BNBX

• Strategic restructuring: Initiated to bolster cash reserves and optimize cost structure, including a 20% workforce reduction related to the exited DNA tagging segment, incurring a one-time charge of ~$300,000. - FY2024 milestones: Validated Linea IVT platform, Linea DNA entered clinic with IHBT initiating phase one trial for AML therapy, LineaRx had over 25 customer projects, and GMP Site One facility certified. - LineaRx update: Focus on selling GMP capacity for IVT templates, developing new products like Linea Donor DNA for CRISPR gene editing, and growth strategy with low CapEx manufacturing. - Operational update: Judy Murrah oversees operations, emphasizing operational excellence, quality culture, and evaluating clinical lab services like TREAT PGx for potential market expansion.

• LineaRx to execute in FY2025 with robust sales pipeline for GMP IVT templates, aiming to close contracts with CDMOs and therapeutic developers. - Development of new proprietary enzyme and buffer system to enhance manufacturing yields and margin profile. - Plan to scale GMP manufacturing using low CapEx modular cleanrooms to align with commercial contract timing and reduce balance sheet risk.

For the first quarter of fiscal 2025, total revenues were $1.2 million, compared with $891,000 in the same period of fiscal 2024. The increase was due to higher product revenue from the DNA tagging business segment and increased textiles isotopic testing services revenue. The company exited the DNA tagging and security products and services business segment, with the wind-down expected to be completed by the end of the current quarter. Revenue increases in Q1 came from a shipment of DNA tagging for cotton marking and increased volume in isotopic testing services.

• Substantial doubt of going concern as per Form 10-Q, dependent on implementing business plan, generating revenues, and raising capital. - Risk factors from forward-looking statements that could cause actual performance to differ materially, as per Form 10-Q and presentation slide three.

Q: Could you provide color on the new Linear product, quantifying the opportunity versus CRISPR therapies?

A: Linear product like Linea Donor DNA is for CRISPR gene editing, with parallels to IVT templates in market opportunity. CRISPR is a large market, especially in cell and gene therapy ex vivo workflows.

Q: Where did the revenue increases come from, new customers or increased scaling of existing?

A: Revenue increases came from product revenue, including a shipment of DNA tagging for a cotton marking contract and increased volume in isotopic testing services. The DNA tagging contract is retained post-restructuring and uses existing LineaRx workflows.

Q: Timeline and revenue recognition dynamics for the AML therapy phase one trial?

A: The phase one trial in the Czech Republic is ~eighteen months. It's a hospital-based trial, so revenue opportunity scaling is uncertain, but it was important for regulatory validation of linear DNA in clinical use.