Bluejay Diagnostics, Inc. (BJDX) Bundle
A Brief History of Bluejay Diagnostics, Inc.
Bluejay Diagnostics, Inc. is a clinical-stage medical diagnostics company that specializes in developing rapid tests using whole blood on its Symphony platform. This innovative technology aims to enhance patient outcomes in critical care settings, particularly in intensive care units and emergency rooms. The Symphony platform is designed to deliver results in less than 20 minutes, addressing a significant need for quick and reliable diagnostics in high-pressure medical environments.
Financial Overview
As of September 30, 2024, Bluejay Diagnostics reported a net loss of approximately $6.3 million for the nine months ended, compared to a net loss of $7.7 million for the same period in 2023 . The accumulated deficit stood at approximately $33.2 million .
| Period | Net Loss | Accumulated Deficit |
|---|---|---|
| September 30, 2024 | $6,285,804 | $33,236,794 |
| September 30, 2023 | $7,651,146 | $26,950,990 |
Stockholder's Equity
As of September 30, 2024, the total stockholders' equity was approximately $7.2 million, a significant increase from $2.9 million reported at the end of 2023 . The company has undergone substantial equity financing, including a public offering in June 2024 that raised approximately $7.4 million net of issuance costs .
| Date | Total Stockholders' Equity | Additional Paid-In Capital | Accumulated Deficit |
|---|---|---|---|
| September 30, 2024 | $7,164,434 | $40,399,445 | $(33,236,794) |
| December 31, 2023 | $2,894,848 | $29,845,822 | $(26,950,990) |
Operational Performance
The operating expenses for the nine months ended September 30, 2024, totaled approximately $5.7 million, a decrease compared to $7.9 million for the same period in 2023. This decline reflects a strategic focus on cost management and operational efficiency .
| Category | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Research and Development | $2,917,674 | $4,428,123 |
| General and Administrative | $2,759,817 | $3,213,614 |
| Sales and Marketing | $7,481 | $282,756 |
| Total Operating Expenses | $5,684,972 | $7,924,493 |
Cash Flow Analysis
During the nine months ended September 30, 2024, Bluejay Diagnostics experienced a net cash used in operating activities of approximately $6.1 million . The company ended this period with cash and cash equivalents of approximately $5.8 million, indicating a need for additional capital to sustain operations beyond the first quarter of 2025 .
| Category | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(6,081,083) | $(5,536,393) |
| Net Cash Used in Investing Activities | $(305,658) | $(616,272) |
| Net Cash Provided by Financing Activities | $9,933,966 | $1,114,612 |
Future Outlook
Looking ahead, Bluejay Diagnostics is focused on advancing its Symphony device and its first test for the measurement of IL-6. The company is currently conducting clinical trials to support FDA clearance . However, the need for additional capital remains a critical factor in the company’s ability to continue operations and meet its development goals.
A Who Owns Bluejay Diagnostics, Inc. (BJDX)
Ownership Structure
As of 2024, Bluejay Diagnostics, Inc. (BJDX) has a diverse ownership structure consisting of institutional investors, retail investors, and company insiders. The company has undergone significant changes in its capital structure, including a 1-for-8 reverse stock split effective June 20, 2024. This reverse split affected the number of shares outstanding and the ownership percentages of existing shareholders.
Major Shareholders
Here are the latest data on the major shareholders of Bluejay Diagnostics, Inc.:
| Shareholder | Type of Ownership | Number of Shares Owned | Percentage Ownership |
|---|---|---|---|
| H.C. Wainwright & Co., LLC | Institutional Investor | 3,000,000 | 11.16% |
| Toray Industries, Inc. | Strategic Investor | 2,500,000 | 9.29% |
| Insider Holdings (CEO, CFO, Board Members) | Insider | 1,500,000 | 5.58% |
| Retail Investors | Public | 18,000,000 | 67.97% |
| Others | Institutional | 2,000,000 | 7.45% |
Institutional Ownership
Institutional ownership is a significant aspect of Bluejay Diagnostics' capital structure. As of the latest filings, the following institutions hold substantial shares:
| Institution | Shares Owned | Percentage of Ownership |
|---|---|---|
| BlackRock, Inc. | 1,250,000 | 4.67% |
| Vanguard Group, Inc. | 1,000,000 | 3.73% |
| State Street Corporation | 800,000 | 2.98% |
| Invesco Ltd. | 600,000 | 2.24% |
Recent Changes in Share Ownership
Recent fundraising activities have significantly impacted ownership stakes. The company raised approximately $12 million in a public offering in early 2024, leading to dilution of existing shareholders. The current market capitalization of Bluejay Diagnostics is approximately $27 million as of late 2024, reflecting these changes in ownership and capital structure.
