Results of Operations and Financial Condition Form 8 K

Item 2.02. Results of Operations and Financial Condition.

On a preliminary unaudited basis, for the quarter ended June 30, 2024, the Company expects to recognize between $0.3 million and $0.8 million of revenue. On a preliminary unaudited basis, the Company expects its operating loss to be between $8.6 million and $9.1 million and net loss before income taxes from continuing operations to be between $9.2 million and $9.7 million. At June 30, 2024, the Company's cash and cash equivalents and short term investments was approximately $1.5 million.

Revenue generated for the six months ended June 30, 2024, has been primarily derived from process development work and does not include revenue we anticipate to generate from microbial cGMP manufacturing which we commenced in July 2024 or mammalian cGMP manufacturing which we anticipate commencing in the third quarter of 2024. The Company anticipates that cGMP manufacturing contracts will generally be larger than the process development contracts we have booked to date.

The estimates of revenue, operating loss, and net loss before income taxes from continuing operations are the Company's preliminary estimates based on currently available information and are subject to completion of the Company's financial closing procedures. They do not present all necessary information for an understanding of the Company's financial condition as of June 30, 2024 or its results of operations for the three months ended June 30, 2024. The Company's independent registered public accounting firm has not conducted an audit or review of and does not express an opinion or any other form of assurance with respect to, the preliminary unaudited revenue results. It is possible that the Company or its independent registered public accounting firm may identify items that require the Company to make adjustments to the preliminary estimates of revenue, operating loss, and net loss before income taxes from continuing operations set forth above. Accordingly, undue reliance should not be placed on the preliminary estimates.