false 0000925741 0000925741 2025-03-26 2025-03-26
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 26, 2025
 
 
BIOCARDIA, INC.
 
 
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
001-38999
 
23-2753988
 
 
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
 
320 Soquel Way
Sunnyvale, California 94085
 
 
(Address of principal executive offices and zip code)
 
 
Registrants telephone number, including area code: (650) 226-0120
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001
BCDA
The Nasdaq Capital Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter)
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
 
Item 2.02.
Results of Operations and Financial Condition.
 
On March 26, 2025, BioCardia, Inc. issued a press release announcing its financial results for the year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report.
 
The information in this Item 2.02, including the Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01
Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit No.
 
Description
 
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BIOCARDIA, INC.
 
   
/s/ Peter Altman, Ph.D.
 
Peter Altman, Ph.D.
 
President and Chief Executive Officer
 
   
Date: March 26, 2025
 
 
 
 

Exhibit 99.1

 

BioCardia Reports 2024 Business Highlights and Financial Results

 

Sunnyvale, Calif. – March 26, 2025 - BioCardia, Inc. [Nasdaq: BCDA], a developer of cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases, today reported financial results for the year ended December 31, 2024 and filed its annual report on Form 10-K with the Securities and Exchange Commission.

 

The Company will host a corporate update conference call on Monday, March 31, 2025 at 4:30 PM ET following its presentation of results from the CardiAMP HF Trial at the Late-Breaking Clinical Trials symposium at the American College of Cardiology 2025 Scientific Sessions in Chicago (see dial-in information below).

 

Recent Business Highlights

 

CardiAMP® autologous cell therapy in ischemic heart failure of reduced ejection fraction (BCDA-01)

 

 

In the fourth quarter of 2024, we had a consultation with Japan’s Pharmaceutical and Medical Device Agency (PMDA) regarding next steps for registration of the CardiAMP Cell Therapy System in Japan for the treatment of heart failure of reduced ejection fraction based on the data from our CardiAMP HF Trial.  PMDA invited our next consultation after the submission of our clinical data with two-year follow-up and indicated they are open to considering the results from this and our previous trials being sufficient evidence for registration.

 

 

Also in this quarter, the CardiAMP HF Trial had its last protocol specified follow-up visit. Since then, our team has completed close out visits, data monitoring with source data verification and data freeze of primary outcome measures. Data analysis is near completion and results are being prepared for presentation at the Late-Breaking Clinical Trials symposium at the American College of Cardiology Scientific Sessions scheduled for this coming Sunday, March 30, 2025.

 

 

In the coming weeks, we will be finalizing the initial trial manuscript for publication, sharing the results with the FDA and Japan’s PMDA, and accelerating enrollment activities in the CardiAMP HF II Trial.

 

CardiAMP autologous cell therapy in chronic myocardial ischemic with refractory angina (BCDA-02)

 

 

The last patient enrolled into the open-label roll-in cohort reached their primary six-month endpoint in February 2025. We are gathering results of this cohort at the six-month primary endpoint for publication and presentation.

 

CardiALLO Cell Therapy in Ischemic Heart Failure (BCDA-03)

 

 

Treatment of the low dose cohort of 20 million cells has been completed and to our knowledge there have been no treatment-emergent adverse events, arrhythmias, rejection, or allergic responses. Per protocol, formal Data Safety Monitoring Board review of these patients will take place in the second quarter of 2025.

 

 

 

Morph Access Innovations

 

 

The first commercial Morph DNA steerable introducer devices in 45 cm and 70 cm length and 5 and 8 French configurations have been manufactured at our Sunnyvale facility and are now available. Physicians will be using these in our CardiAMP and CardiALLO clinical trials, in programs with our therapeutic partners, and in commercial clinical procedures.

 

“We look forward to sharing the CardiAMP HF data at the American College of Cardiology Scientific Sessions this week,” said BioCardia CEO Peter Altman, Ph.D. “This data readout has potential to significantly de-risk development of our minimally invasive autologous cell therapy product candidate for patients with ischemic heart failure and may serve as the primary evidence to support product registration for market release.”

 

2024 Financial Results:

 

 

>

Net cash used in operations was approximately $8.0 million during the year ended 2024, compared to approximately $10.0 million in 2023, primarily due to reductions in research and development expense following completion of the CardiAMP HF Trial. The Company ended the year with cash and cash equivalents totaling $2.4 million.

 

 

>

Revenues were approximately $58,000 in 2024, compared to approximately $477,000 in 2023, due primarily to the fulfillment of performance obligations for several business partners.

 

 

>

Research and development expenses decreased to approximately $4.4 million in 2024, compared to approximately $7.7 million in 2023, primarily due to reduced clinical expenses following the completion of the CardiAMP HF Trial.

 

 

>

Selling, general and administrative expenses decreased to approximately $3.7 million in 2024, compared to approximately $4.4 million in 2023, primarily due to realignment of personnel and cost reductions following completion of the CardiAMP HF Trial.

 

 

>

Our net loss decreased to approximately $7.9 million in 2024, compared to approximately $11.6 million in 2023.