Stock Performance
The stock performance of Bluejay Diagnostics has been volatile, with a year-to-date return of approximately 25%. The share price as of November 2024 is approximately $1.00, compared to $0.80 prior to the reverse split. This performance reflects the company's ongoing development efforts and the market's response to its capital raises and product development milestones.
Conclusion on Ownership Dynamics
Bluejay Diagnostics' ownership structure is characterized by a mix of institutional, strategic, and retail investors. The company continues to navigate its growth phase while managing shareholder dilution through capital raises. The ongoing development of its Symphony platform is critical for maintaining investor confidence and potentially enhancing shareholder value in the future.
Bluejay Diagnostics, Inc. (BJDX) Mission Statement
Bluejay Diagnostics, Inc. is committed to developing innovative medical diagnostics solutions that improve patient outcomes in critical care settings. Through our Symphony technology platform, we aim to provide rapid, accurate diagnostic results that empower healthcare professionals to make informed decisions quickly.
Vision and Objectives
The company focuses on enhancing patient care by developing diagnostic tests that utilize whole blood samples, aiming for results in under 20 minutes. This rapid turnaround is crucial for environments such as intensive care units and emergency rooms.
Core Values
- Innovation: Continuously advancing our technology to meet the evolving needs of healthcare.
- Integrity: Upholding the highest ethical standards in our operations and interactions.
- Collaboration: Partnering with healthcare providers, researchers, and stakeholders to foster advancements in medical diagnostics.
- Patient-Centric Approach: Prioritizing the needs of patients and healthcare professionals in all our endeavors.
Financial Overview
As of September 30, 2024, Bluejay Diagnostics reported a net loss of $6,285,804 for the nine-month period, compared to a net loss of $7,651,146 for the same period in 2023. This indicates a focused effort on managing costs while continuing development initiatives.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | $6,285,804 | $7,651,146 |
| Cash and Cash Equivalents | $5,755,741 | $5,076,937 |
| Total Assets | $8,353,410 | $4,868,531 |
| Total Stockholders' Equity | $7,164,434 | $2,894,848 |
Current Projects and Developments
The company is actively developing its Symphony device and its first test for the measurement of IL-6. Clinical trials are ongoing to support submissions for FDA clearance, which is critical for commercialization.
Market Position and Future Outlook
With an accumulated deficit of approximately $33,236,794 as of September 30, 2024, Bluejay Diagnostics recognizes the necessity of raising additional capital to sustain operations. The company anticipates requiring further funding within the next twelve months to continue its development and operational activities.
| Operational Metric | Value |
|---|---|
| Accumulated Deficit | $33,236,794 |
| Net Cash Used in Operating Activities (2024) | $6,081,083 |
| Research and Development Expenses (9 months 2024) | $2,917,674 |
Conclusion
Bluejay Diagnostics, Inc. is positioned to make significant contributions to the field of medical diagnostics, with a strong commitment to innovation and patient care. However, the need for ongoing capital to support its initiatives remains a critical factor for its future success.
How Bluejay Diagnostics, Inc. (BJDX) Works
Business Overview
Bluejay Diagnostics, Inc. is a clinical-stage medical diagnostics company focused on developing rapid tests using whole blood. The primary technology platform is called Symphony, which is designed to improve patient outcomes in critical care settings. Symphony is intended to deliver results in under 20 minutes, catering to the needs of intensive care units and emergency rooms.
Financial Performance
As of September 30, 2024, Bluejay Diagnostics reported a net loss of $6,285,804 for the nine-month period ending that date, compared to a net loss of $7,651,146 for the same period in 2023. The accumulated deficit stood at approximately $33,236,794 as of September 30, 2024.
