Bod Science (ASX: $BOD) Q3 FY2024 update

Bod Science Limited (ASX: $BOD) provided an update on its activities for the three-month period ended 31 March 2024. The company reported net cash from operating activities of $3k and quarterly receipts from customers of $129k.

Executive Commentary

The Company signed a Heads of Agreement with Biortica, proposing a deed of company arrangement (DOCA) and backdoor listing. Additionally, the approval of overseas research and development funding was a significant milestone for us. The net cash from operating activities decreased by $612k on Q2 FY2024, mainly due to lower payments following the voluntary administration in November 2023. Quarterly receipts from customers decreased by $154k compared to the last quarter, primarily influenced by the Company's entry into voluntary administration. We are currently finalising a binding share purchase agreement with the ordinary shareholders of Biortica, subject to meeting conditions subsequent and re-compliance requirements with ASX Listing Rules.

Summary

Bod Science (ASX: $BOD) reported operational updates including a Heads of Agreement with Biortica for a backdoor listing and the approval of overseas research and development funding. The Company's net cash from operating activities decreased by $612k on Q2 FY2024, while quarterly receipts from customers decreased by $154k. The Company is finalising a binding share purchase agreement with Biortica's ordinary shareholders and is expected to send a notice of meeting to its shareholders in early May 2024. The Company remains focused on progressing research and development to commercialise and deliver trusted products for patients and consumers.