Company: OPGN
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001829126-25-009312
Chunk: 76

Company: OPGEN INC
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 76
---
    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 place during 2024:

    ●
    In March 2024, we entered into a securities purchase agreement with David E. Lazar, pursuant to which we agreed to sell 3,000,000 shares of Series E Convertible Preferred Stock to Mr. Lazar at a price of $1.00 per share for aggregate gross proceeds of $3.0 million. Pursuant to the agreement, Mr. Lazar paid a total of $550,000 in exchange for 550,000 shares of Series E Preferred Stock. In July 2024, Mr. Lazar consummated a transaction pursuant to which he sold the 550,000 shares of Series E Preferred Stock together with his rights to purchase the additional 2,450,000 shares of Series E Preferred Stock under the March 2024 Purchase Agreement to AEI Capital Ltd. Subsequently, AEI Capital Ltd. paid the Company $2.45 million in August 2024 in exchange for the remaining 2,450,000 shares of Series