$CODX

Co-Diagnostics, Inc.

CIK:0001692415|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 166,131	$ 162,910	$ 312,084	$ 213,187
Cost of revenue	45,303	32,106	239,071	53,696
Gross profit	120,828	130,804	73,013	159,491
Operating expenses
Sales and marketing	466,681	609,713	934,637	1,266,743
General and administrative	1,500,803	2,599,982	4,003,929	5,373,131
Research and development	4,152,287	4,687,459	10,086,358	9,557,478
Depreciation and amortization	201,840	291,414	457,285	571,859
Total operating expenses	6,321,611	8,188,568	15,482,209	16,769,211
Loss from operations	(6,200,783)	(8,057,764)	(15,409,196)	(16,609,720)
Other income (expense), net
Interest income, net	17,493	12,158	24,469	25,759
Realized gain on investments		340,358		641,823
Loss on disposition of assets		(9,004)		(9,004)
Gain (loss) on remeasurement of acquisition contingencies	(29,171)	10,222	46,109	727,289
Loss on equity method investment in joint ventures	(52,157)	(13,760)	(65,518)	(15,204)
Total other income (expense), net	(63,835)	339,974	5,060	1,370,663
Loss before income taxes	(6,264,618)	(7,717,790)	(15,404,136)	(15,239,057)
Income tax provision	19,168	12,327	19,688	24,331
Net loss	(6,283,786)	(7,730,117)	(15,423,824)	(15,263,388)
Other comprehensive loss
Change in net unrealized gains on marketable securities, net of tax		(196,585)		(284,375)
Total other comprehensive loss		(196,585)		(284,375)
Comprehensive loss	$ (6,283,786)	$ (7,926,702)	$ (15,423,824)	$ (15,547,763)
Loss per common share:
Basic	$ (1.46)	$ (7.00)	$ (4.69)	$ (14.05)
Diluted	$ (1.46)	$ (7.00)	$ (4.69)	$ (14.05)
Weighted average shares outstanding:
Weighted average shares outstanding: basic	4,309,997	1,103,614	3,287,417	1,086,054
Diluted	4,309,997	1,103,614	3,287,417	1,086,054
Product [Member]
Total revenue	$ 166,131	$ 162,910	$ 312,084	$ 213,187

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (15,423,824)	$ (15,263,388)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	457,285	571,859
Stock-based compensation expense	432,866	1,455,493
Common stock issued for financial advisory services		135,000
Change in fair value of acquisition contingencies	(46,109)	(727,289)
Non-cash lease expense	1,031	(2,003)
Realized gain on investments		(641,823)
Loss from equity method investment	65,518	15,204
Loss on disposition of assets		9,004
Provision for credit losses	557	(13,248)
Inventory obsolescence recoveries	(59,215)	(95,302)
Changes in assets and liabilities:
Accounts receivable	137,759	(65,150)
Prepaid expenses and other assets	(23,012)	690,010
Inventory	209,943	83,399
Deferred revenue	13,844	5,000
Income taxes payable		23,290
Accounts payable, accrued expenses and other liabilities	(765,963)	(3,213,100)
Net cash used in operating activities	(14,999,320)	(17,033,044)
Cash flows from investing activities
Purchases of property and equipment	(160,298)	(492,973)
Proceeds from maturities of marketable investment securities		31,509,485
Purchases of marketable securities		(6,588,577)
Investment in joint ventures	(150,000)
Net cash (used in) provided by investing activities	(310,298)	24,427,935
Cash flows from financing activities
Issuance of common stock related to private placement transaction and warrant exercises, net of offering costs	2,739,973
Issuance of common stock related to at-the-market offering, net of offering costs	4,334,670	783,746
Net cash provided by financing activities	7,074,643	783,746
Net increase (decrease) in cash and cash equivalents	(8,234,975)	8,178,637
Cash and cash equivalents at beginning of period	11,884,607	2,936,544
Cash and cash equivalents at end of period	3,649,632	11,115,181
Supplemental disclosure of cash flow information
Cash received for income taxes	26,592
Supplemental disclosure of non-cash investing and financing transactions
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,029,215

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 3,649,632	$ 11,884,607
Accounts receivable, net	52,059	190,375
Inventory, net	841,669	992,397
Income taxes receivable	425	44,559
Prepaid expenses and other current assets	648,673	581,527
Total current assets	5,192,458	13,693,465
Property and equipment, net	1,975,111	2,272,098
Operating lease right-of-use asset	1,769,011	1,207,453
Intangible assets, net	7,219,000	7,219,000
Investment in joint ventures	435,051	350,569
Total assets	16,590,631	24,742,585
Current liabilities
Accounts payable	1,078,380	1,878,225
Accrued expenses	899,183	865,301
Operating lease liability, current	784,261	662,258
Contingent consideration liabilities, current	72,927	119,036
Deferred revenue	28,644	14,800
Total current liabilities	2,863,395	3,539,620
Long-term liabilities
Operating lease liability	1,014,887	574,301
Total long-term liabilities	1,014,887	574,301
Total liabilities	3,878,282	4,113,921
Commitments and contingencies (Note 11)
Stockholders’ equity
Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, $0.001 par value; 100,000,000 shares authorized; 5,040,580 shares issued and 4,878,957 shares outstanding as of June 30, 2026 and 2,256,654 shares issued and 2,095,031 shares outstanding as of December 31, 2025	70,484	67,700
Treasury stock, at cost; 161,623 shares held as of June 30, 2026 and December 31, 2025, respectively	(15,575,795)	(15,575,795)
Additional paid-in capital	124,015,023	116,510,298
Accumulated deficit	(95,797,363)	(80,373,539)
Total stockholders’ equity	12,712,349	20,628,664
Total liabilities and stockholders’ equity	$ 16,590,631	$ 24,742,585