Co-Diagnostics closes $3.8 million registered direct offering

SALT LAKE CITY - Co-Diagnostics, Inc. (NASDAQ:CODX) announced today the completion of its previously disclosed registered direct offering, raising approximately $3.8 million before deducting placement agent fees and other offering expenses. According to InvestingPro data, the company has been quickly burning through cash, though it maintains more cash than debt on its balance sheet.

The molecular diagnostics company sold 9,619,000 shares of common stock at $0.40 per share in an at-the-market offering under Nasdaq rules. The transaction, which closed Thursday, was conducted with two institutional investors through a securities purchase agreement.

Maxim Group LLC served as the sole placement agent for the offering.

Co-Diagnostics plans to use the proceeds for working capital and general corporate purposes, according to the company’s statement. The offering was made under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission in April 2023.

The Utah-based company develops and manufactures molecular diagnostic technologies, focusing on tests designed for the detection and analysis of nucleic acid molecules. Co-Diagnostics also designs specific tests for its PCR at-home and point-of-care platform.

The information in this article is based on a press release statement from Co-Diagnostics.

In other recent news, Co-Diagnostics Inc. reported its second-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of -$0.23, compared to the anticipated -$0.66. The company recorded revenue of $200,000 for the quarter, aligning with projections. Additionally, Co-Diagnostics announced a securities purchase agreement with institutional investors, pricing 9,619,000 shares of common stock at $0.40 each, expected to generate approximately $3.8 million in gross proceeds. This funding is intended for working capital and general corporate purposes.

In a strategic move, Co-Diagnostics signed a Memorandum of Understanding with a regional company in Saudi Arabia, aiming to explore a joint venture for developing, manufacturing, and selling its intellectual property in the Middle East and North Africa. This includes the upcoming Co-Dx PCR point-of-care platform. Meanwhile, H.C. Wainwright reiterated its Neutral rating on Co-Diagnostics following the financial results, noting that the reported net loss of $7.7 million was less than their estimated loss of $8.3 million. These developments highlight the company’s ongoing efforts to expand its market presence and improve financial performance.

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