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IMDX

Insight Molecular Diagnostics Inc.

IMDX

Insight Molecular Diagnostics Inc. • NASDAQ
$6.14 ▲ 1.66% (+0.10)
Market Cap $176.00 M
52w High $8.51
52w Low $1.92
Dividend Yield 0%
P/E -1.91
Volume 11.98K
Outstanding Shares 28.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $260K ▼ $11.187M ▲ $-10.854M ▼ -4.175K% ▼ $-0.34 ▼ $-10.241M ▼
Q2-2025 $518K ▼ $10.192M ▲ $-9.742M ▼ -1.881K% ▼ $-0.304 ▼ $-9.158M ▼
Q1-2025 $2.138M ▲ $8.124M ▼ $-6.671M ▲ -312.021% ▲ $-0.26 ▲ $-6.151M ▲
Q4-2024 $1.486M ▲ $34.222M ▲ $-33.511M ▼ -2.255K% ▲ $-1.928 ▼ $-32.918M ▼
Q3-2024 $115K $13.565M $-13.493M -11.733K% $-0.984 $-13.122M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.692M ▼ $43.937M ▼ $53.133M ▲ $-9.196M ▼
Q2-2025 $24.287M ▼ $50.517M ▼ $49.419M ▼ $1.098M ▼
Q1-2025 $31.029M ▲ $60.36M ▲ $50.142M ▲ $10.218M ▲
Q4-2024 $8.636M ▲ $35.081M ▼ $47.355M ▼ $-12.274M ▼
Q3-2024 $3.363M $70.216M $60.505M $9.711M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.854M ▼ $-4.502M ▲ $-1.05M ▼ $-120K ▼ $-5.777M ▲ $-5.552M ▲
Q2-2025 $-9.742M ▼ $-6.279M ▼ $-349K ▼ $-114K ▼ $-6.742M ▼ $-6.628M ▼
Q1-2025 $-6.671M ▲ $-5.858M ▼ $-307K ▼ $28.558M ▲ $22.393M ▲ $-6.165M ▼
Q4-2024 $-33.511M ▼ $-5.354M ▲ $-210K ▼ $10.837M ▲ $5.273M ▲ $-5.568M ▼
Q3-2024 $-13.493M $-5.551M $-87K $-255K $-5.893M $-5.336M

Revenue by Products

Product Q1-2025Q2-2025
Laboratory Services
Laboratory Services
 $0 ▲$0 ▲
Pharma Services
Pharma Services
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement IMDX is still a pre‑revenue company: it has not generated meaningful product or service revenue over the past several years. All activity is essentially investment spending to build and validate its diagnostics platform. Operating costs have stayed relatively small in absolute terms but have consistently exceeded income, so the company has reported losses year after year. Those losses widened during the heavier development period and have recently narrowed somewhat, suggesting some cost discipline, but the business is clearly not yet self‑funding. In short, this is an R&D‑stage diagnostic platform with ongoing, recurring losses and no commercial revenue base yet, so the income statement reflects a company still in build‑out mode rather than one in steady operation.

Balance Sheet

Balance Sheet The balance sheet is very small, with a limited asset base and only a modest cash cushion. There is little to no financial debt, which reduces interest burden but also means the company mainly depends on equity and other non‑debt sources for funding. Recently, shareholder equity has slipped into slightly negative territory, which is a sign that accumulated losses now exceed the capital historically put into the business. That can increase going‑concern risk and usually implies a need for fresh capital, cost cutting, or some type of strategic transaction over time. Overall, the balance sheet looks thin and fragile rather than robust, offering limited capacity to absorb prolonged delays in commercial progress without additional funding.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting cash spent on salaries, trials, lab operations, and overhead without offsetting revenue. Free cash flow is similarly negative, but capital spending is minimal, which fits a “capital‑light” lab and kit‑development model. The cash burn has not been huge in absolute terms but is meaningful relative to the small cash balance. Unless there is a sharp change in revenue or major new funding, the current cash position alone would not support many years of operations at the present burn rate. In practical terms, IMDX appears reliant on external financing and partnerships to bridge the gap between today’s development phase and any future commercially scaled business.