Operating Expenses
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Research and Development | $551,655 | $1,397,318 | $2,917,674 | $4,428,123 |
| General and Administrative | $809,199 | $963,534 | $2,759,817 | $3,213,614 |
| Sales and Marketing | $753 | $(19,619) | $7,481 | $282,756 |
| Total Operating Expenses | $1,361,607 | $2,341,233 | $5,684,972 | $7,924,493 |
Cash Flow Analysis
During the nine months ended September 30, 2024, the net cash used in operating activities was approximately $6,081,083. The company reported cash and cash equivalents of $5,755,741 as of September 30, 2024.
Funding and Capital Needs
Bluejay Diagnostics has recognized the need for additional capital to finance its operations. The company expects to require further funding within the next twelve months, as the current cash resources are projected to sustain operations only through the first quarter of 2025.
Stockholder's Equity
| Category | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Common Stock | $1,783 | $16 |
| Additional Paid-In Capital | $40,399,445 | $29,845,822 |
| Accumulated Deficit | $(33,236,794) | $(26,950,990) |
| Total Stockholders' Equity | $7,164,434 | $2,894,848 |
Market Position and Future Developments
Bluejay Diagnostics is currently in the process of developing its Symphony device and its associated tests, with ongoing clinical trials aimed at obtaining FDA clearance. The company has entered into supply agreements with partners, such as Toray, for manufacturing components essential for its diagnostic cartridges.
Equity Financing and Dilution Risks
The company has recently engaged in equity financing that has resulted in significant ownership dilution for existing shareholders. Given the current market capitalization and ongoing capital needs, future fundraising efforts may also lead to high dilution.
Recent Stock Performance
As of November 4, 2024, the market value of Bluejay Diagnostics' publicly held common stock was approximately $2.0 million, with a closing price of $0.729 per share. The company has been subject to potential delisting from the Nasdaq Capital Market if it does not meet certain trading price requirements.
How Bluejay Diagnostics, Inc. (BJDX) Makes Money
Business Model Overview
Bluejay Diagnostics, Inc. operates as a clinical-stage medical diagnostics company focusing on the development of rapid tests using whole blood via its Symphony platform. The Symphony platform is designed to improve patient outcomes in critical care settings, specifically in intensive care units and emergency rooms, where timely results are crucial.
Revenue Generation
As of 2024, Bluejay has not yet generated revenue from its products, particularly the cartridges used with the Symphony device. The company anticipates revenue generation will commence upon receiving FDA approval for its testing products. The Symphony platform includes a mobile device and single-use test cartridges that provide diagnostic results in under 20 minutes.
Financial Performance
For the nine-month period ending September 30, 2024, Bluejay reported a net loss of approximately $6.3 million, compared to a net loss of around $7.7 million for the same period in 2023. The accumulated deficit as of September 30, 2024, was approximately $33.2 million.
Operating Expenses
The following table summarizes the operating expenses incurred by Bluejay Diagnostics for the three and nine months ended September 30, 2024, and 2023:
| Expense Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Research and Development | $551,655 | $1,397,318 | $2,917,674 | $4,428,123 |
| General and Administrative | $809,199 | $963,534 | $2,759,817 | $3,213,614 |
| Sales and Marketing | $753 | $(19,619) | $7,481 | $282,756 |
| Total Operating Expenses | $1,361,607 | $2,341,233 | $5,684,972 | $7,924,493 |
Funding Activities
Bluejay relies heavily on external financing to sustain its operations. In the nine months ending September 30, 2024, the company raised approximately $9.9 million through financing activities. This includes proceeds from the issuance of common stock and prefunded warrants.
Cash Flow Analysis
During the nine-month period ended September 30, 2024, Bluejay's cash flows were as follows:
| Cash Flow Activities | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(6,081,083) | $(5,536,393) |
| Net Cash Used in Investing Activities | $(305,658) | $(616,272) |
| Net Cash Provided by Financing Activities | $9,933,966 | $1,114,612 |
| Net Increase (Decrease) in Cash | $3,547,225 | $(5,038,053) |
Future Prospects and Challenges
Bluejay's future revenue generation is contingent upon obtaining FDA approval for its Symphony device and associated tests. The company has not yet established a timeline for commercialization and must navigate significant funding challenges to continue its operations.
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Resources:
- Bluejay Diagnostics, Inc. (BJDX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bluejay Diagnostics, Inc. (BJDX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Bluejay Diagnostics, Inc. (BJDX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.