Company: OPGN
Filing Date: 2025-10-01
Form Type: 10-Q
Source: 0001829126-25-007819
Chunk: 71

Company: OPGEN INC
Filing Date: 2025-10-01
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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4. The decrease in cost of products sold aligns with the decrease in product sales in the first quarter of 2025, which is due to the Company scaling down its legacy operations and repositioning its business; 

    ●
    Cost of services: cost of services for the three months ended March 31, 2025 decreased 100% when compared to the same period in 2024. The decrease in cost of services aligns with the decrease in laboratory services in the first quarter of 2025, 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%, 70%, and 93%, respectively, for the three months ended March 31, 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. 

24

Other income (expense)

    Three Months Ended March 31,

    2025

    2024

    (As Restated)

    Interest and other income
     
    $
    117,845

    $
    10

    Interest expense

    (3,238
    )

    -

    Gain on impairment adjustment

    -

    2,079,575

    Change in fair value of EIB loan guaranty

    -

    (46,584
    )
  
    Foreign currency transaction gains

    106

    281

    Total other income
     
    $
    114,713

    $
    2,033,282

Our total other income for the three months ended March 31, 2025 decreased to $0.1 million from $2.0 million in the same period in 2024 primarily due to the Company’s recording of a gain on impairment adjustment of $2.1 million in March 2024 following the Company’s identification of a subtenant for its Rockville, Maryland office.

Liquidity and Capital Resources

As of March 31, 2025, we had cash and cash equivalents of $1.1 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