Co-Diagnostics Releases Financial Results for Third Quarter of 2025, Celebrating Strategic Ventures

Co-Diagnostics Q3 2025 Financial Results

Co-Diagnostics, Inc., a leader in molecular diagnostics, reported its financial outcomes for the third quarter ending September 30, 2025. Notably, the company continues to innovate in the diagnostics space with unique patented technologies that are pivotal in fighting infectious diseases.

Business Highlights from Q3 2025

In a significant move, Co-Diagnostics has completed an in-silico analysis of its Co-Primers® based PCR tests used for detecting the chikungunya virus (CHIKV). This analysis confirmed that the primers demonstrated strong homology with over 1,200 known CHIKV sequences, ensuring their effectiveness against current strains of the virus.

The quarter also saw the company successfully close a Registered Direct Offering (RDO), generating gross proceeds close to $3.8 million, before accounting for expenses associated with the offering.

Subsequent Developments

Post Q3, the company signed a strategic agreement with Arabian Eagle Manufacturing, aiming to research, develop, and commercialize Co-Dx technologies across Saudi Arabia and 18 additional MENA regions under the joint venture named CoMira Diagnostics. This initiative underscores Co-Diagnostics' ambition to expand rapidly within the high-demand diagnostics market of the Middle East.

Additionally, the formation of a new AI business unit, led by Chief Technology AI Officer Christopher Thurston, aims to further integrate the company’s existing and forthcoming AI solutions into the Co-Dx™ Primer Ai™ platform, thereby enhancing their diagnostic capabilities further.

Another notable development includes the creation of a specialized instrument designed for the preparation of samples, which seeks to simplify and enhance workflows for point-of-care testing related to Mycobacterium Tuberculosis (MTB).

Moreover, Co-Diagnostics has engaged Maxim Group LLC to explore potential strategic transactions, which may encompass a SPAC transaction pertaining to their joint venture CoSara Diagnostics in India. Post the quarter, the company successfully concluded another RDO, securing approximately $7.0 million in gross proceeds.

Financial Overview of Q3 2025

In the financial report for Q3 2025, Co-Diagnostics disclosed revenue of $0.1 million, a decline compared to $0.6 million in the same quarter of 2024. This decrease predominantly stemmed from reduced grant revenues.

Operating expenses amounted to approximately $7.1 million, reflecting a significant year-on-year decrease of 32.6%. The operating loss reported was $7.0 million, a notable improvement from the $10.2 million loss reported in Q3 2024.

The net loss was reported at $5.9 million, translating to a loss of $0.16 per share, which is an improvement from the net loss of $9.7 million, or $0.32 per share, in Q3 2024. The adjusted EBITDA loss for the quarter was stated as $6.3 million. As of September 30, 2025, the company maintained cash and cash equivalents amounting to $11.4 million.

Strategic Outlook

Dwight Egan, CEO of Co-Diagnostics, expressed optimism, stating, “We are entering one of the most active and strategically significant periods in our Company's history.” The initiatives undertaken, like CoMira Diagnostics and the leveraging of AI technology, position the company favorably for sustainable growth and broadened international reach.

With these developments, Co-Diagnostics is actively preparing for clinical evaluations for their new upper-respiratory multiplex test that is supported by grants from NIH's RADx Tech® program. These concerted efforts highlight Co-Diagnostics’ commitment to advancing molecular diagnostic technologies amid challenging market conditions.

A conference call and webcast will be held at 4:30 PM EDT to discuss these results further with investors and analysts, allowing for detailed engagement on the company's future strategies and financial positioning.

As Co-Diagnostics continues to innovate and expand, its focus on strategic partnerships and technological advancements promises to pave the way for meaningful impacts in the molecular diagnostics industry in the coming years.