BioRestorative Therapies, Inc. (NASDAQ:BRTX), a company specializing in health and allied services, announced the results of its Annual Meeting of Stockholders held on Thursday. The meeting led to the election of a Class I director, approval of an amendment to increase authorized shares for the company's stock incentive plan, and ratification of the company's independent public accounting firm for the upcoming fiscal year.
At the Annual Meeting, shareholders elected Nickolay Kukekov, Ph.D., as the Class I director, with 2,050,111 votes in favor and 135,114 withheld. There were 2,048,738 broker non-votes, which are shares represented at the meeting but not voted on a particular proposal.
Additionally, the amendment to the company's 2021 Stock Incentive Plan was approved, increasing the number of shares of common stock that can be issued from 3,850,000 to 6,850,000. The amendment received 1,647,022 votes for and 518,921 against, with 19,282 abstentions and the same number of broker non-votes as the director election.
The selection of Marcum LLP as BioRestorative Therapies' independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 4,152,145 votes for, 18,696 against, and 63,122 abstentions.
In other recent news, BioRestorative Therapies has seen a series of significant developments. Roth/MKM has upgraded the company's stock target from $15 to $18, maintaining its Buy rating, following the company's reported progress in its Phase 2 clinical trial for BRTX-100, a therapeutic candidate. The company has also concluded the second quarter of 2024 with a cash position of $14.7 million, and its biocosmeceutical division has reached operational status.
BioRestorative Therapies has secured a five-year agreement with Cartessa, promising minimum annual purchases in the low millions, which contributes to a steady revenue stream. In addition, the company has received a notice of allowance from the Japanese Patent Office for its allogeneic ThermoStem platform, marking the fifth approval in Japan.
Advanced discussions are underway to secure ThermoStem rights outside of the U.S. with a non-U.S. regenerative medicine company. This potential agreement is expected to provide non-dilutive upfront capital, as well as future milestones and royalty payments.
InvestingPro Insights
As BioRestorative Therapies, Inc. (NASDAQ:BRTX) continues to navigate the complexities of the health and allied services sector, it's important for investors to consider the financial health and market performance of the company. According to InvestingPro data, BRTX holds a market cap of $12.49 million. Despite a challenging financial landscape, the company has managed to maintain a gross profit margin of 96.27% over the last twelve months as of Q2 2024, highlighting its ability to generate profit from its revenues. Moreover, BRTX has experienced a notable revenue growth of 35.49% during the same period.
InvestingPro Tips suggest that while BRTX holds more cash than debt on its balance sheet and liquid assets exceed short-term obligations, analysts are cautious about the company's near-term profitability. They do not anticipate BRTX will be profitable this year, and net income is expected to drop. On a more positive note, the company has seen a strong return over the last month with a 12.93% increase in its stock price, reflecting a potential uptick in investor confidence. For those interested in deeper analysis, there are additional InvestingPro Tips available that can provide further guidance on BRTX's financial standing.
These insights, particularly the high gross profit margin and the recent stock price performance, can be valuable for shareholders and potential investors as they reflect on the outcomes of the Annual Meeting and consider the company's future prospects. For a comprehensive outlook on BioRestorative Therapies, including an extensive list of InvestingPro Tips, visit https://www.investing.com/pro/BRTX.
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