 

ANTICIPATED UPCOMING MILESTONES AND EVENTS:

 

 

>

BCDA-01: CardiAMP Autologous Cell Therapy for Ischemic Heart Failure

 

 

Late Breaking Presentation at ACC on March 30, 2025

 

 

Japan PMDA Clinical Consultation request / submission

 

 

FDA Meeting request / submission

 

 

Enrollment in the CardiAMP Heart Failure II Trial

 

 

>

BCDA-02: CardiAMP Autologous Cell Therapy in Chronic Myocardial ischemia

 

 

Completed roll-in cohort data submitted for presentation / publication

 

 

>

BCDA-03: CardiAllo Allogeneic Cell Therapy in Inflammatory Ischemic Heart Failure

 

 

Data Safety Monitoring Board review of completed low dose cohort

 

 

 

 

>

Helix Biotherapeutic Delivery Business

 

 

Biotherapeutic delivery partnerships

 

 

>

Morph Access Innovations Business

 

 

Revenues and case reports

 

Conference call access:

 

Participants can register for the conference by navigating to https://dpregister.com/sreg/10198270/fed22b3a96. Please note that registered participants will receive their dial-in number upon registration. For those who have not registered, to listen to the call by phone, interested parties within the U.S. should call 1-833-316-0559 and international callers should call 1-412-317-5730 and ask to be connected to the BioCardia call. All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the BioCardia call. The conference call will also be available through a live webcast, which can be accessed through the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=fyO2WNaO.

 

A webcast replay of the call will be available approximately one hour after the end of the call at the above links. To access the replay internationally, please use the link https://services.choruscall.com/ccforms/replay.html. A telephonic replay of the call will be available and may be accessed by calling 1-877-344-7529 (domestic), 1-412-317-0088 (international) or 855-669-9658 (Canada) by using access code 6730403.

 

About BioCardia®

 

BioCardia, Inc., headquartered in Sunnyvale, California, is developing cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary disease. CardiAMP® autologous and CardiALLOTM allogeneic cell therapies are the Company’s biotherapeutic platforms with three cardiac clinical stage product candidates in development. These therapies are enabled by its HelixTM biotherapeutic delivery and Morph® vascular navigation platforms. The CardiAMP Cell Therapy Trial for Heart Failure has been supported financially by the Maryland Stem Cell Research Fund and the Center for Medicare and Medicaid Services. For more information visit: www.BioCardia.com.

 

Forward Looking Statements

 

This press release contains forward-looking statements that are subject to many risks and uncertainties. Forward-looking statements include, among other things, references to the enrollment in our clinical trials, the availability of data from our clinical trials, filings and communications with the FDA and Japan’s Pharmaceutical and Medical Device Agency, product clearances, the efficacy and safety of our products and therapies, preliminary conclusions about new data, the achievement of any of the anticipated upcoming milestones, our positioning for growth or the market for our products and therapies, the expected benefits of our intellectual property, future prospects, regulatory timelines, and other statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations. Such risks and uncertainties include, among others, the inherent uncertainties associated with developing new products or technologies, regulatory approvals, unexpected expenditures, the ability to raise the additional funding needed to continue to pursue BioCardia’s business and product development plans, the ability to enter into licensing and partnering arrangements and overall market conditions. We may find it difficult to enroll patients in our clinical trials due to many factors, some of which are outside of our control. Slower than targeted enrollment could delay completion of our clinical trials and delay or prevent the development of our therapeutic candidates. These forward-looking statements are made as of the date of this press release, and BioCardia assumes no obligation to update the forward-looking statements.

 

We may use terms such as “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey the uncertainty of future events or outcomes to identify these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained herein, we caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from the forward-looking statements contained in this press release. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate. Additional factors that could materially affect actual results can be found in BioCardia’s Form 10-K filed with the Securities and Exchange Commission on March 26, 2025, under the caption titled “Risk Factors BioCardia expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.  

 

 

 

 

BioCardia, Inc.

Condensed Consolidated Statements of Operations
(Unaudited in thousands, except share and per share amounts)

 

   

Year ended
December 31,

 
   

2024

   

2023

 

Revenue:

               

Collaboration agreement revenue

    58       477  

Costs and expenses:

               

Research and development

    4,387       7,726  

Selling, general and administrative

    3,672       4,395  

Total costs and expenses

    8,059       12,121  

Operating loss

    (8,001 )     (11,644 )

Other income (expense):

               

Total other income, net

    55       73  

Net loss

  $ (7,946 )   $ (11,571 )
                 

Net loss per share, basic and diluted

  $ (2.90 )   $ (8.19 )
                 

Weighted-average shares used in computing net loss per share, basic and diluted

    2,743,828       1,411,998  

 

 

 

 

BioCardia, Inc.

Selected Balance Sheet Data

(amounts in thousands)

 

   

December 31,

   

December 31,

 
   

2024(1)

   

2023(1)

 
                 

Assets:

               

Cash and cash equivalents

  $ 2,371     $ 1,103  

Other current assets

    251       358  

Property, plant and equipment and other noncurrent assets

    1,102       1,526  

Total assets

  $ 3,724     $ 2,987  

Liabilities and Stockholders Equity (Deficit)

               

Current liabilities

  $ 2,321     $ 3,608  

Operating lease liability - noncurrent

    566       982  

Total stockholders’ equity (deficit)

    837       (1,603 )

Total liabilities and stockholders’ equity (deficit)

  $ 3,724     $ 2,987  

 

(1)  December 31, 2024 and 2023 amounts were derived from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on March 26, 2025.

 

 

 

###

 

Media Contact:
Miranda Peto, Investor Relations
Email: mpeto@BioCardia.com
Phone: 650-226-0120

 

Investor Contact:
David McClung, Chief Financial Officer
Email: investors@BioCardia.com
Phone: 650-226-0120

 

 
v3.25.1
Document And Entity Information
Mar. 26, 2025
Document Information [Line Items]  
Entity, Registrant Name BIOCARDIA, INC.
Document, Type 8-K
Document, Period End Date Mar. 26, 2025
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-38999
Entity, Tax Identification Number 23-2753988
Entity, Address, Address Line One 320 Soquel Way
Entity, Address, City or Town Sunnyvale
Entity, Address, State or Province CA
Entity, Address, Postal Zip Code 94085
City Area Code 650
Local Phone Number 226-0120
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001
Trading Symbol BCDA
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000925741

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