cash warrant revaluation impacts. Diluted EPS was -$0.17, compared to -$0.21 in the prior year.