Company: OPGN
Filing Date: 2025-10-01
Form Type: 10-Q
Source: 0001829126-25-007819
Chunk: 36

Company: OPGEN INC
Filing Date: 2025-10-01
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 into a securities purchase agreement (the “August 2024 Securities Purchase Agreement”) with AEI Capital Ltd., pursuant to which we have the right, in our sole discretion, to sell to AEI Capital Ltd., at any time prior to September 30, 2024, shares of common stock, par value $0.01 per share, of the Company having an aggregate value of up to $3.0 million. As of September 30, 2024, the Company sold 1,079,109 shares of common stock to AEI Capital Ltd. for gross proceeds of $2.0 million before deducting offering expenses. In October 2024, we entered into a First Amendment (the “Amendment”) to the securities purchase agreement with AEI Capital Ltd. whereby we were: (i) granted the right to sell two additional tranches of common stock to AEI Capital Ltd. of $3.0 million each, for an aggregate amount of $9.0 million under the securities purchase agreement; and (ii) our ability to sell shares of common stock to AEI Capital Ltd. under the securities purchase agreement was extended until December 31, 2025. 

Going forward, we anticipate funding our operations primarily through financing arrangements with AEI Capital Ltd, including the August 2024 Securities Purchase Agreement noted above.

25

Sources and uses of cash

The following table summarizes the net cash and cash equivalents (used in) provided by operating activities, investing activities and financing activities for the periods indicated: 

        Three Months ended
        March 31,

    2025

    2024

    (As Restated)

    Net cash (used in) provided by

    Operating activities
     
    $
    (197,872
    )
     
    $
    (1,084,050
    )
  
    Investing activities

    -

    -

    Financing activities

    -

    199,720

    Net decrease in cash and cash equivalents
     
    $
    (197,872
    )
     
    $
    (884,330
    )

Net cash used in operating activities

Net cash used in operating activities for the three months ended March 31, 2025 consists primarily of our net loss of $0.4 million, partially offset by noncash share-based compensation expense of $0.1 million and changes in operating assets and liabilities of $0.1 million. Net cash used in operating activities for the three months ended