Company: OPGN
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008771
Chunk: 74

Company: OPGEN INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 the year ended December 31,
2024.

Overview

OpGen,
Inc. (“OpGen” or the “Company”) was incorporated in Delaware in 2001. On April 1, 2020, OpGen completed its
business combination transaction with Curetis N.V., a public company with limited liability under the laws of the Netherlands. As part
of the transaction, the Company acquired all the shares of Curetis GmbH, a private limited liability company organized under the laws
of the Federal Republic of Germany (“Curetis”), and certain other assets and liabilities of Curetis, including all its shares
of Ares Genetics GmbH (“Ares Genetics”). From inception through November 2023, the Company operated as a precision medicine
company harnessing the power of molecular diagnostics and informatics to help combat infectious disease. The Company, along with its subsidiaries,
Curetis and Ares Genetics, developed and commercialized molecular microbiology solutions helping to guide clinicians with more rapid and
actionable information about life-threatening infections to improve patient outcomes and decrease the spread of infections caused by multidrug-resistant
microorganisms, or MDROs.

In
November 2023, the Company implemented certain cash management initiatives, including restructuring its U.S. operations by reducing
headcount and scaling down operations at OpGen’s U.S. headquarters to the core functions of a U.S. Nasdaq listed company, allowing
the Company to conserve cash and focus on the functions needed to pursue potential strategic alternatives. In November 2023, Curetis
filed a petition for insolvency with the district court of Stuttgart, Germany, and Ares Genetics filed a petition for insolvency with
the commercial court in Vienna, Austria. The insolvency proceedings of Curetis and Ares Genetics were adjudicated under the insolvency
laws of Germany and Austria, respectively.

The
insolvency administrators assumed control over the assets and liabilities of Curetis and Ares Genetics, respectively, which eliminated
the authority and power of the Company and its officers to act on behalf of the subsidiaries. The loss of control required that the Company
no longer include Curetis and Ares Genetics in its consolidated financial statements and, consequently, the subsidiaries were deconsolidated
from the Company’s consolidated financial statements. As part of the insolvency proceedings, in April 2024, all of Curetis’
assets were sold to Camtech Pte Ltd., a Singaporean family office (“Camtech”), and