Bluejay Diagnostics, Inc. Announces Second Quarter 2022


ACTON, Mass., July 26. 12, 2022 (GLOBE NEWSWIRE) — Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a medical diagnostics company focused on developing cost-effective, rapid, close-patient testing for triage and tracking disease progression, today announced financial results for the three and six months ended June 30, 2022.

Neil Dey, Chairman and CEO, said: “This quarter has been very exciting for Bluejay, announcing our plan to continue a by Novo regulatory pathway and the completion of our initial clinical studies for the Symphony IL-6 test. Additionally, we have reported that the results of our clinical studies will be published at the AACC 2022 Annual Scientific Meeting to be held on July 26.e at 28e in Chicago.”

Mr. Dey concluded, “Achieving these milestones highlights Bluejay’s progress towards our goal of bringing to market rapid, patient-near tests, using whole blood samples, to aid in the care of patients with life-threatening diseases. We have continued to invest in our manufacturing infrastructure as we prepare to submit our FDA marketing application, expected in Q4 2022.”

Financial results for the quarter ended June 30, 2022

Cash and cash equivalents. Cash and cash equivalents as of June 30, 2022 were $15.3 million compared to $19.0 million as of December 31, 2021. The Company expects its cash position to be sufficient to fund operations beyond the date of our expected regulatory approval and initial commercialization of the Symphony IL-6 Test.

Turnover/gross profit. Bluejay has acknowledged a small sale to an overseas development partner, which we do not consider market entry or indicative of expected margins.

Research and development costs. Research and development expenses for the three and six months ended June 30, 2022 amounted to $756,000 and $1.5 million, respectively, compared to $226,000 and $250,000, respectively, for the comparable periods of 2021. The increase in research and development expenses is attributable to the advancement of our clinical studies and to support the large-scale manufacturing of the Symphony IL-6 test.

General and administrative costs. General and administrative expenses for the three and six months ended June 30, 2022 were $1.2 million and $2.5 million, respectively, compared to $390,000 and $530,000, respectively, for the periods 2021 comparables. The increase in general and administrative expenses reflects the investment in scalable infrastructure, as well as expenses to support public company operations due to the completion of our initial public offering in November 2021.

Sales and Marketing Expenses. Selling and marketing expenses for the three and six months ended June 30, 2022 were $81,000 and $135,000, respectively, compared to $50,000 and $119,000, respectively, for the comparable periods of 2021 While these expenditures have been limited to date, we plan to increase these efforts as needed to support our business growth.

Net loss/Net loss per share. Net loss for the three and six months ended June 30, 2022 was $1.9 million and $4.0 million, or $0.10 and $0.20 per share, respectively, compared to $640,000 and $834,000, or $0.15 and $0.20 per share, respectively, for the comparable periods of 2021.

About Symphony™ System:
Bluejay’s Symphony System (the “Symphony System”) is designed to address the need for simple, reliable, rapid, and patient-proximity testing by providing quantitative measurements of specific biomarkers to determine the need for additional patient care and monitoring. The user-friendly Symphony system will require no sample preparation or dedicated personnel and has been shown in published clinical studies to provide results in approximately 20 minutes.

The Symphony IL-6 assay is a product candidate in development for investigational use only. It is limited by United States law to experimental use.

About Bluejay Diagnostics:
Bluejay Diagnostics, Inc. is a medical diagnostics company focused on improving patient outcomes using its Symphony System, a cost-effective, rapid, close-to-patient testing system for triage and progress monitoring of the disease. Bluejay’s first product candidate, an IL-6 sepsis triage test, is designed to provide accurate and reliable results in approximately 20 minutes from “sample to result” to help healthcare professionals make decisions earlier and more effective triage/treatment. More information is available at www.bluejaydx.com.