Competitive Edge

Competitive Edge IMDX operates in highly specialized niches: transplant rejection monitoring and oncology diagnostics. These are attractive, science‑driven markets but also very competitive, with strong, well‑funded incumbents. The company’s main differentiation in transplant appears to be its digital PCR platform that can provide both relative and absolute measures of donor‑derived DNA, potentially improving accuracy and speed versus some next‑generation sequencing approaches. Medicare coverage for its lab test and a growing body of clinical data help its credibility. Its strategy to “democratize” testing through kits that can run on existing hospital platforms, supported by a partnership with Bio‑Rad, could be a meaningful differentiator if widely adopted. However, IMDX is still a small player competing against much larger companies with established sales forces, deeper pockets, and entrenched relationships with transplant centers and oncologists. Execution risk in commercialization, reimbursement, and hospital adoption remains significant.

Innovation and R&D

Innovation and R&D Innovation is the core strength of IMDX. The company is built around digital PCR technology for transplant rejection (GraftAssure) and gene expression and liquid biopsy tools in oncology (DetermaIO and DetermaCNI). In transplant, IMDX is pushing a model that starts with a centralized lab test and extends into research‑use and, eventually, fully regulated diagnostic kits that hospitals can run locally. Clinical studies, a large transplant registry, and patent protection around absolute quantification of donor‑derived DNA all support a real technological story, but results still need to translate into routine clinical use. In oncology, the company is trying to position DetermaIO as a way to refine patient selection for immunotherapy and DetermaCNI as a monitoring tool for treatment response. These address important clinical questions, but they are early in their commercial journey and must pass through rigorous validation and payer scrutiny. Overall, the R&D pipeline is rich and conceptually differentiated, but the gap between promising science and scaled, reimbursed products is still wide, and timelines and ultimate uptake remain uncertain.

Summary

IMDX is a very early‑stage precision diagnostics company with promising technology but a financially fragile profile. On the positive side, it has a clear focus on transplant monitoring and immuno‑oncology, differentiated digital PCR‑based technology, IP protection, a kitted decentralization strategy, and a noteworthy partnership with Bio‑Rad. Clinical evidence is building, and key upcoming milestones include regulatory submissions, broader reimbursement, and product launches for both transplant and oncology tests. On the risk side, the company has no recurring commercial revenue, runs consistent losses, carries a small and weakening balance sheet, and relies on external funding. It also competes against much larger, established diagnostics players in markets where regulatory, clinical, and payer barriers are high. Key things to watch are: progress toward FDA clearance and launch of the GraftAssure kit, traction and reimbursement in oncology diagnostics, the pace of cash burn relative to new funding, and real‑world adoption by transplant centers and oncologists. The future path could be attractive if the science and business model scale, but the level of execution and financing risk is also elevated.

NEWS

November 10, 2025 · 4:05 PM UTC

IMDX Reports Q3 2025 Results and Progress Toward 2026 Commercial Launch

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November 3, 2025 · 4:05 PM UTC

iMDx to Release Third Quarter 2025 Results on November 10 and Attend Stephens Annual Investment Conference the Following Week

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October 13, 2025 · 4:05 PM UTC

iMDx Welcomes New VP Marketing to Prepare for Commercial Transplant Assay Launch

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October 6, 2025 · 7:15 AM UTC

iMDx Reports Kidney Transplant Patient Achieved ‘Immune Reset' with Novel Therapy and GraftAssure Monitoring

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September 24, 2025 · 7:05 AM UTC

Insight Molecular Diagnostics to Showcase Leadership in Kidney Transplant Management at Conferences in Singapore and Orlando

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