Company: OPGN
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001829126-25-009312
Chunk: 37

Company: OPGEN INC
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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, which is due to the Company scaling down its legacy operations and repositioning its business; and

    ·
    Research and development, general and administrative, and sales and marketing: research and development, general and administrative, and sales and marketing expenses decreased approximately 100%, 55%, and 93%, respectively, for the nine months ended September 30, 2025 compared to the same period in 2024. The decreases are primarily attributable to the Company scaling down its legacy operations and repositioning its business.

26

Other income (expense)

    Nine Months Ended September 30,

    2025

    2024

    Interest and other income
     
    $
    324,059

    $
    242,799

    Interest expense

    (8,777
    )

    (4,317
    )
  
    Gain on impairment adjustment

    -

    2,079,575

    Gain on extinguishment of debt

    -

    9,738,487

    Gain on settlement of compensation expenses

    -

    570,785

    Change in fair value of EIB loan guaranty

    -

    (908,586
    )
  
    Foreign currency transaction gains

    103

    463

    Total other income
     
    $
    315,385

    $
    11,719,206

Our total other income for the nine months ended September 30, 2025 consisted primarily of sublease income. Our total other income for the nine months ended September 30, 2024 consisted primarily of the recognition of a gain on extinguishment of debt following the Company’s settlement of the EIB loan guaranty in August 2024, the recording of a gain on impairment adjustment following the identification of a subtenant and the lease assignment, the recognition of a gain on settlement of compensation expenses following the Company’s settlement of deferred and accrued compensation and severance expenses with the Company’s former CEO, David E. Lazar, and the change in fair value of our EIB loan guaranty.

Liquidity and Capital Resources

As of September 30, 2025, we had cash and cash equivalents of $0.4 million compared to $1.3 million at December 31, 2024. Historically, we have funded our operations primarily through external investor financing arrangements and strategic actions taken by us.

The following financing transactions generating gross proceeds of $5.0 million took