Forward-looking statements:
This press release contains statements that the Company considers to be “forward-looking statements” within the meaning of the Private Litigation Reform Act. Forward-looking statements in this press release include, but are not limited to, the Company’s ability to submit a marketing application to the FDA during the fourth quarter of 2022, if the Company’s cash position will be sufficient to fund operations beyond the date of its initial regulatory approval and commercialization of the Symphony IL-6 test, and whether such anticipated regulatory approval will actually occur. Forward-looking statements can be identified by words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “suggest”, “will” and similar expressions. The Company has based these forward-looking statements on its current expectations and projections regarding future events, however, actual results or events could differ materially from the plans, intentions and expectations disclosed or implied by the forward-looking statements the Company makes. . These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including those discussed in 1A. “Risk Factors” in our most recent Form 10-K filed with the Securities and Exchange Commission, as updated by the company’s subsequent quarterly reports on Form 10-Q. You should not place undue reliance on these forward-looking statements, as they are subject to risks and uncertainties, and actual results and performance in future periods may differ materially from future results or performance suggested by the forward-looking statements in this release. . . This press release speaks on the date listed above. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The Company expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any future changes in the Company’s expectations of results or any future changes in events.

Investor contacts:
Alexandra Schuman
LifeSci Advisors
[email protected]
: 646-876-3647

Bluejay Diagnostics, Inc.
Condensed consolidated balance sheets
(Unaudited)

June 30th, The 31st of December,
2022 2021
ASSETS
Current assets:
Cash and cash equivalents $ 15,341,862 $ 19,047,778
Inventories 671,250
Prepaid expenses and other current assets 1,037,145 1,612,708
Total current assets 17,050,257 20,660,486
Property and equipment, net 409,070 337 366
Operating lease right-of-use assets 573,040
Other non-current assets 35,075 21,019
Total assets $ 18,067,442 $ 21,018,871
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 196 108 $ 295,778
Increased expenses 783 482 341 384
Total current liabilities 979 590 637 162
Non-current liabilities:
Operating lease liabilities, non-current 430 116
Total responsibilities 1,409,706 637 162
Commitments and contingencies
Equity
Common shares, par value $0.0001; 30,000,000 shares authorized; 20,152,344 and 20,112,244 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 2015 2011
Premium 28,306,680 28,074,484
Accumulated deficit (11,650,959 ) (7,694,786 )
Full shareholder equity 16,657,736 20,381,709
Total Liabilities and Equity $ 18,067,442 $ 21,018,871

See the accompanying notes to the unaudited condensed consolidated financial statements.
Reflects a 1:3.15 stock dividend effective June 7, 2021.

Bluejay Diagnostics, Inc.
Condensed Consolidated Statements of Earnings
(Unaudited)

Three months completed
June 30th,
Semester completed
June 30th,
2022 2021 2022 2021
Revenue $ 249,040 $ $ 249,040 $
Cost of sales 200 129 200 129
Gross profit 48,911 48,911
Operating costs :
Research and development 756,283 225,992 1,451,040 250 175
general and administrative 1,196,996 389,830 2,516,815 529,741
Sales and Marketing 81,357 50 250 135,042 119,354
Total operating expenses 2,034,636 666,072 4,102,897 899 270
Operating loss (1,985,725) (666,072) (4,053,986) (899,270)
Other income:
Interest expense, net (59,167) (32,116)
Grant income 75,000 75,000
Other income, net 48,323 10,006 103 181 21,965
Total other income, net 48,323 25,839 103 181 64,849
Net loss $ (1,937,402) $ (640,233) $ (3,950,805) $ (834,421)
Net loss per share – basic and diluted $ (0.10) $ (0.15) $ (0.20) $ (0.20)
Weighted average common shares outstanding:
Basic and diluted 20,151,969 4,201,688 20,151,969 4,201,688

See the accompanying notes to the unaudited condensed consolidated financial statements.
Reflects a 1:3.15 stock dividend effective June 7, 2021.

Previous HTC and Pixiv team up to launch 3D animated avatars -
Next Trivium Heading Up Fall 2022 Tour with Between the Buried and Me, Whitechapel and Khemmis