PURE Bioscience, Inc. (OTCQB: PURE) (“PURE,” the “Company” or “we”), creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for t...
Update on Business and PURE’s SDC-Based Antimicrobial Food Safety Solutions
EL CAJON, Calif.: PURE Bioscience, Inc. (OTCQB: PURE) (“PURE,” the “Company” or “we”), creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fiscal third quarter ended April 30, 2024.
Summary of Results – Fiscal Third Quarter Operations
Nine Months: Summary of Results of Operations
Business Update
We believe the foundation for a sustainable and profitable organization is underway. Significant focus and resources have been built around our shift in business strategy from a direct sales model to a distributor model.
Jeff Kitchell, Vice President of Operations, said, “Our leadership team has worked hard to develop a new Tier Pricing Agreement which satisfies margin requirements for our distributors, as well as setting a minimum advertised price and manufacturer’s suggested retail price. This new program is being met with great interest and enthusiasm from key distributors in the industry and discussions are well underway and we plan to provide further updates as we continue to drive results under this program.”
Robert Bartlett, Chief Executive Officer, said, “While it is obvious sales growth has not been at the rate it needs to be, the team is dedicated to building our foundation which takes time and patience. I am confident we are on the right track as we continue to transform into an innovative customer solutions company using a distribution model for greater reach. Both momentum and industry interest are starting to build. Under the direction of Tim Steffensmeier, Vice President of Sales and Marketing, the team is steadfast in building and promoting our brand, supporting current industry offerings, and conducting R&D projects to address areas of concern in industries such as dairy and animal health,” concluded Bartlett.
About PURE Bioscience, Inc.
PURE focuses on developing and commercializing our proprietary antimicrobial products primarily in food safety. We provide solutions to combat the health and environmental challenges of pathogens and hygienic control. Our technology platform is based on patented, stabilized ionic silver, and our initial products contain silver dihydrogen citrate, better known as SDC. This is a broad-spectrum, non-toxic antimicrobial agent, and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products in the marketplace because of its superior efficacy, reduced toxicity, and mitigation of bacterial resistance. PURE’s mailing address is 771 Jamacha Rd. #512, El Cajon, California 92019 (San Diego County area) serves as its official address for all business requirements. Additional information on PURE is available at www.purebio.com.
Forward-looking Statements: Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Statements in this press release, including quotes from management, concerning the Company’s expectations, plans, business outlook, future performance, future potential revenues, expected results of the Company’s marketing efforts, the execution of contracts under negotiation, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements.” Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; acceptance of the Company’s current and future products and services in the marketplace, including the Company’s ability to convert successful evaluations and tests for PURE Control and PURE Hard Surface into customer orders and customers continuing to place product orders as expected and to expand their use of the Company’s products; the Company’s ability to maintain relationships with its partners and other counterparties; the Company’s ability to generate sufficient revenues and reduce its operating expenses in order to reach profitability; the Company’s ability to raise the funding required to support its continued operations and the implementation of its business plan; the ability of the Company to develop effective new products and receive required regulatory approvals for such products, including the required data and regulatory approvals required to use its SDC-based technology as a direct food contact processing aid in raw meat processing and to expand its use in OLR poultry processing; competitive factors, including customer acceptance of the Company’s SDC-based products that are typically more expensive than existing treatment chemicals; dependence upon third-party vendors, including to manufacture its products; and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission (the SEC), including its Form 10-K for the fiscal year ended July 31, 2023, Form 10-Q for the fiscal first quarter ended October 31, 2023, Form 10-Q for the fiscal second quarter ended January 31, 2024, and Form 10-Q for the fiscal third quarter ended April 30, 2024. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
PURE Bioscience, Inc. Condensed Consolidated Balance Sheets | ||||||||
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| April 30, 2024 |
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| July 31, 2023 |
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| (Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
| $ | 442,000 |
|
| $ | 1,095,000 |
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Accounts receivable |
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| 234,000 |
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|
| 285,000 |
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Inventories, net |
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| 74,000 |
|
|
| 88,000 |
|
Restricted cash |
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| 75,000 |
|
|
| 75,000 |
|
Prepaid expenses |
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| 44,000 |
|
|
| 61,000 |
|
Total current assets |
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| 869,000 |
|
|
| 1,604,000 |
|
Property, plant and equipment, net |
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| 51,000 |
|
|
| 221,000 |
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Total assets |
| $ | 920,000 |
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| $ | 1,825,000 |
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Liabilities and stockholders’ equity (deficiency) |
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Current liabilities |
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Accounts payable |
| $ | 506,000 |
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| $ | 422,000 |
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Accrued liabilities |
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| 160,000 |
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|
| 110,000 |
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Total current liabilities |
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| 666,000 |
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| 532,000 |
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Long-term liabilities |
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Note payable to related parties |
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| 2,400,000 |
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|
| 1,021,000 |
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Total long-term liabilities |
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| 2,400,000 |
|
|
| 1,021,000 |
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Total liabilities |
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| 3,066,000 |
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|
| 1,553,000 |
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Commitments and contingencies |
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Stockholders’ equity (deficiency) |
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Preferred stock, $0.01 par value: 5,000,000 shares authorized, no shares issued and outstanding |
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| — |
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|
| — |
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Common stock, $0.01 par value: 150,000,000 shares authorized, 111,856,473 shares issued and outstanding at April 30, 2024, and July 31, 2023 |
|
| 1,119,000 |
|
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| 1,119,000 |
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Additional paid-in capital |
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| 132,574,000 |
|
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| 132,398,000 |
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Accumulated deficit |
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| (135,839,000 | ) |
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| (133,245,000 | ) |
Total stockholders’ equity (deficiency) |
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| (2,146,000 | ) |
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| 272,000 |
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Total liabilities and stockholders’ equity (deficiency) |
| $ | 920,000 |
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| $ | 1,825,000 |
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PURE Bioscience, Inc. Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
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| Nine Months Ended |
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| Three months Ended |
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| April 30, |
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| April 30, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Net product sales |
| $ | 1,483,000 |
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| $ | 1,269,000 |
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| $ | 440,000 |
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| $ | 406,000 |
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Royalty revenue |
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| 6,000 |
|
|
| 6,000 |
|
|
| 1,000 |
|
|
| 1,000 |
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Total revenue |
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| 1,489,000 |
|
|
| 1,275,000 |
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|
| 441,000 |
|
|
| 407,000 |
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Cost of goods sold |
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| 612,000 |
|
|
| 625,000 |
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| 183,000 |
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| 211,000 |
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Gross profit |
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| 877,000 |
|
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| 650,000 |
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| 258,000 |
|
|
| 196,000 |
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Operating costs and expenses |
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Selling, general and administrative |
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| 3,136,000 |
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| 3,342,000 |
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| 998,000 |
|
|
| 997,000 |
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Research and development |
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| 233,000 |
|
|
| 227,000 |
|
|
| 77,000 |
|
|
| 74,000 |
|
Total operating costs and expenses |
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| 3,369,000 |
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