Applied DNA Sciences Reports FY2024 Results and Announces Strategic Restructuring

Applied DNA Sciences (NASDAQ: APDN) has announced its financial results for Q4 and the fiscal year ending September 30, 2024, alongside a strategic restructuring. The company is prioritizing manufacturing critical starting materials for genetic medicines and plans to divest its CertainT® platform. Key changes include targeting a 15% reduction in operating expenses and retaining its clinical laboratory subsidiary for pharmacogenomic testing services.

In leadership changes, Judith Murrah is promoted to President, while Clay Shorrock assumes additional responsibilities as President of LineaRx. Management believes restructuring will enhance shareholder value with the completion of a GMP manufacturing facility expected by January 9, 2025.

Financially, Applied DNA reported $813,000 in Q4 revenue, a slight increase from $780,000 in the same quarter of 2023. The full year's revenue was significantly lower at $3.4 million due to reduced demand for COVID-19 testing. The net loss for the year was $7.1 million, but cash reserves improved following a fundraising round in October 2024.