BNB Plus Corp.

Total revenue in Q1 fiscal 2025 was $1.2 million, up from $891,000 a year ago. Operating loss was $3.0 million versus $3.8 million in the prior-year quarter, and adjusted EBITDA improved to negative $2.9 million from negative $3.2 million. Net loss was $2.7 million versus $1.1 million in the prior-year period, though management noted net loss includes an unrealized warrant fair value gain. Cash and cash equivalents were $9.3 million at December 31, including about $5.7 million of net proceeds from the October offering and $509,000 of Series A warrant exercises; cash was $8.2 million at January 31, including another approximately $215,000 from warrant exercises. Average monthly cash burn was just over $1.2 million year to date, essentially flat year over year. Management did not provide formal quarterly or full-year numerical guidance, but said fiscal 2025 is expected to be a year of execution for LineaRx and that GMP manufacturing for a Boston-based mRNA therapeutics customer could begin in the May-June timeframe if development is completed.

James Hayward framed the quarter as a strategic reset centered on shareholder value creation through a tighter cost structure and a deeper focus on LineaRx. He said customer interest in Linea DNA and Linea IVT has exceeded expectations, that the biotherapeutics market is ready for the company’s platform, and that the operational launch of GMP Site One is a pivotal milestone. His tone was confident and transition-oriented, emphasizing that the company now has a blueprint for expansion as demand grows.

Beth Jantzen said the company initiated a strategic restructuring in the first quarter to bolster cash, reduce burn, and support LineaRx. She quantified the workforce reduction at about 20% of total headcount tied mainly to the exiting segment, with an expected one-time charge of approximately $300,000 in the quarter ending March 31. She also pointed to cash of $9.3 million at December 31 and $8.2 million at January 31, average monthly cash burn just over $1.2 million, and a going-concern disclosure that remains dependent on executing the plan and raising capital.

Analysts focused on the new Linea Donor DNA product, asking how management sizes the opportunity versus IVT templates and existing CAR T-related work. Clay Shorrock said the market logic is similar to IVT templates because the company’s existing PCR workflow can make blunt-ended DNA without major changes, and he emphasized near-term focus on CAR T-like and ex vivo gene-editing workflows. Questions also centered on where revenue growth came from in Q1; management said it was mainly a shipment of DNA tagging for cotton-marking under an existing contract and higher isotopic testing volume. On the AML first-in-human trial, Clay said the trial is expected to last about 18 months, revenue may be limited because it is hospital-based, but the approval and selection over a plasmid competitor were important validation points in Europe.