バイオカルディアの適時開示・決算・その他

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): November 13, 2024

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)

Registrant’s 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 November 13, 2024, BioCardia, Inc. issued a press release announcing its financial results for the quarter ended September 30, 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
99.1		BioCardia, Inc. press release dated November 13, 2024
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: November 13, 2024

EX-99.1 2 ex_747348.htm EXHIBIT 99.1 ex_747348.htm

Exhibit 99.1

BioCardia Reports Third Quarter 2024 Business Highlights and Financial Results

Sunnyvale, Calif. – November 13, 2024 - 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 third quarter of 2024 and filed its quarterly report on Form 10-Q for the three and nine months ended September 30, 2024 with the Securities and Exchange Commission. The Company will also hold a conference call at 4:30 PM ET today in which it will discuss business highlights. Following management’s formal remarks, there will be a question-and-answer session.

Recent Business Highlights

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

●

The FDA accepted our plans for completing patient follow-up in the CardiAMP Heart Failure Trial this year. The last protocol specified follow-up visit in the trial has been completed. Study exit visits and data monitoring with source data verification to prepare for data lock are expected to be completed in the fourth quarter of 2024. Final data transfer to the independent Statistical Analysis Core at the University of Wisconsin is expected soon thereafter for top line data release in the first quarter of 2025. We intend to request a meeting with the FDA to discuss the results with respect to approvability of the CardiAMP Cell Therapy System soon after we have the data.

●

A submission to Japan’s Pharmaceutical and Medical Device Agency (PMDA) has been completed responding to PMDA’s previous questions on the approvability of the CardiAMP Cell Therapy System in Japan based on U.S. data. A PMDA consultation is scheduled to take place in late November as preparation for a subsequent clinical consultation after results from the CardiAMP Heart Failure Trial are available. Should the study’s results meet expectations, there is potential for approval based on this and previous clinical data.

●

The FDA also approved a protocol amendment for the confirmatory CardiAMP® Heart Failure II Trial, which is expected to considerably increase the number of patients eligible for the trial. Multiple consented patients are in the screening queue and study sites are being actively onboarded.

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

●

The last patient enrolled into the open-label roll-in cohort was treated in late August 2024. We expect the primary endpoint data at six months to be available in the first quarter of 2025.

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

●

We received FDA approval to enroll patients without requiring them to have been excluded from the CardiAMP Heart Failure Trial. The last patient in the low-dose cohort is expected to be enrolled in the fourth quarter of 2024.

Morph Access Innovations

●

The FDA approved the 510(k) of our steerable introducer sheath product family for cardiac, aorto-ostial, and peripheral clinical indications in August 2024.

●

The patented Morph® DNA™ Steerable Introducer product family now has FDA market clearance to provide a pathway through which medical instruments, such as balloon dilatation catheters, guidewires, or other therapeutic devices, may be introduced into the peripheral vasculature or chambers and coronary vasculature of the heart.

●

The clearance covers an array of sixteen products in lengths of 30, 45, 71, and 90 centimeters in 5, 6, 7, and 8 French introducer sheath equivalent diameters.

●

Marketing materials are available on the Company’s website in preparation for commercial release of the initial products.

Business

●

$7.2 million upsized public offering closed in September 2024.

“I am conservatively optimistic about the CardiAMP Heart Failure Trial final data that we will soon have,” said BioCardia CEO Peter Altman, Ph.D. “Due to its promise, the available interim data is attracting leading heart failure cardiologists’ participation in the confirmatory CardiAMP Heart Failure II study. Realization of this promise has the potential to result in the world’s first approved cardiac cell therapy for the treatment of ischemic heart failure of reduced ejection fraction.”

Third Quarter 2024 Financial Results:

Research and development expenses were approximately $931,000 for the three months ended September 2024 compared to approximately $1.9 million for the three months ended September 2023 following the completion of enrollment in the CardiAMP Cell Therapy Heart Failure Trial in the second half of 2023.

Selling, general and administrative expenses were approximately $825,000 for the three months ended September 2024 compared to approximately $1.1 million for the three months ended September 2023.

Our net loss was approximately $1.7 million for the three months ended September 2024, compared to approximately $2.6 million for the three months ended September 2023.

ANTICIPATED UPCOMING MILESTONES AND EVENTS:

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

Q4 2024: PMDA consultation

Q4 2024: Data lock CardiAMP Heart Failure I Trial

Q4 2024: Enrollment in the CardiAMP Heart Failure II Trial

Q1 2025: Top line data and submission to FDA and Japan’s PMDA

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

Q2 2025: Primary endpoint data at six months for the open-label roll-in cohort

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

Q4 2024: Completion of enrollment in the low-dose cohort

Q1 2025: DSMB safety readout for the low-dose cohort

Helix Biotherapeutic Delivery Business

Q1 2025: Biotherapeutic delivery partnership revenues and new partner

Morph Access Innovations Business

Q4 2024: Commercial release of first products

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.

Conference call access:

Participants can register for the conference by navigating to https://dpregister.com/sreg/10194429/fdf5f0e427. 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=fmwk6hNm.

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 6220156.

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, FDA and Japanese 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 27, 2024, under the caption titled “Risk Factors,” and in our subsequently filed Quarterly Reports on Form 10-Q. 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)

	Three Months ended September 30,						Nine Months ended September 30,
	2024			2023			2024			2023
Revenue:
Collaboration agreement revenue	$	—		$	357		$	58		$	464
Costs and expenses:
Research and development		931			1,872			2,972			6,570
Selling, general and administrative		825			1,083			2,766			3,454
Total costs and expenses		1,756			2,955			5,738			10,024
Operating loss		(1,756	)		(2,598	)		(5,680	)		(9,560	)
Other income (expense):
Total other income, net		19			24			30			61
Net loss	$	(1,737	)	$	(2,574	)	$	(5,650	)	$	(9,499	)

Net loss per share, basic and diluted	$	(0.61	)	$	(1.79	)	$	(2.65	)	$	(6.87	)

Weighted-average shares used in computing net loss per share, basic and diluted		2,827,492			1,441,043			2,129,258			1,382,070

BioCardia, Inc.

Selected Balance Sheet Data

(amounts in thousands)

	September 30,		December 31,
	2024(1)		2023(1)

Assets:
Cash and cash equivalents	$	4,930	$	1,103
Other current assets		126		358
Property, plant and equipment and other noncurrent assets		1,211		1,526
Total assets	$	6,267	$	2,987
Liabilities and Stockholders’ Deficit
Current liabilities	$	2,840	$	3,608
Operating lease liability - noncurrent		674		982
Total stockholders’ deficit		2,753		(1,603	)
Total liabilities and stockholders’ deficit	$	6,267	$	2,987

(1) September 30, 2024 amounts are unaudited. December 31, 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, 2023, filed with the U.S. Securities and Exchange Commission on March 27, 2024.

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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