Biocardia 2025 Q3 Earnings 60.7% Earnings Improvement Amid Sustained Losses

Biocardia (BCDA) reported its 2025 Q3 earnings on Nov 12, 2025, with a 60.7% reduction in per-share losses and a 14.6% narrower net loss. The company highlighted progress in regulatory milestones and clinical trials, though revenue remained flat at $0. Investors reacted cautiously, with shares declining 13.91% month-to-date.

Revenue

Biocardia’s total revenue remained stable at $0 for 2025 Q3, unchanged from the prior year. The company, which has yet to generate revenue from commercial operations, continues to fund its activities through capital raises and partnerships.

Earnings/Net Income

The company narrowed its per-share loss to $0.24 from $0.61 in 2024 Q3, a 60.7% improvement. Net losses also decreased to $1.48 million from $1.74 million, a 14.6% reduction. Despite these improvements, Biocardia has reported losses for nine consecutive years in this quarter, underscoring ongoing financial challenges. The EPS improvement is positive but insufficient to offset the company’s long-term profitability hurdles.

Price Action

Biocardia’s stock price declined 0.76% in the latest trading day, 1.52% over the past week, and 13.91% month-to-date. The post-earnings reaction reflects investor caution, with the stock nearing its 52-week low of $1. Analysts remain optimistic about long-term potential, with a median price target of $15.50 per share.

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Post-Earnings Price Action Review

Biocardia’s stock faced downward pressure following its Q3 earnings report, with a 13.91% monthly decline as of Nov 12. While the company’s narrowed losses and regulatory progress in Japan and the U.S. signaled operational improvements, the lack of revenue and sustained losses dampened immediate investor sentiment. Analysts noted the stock’s volatility is tied to clinical trial outcomes and regulatory approvals rather than earnings metrics alone. The 60.7% EPS improvement was insufficient to offset concerns about cash burn and capital-raising needs.

CEO Commentary

Peter Altman, CEO, emphasized the $6 million financing as a catalyst for advancing CardiAMP cell therapy approvals in the U.S. and Japan, alongside the Helix catheter’s 510(k) submission. He highlighted progress in the CardiAMP HF II trial and expressed optimism about “transformative” growth in the next two quarters. Strategic priorities include securing PMDA and FDA regulatory milestones and leveraging non-dilutive funding for CardiALLO. Altman’s tone balanced clinical progress with capital management challenges, noting the cash runway extends to Q2 2026.

Guidance

Biocardia outlined key milestones: PMDA clinical review (Q4 2025), FDA approvability meeting (Q4 2025), Helix 510(k) submission (Q4 2025), and ongoing CardiAMP HF II enrollment. The company reiterated a $5.3 million cash balance as of Sept 30, 2025, supporting operations into Q2 2026. While no revenue or EPS guidance was provided, the focus remains on regulatory timelines and trial data publication (Q1 2026 for CardiAMP HF). Risks include enrollment delays and capital-raising needs.

Additional News

Biocardia secured $6 million in new financing in September 2025, bolstering its cash position and extending its runway. The company also announced the enrollment of its first patient in the Phase 3 CardiAMP HF II trial at Henry Ford Health and the University of Wisconsin, marking critical progress in its lead program. Additionally, Biocardia partnered with CART-Tech to develop Heart3D fusion imaging technology for interventional cardiology, enhancing precision in biotherapeutic delivery. These developments underscore the company’s strategic focus on advancing cell therapy platforms and regulatory approvals.

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