Co-Diagnostics (CODX) investor relations material

Executive summary

• Multiple strategic initiatives underway, including a planned SPAC transaction for the Indian joint venture CoSara, the launch of the CoMira joint venture in the MENA region, and a new AI business unit integrating diagnostics and predictive analytics.

• Clinical evaluations for a multiplex upper respiratory test (Flu A, B, COVID-19, RSV) are imminent, supported by NIH grants, with additional tests for tuberculosis and HPV on track for clinical trials.

• Recent direct offerings raised $10.8 million, strengthening the balance sheet and supporting commercialization efforts.

• The company is developing a point-of-care PCR platform, with regulatory submission plans after withdrawing a previous FDA application.

• In-silico analysis confirmed high reactivity of CHIKV primers against recent virus strains.

Financial highlights

• Q3 2025 revenue was $0.1 million, down from $0.6 million in Q3 2024, mainly due to lower grant revenue.

• Operating expenses decreased to $7.1 million from $10.6 million year-over-year, reflecting improved operational efficiency.

• Net loss narrowed to $5.9 million ($0.16 per share) from $9.7 million ($0.32 per share) in Q3 2024.

• Adjusted EBITDA loss improved to $6.3 million from $8.8 million year-over-year.

• Ended the quarter with $11.4 million in cash, cash equivalents, and marketable securities.

Outlook and guidance

• Focus remains on advancing the development pipeline, completing clinical evaluations, and preparing for regulatory submissions.

• Multiple commercial launches anticipated in 2026, with ongoing development of new diagnostic tests.

• Capital requirements to be met through a mix of equity, debt, grant funding, and operational efficiencies.

• The company expects to continue generating operating losses and using cash in operations in the near term.

• There is substantial doubt about the company's ability to continue as a going concern without additional financing.