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STONY BROOK, NY – Applied DNA Sciences Inc . (NASDAQ:APDN), a micro-cap testing laboratories services company with a market value of $9.15 million, has announced a change in its independent registered public accounting firm. According to InvestingPro data, the company faces significant challenges with a 74% revenue decline in the last twelve months, though analysis suggests the stock may be undervalued at current levels. On Thursday, Marcum LLP resigned as the company’s auditor following the acquisition of its attest business by CBIZ (NYSE:CBZ) CPAs P.C. on November 1, 2024. Subsequently, with the approval of the Audit Committee of Applied DNA Sciences’ Board of Directors, CBIZ CPAs P.C. has been engaged as the new auditor for the fiscal year ending September 30, 2025.
The company’s previous financial statements for the fiscal years ending September 30, 2024, and September 30, 2023, audited by Marcum, did not contain any adverse opinions or disclaimers and were not qualified or modified except for an explanatory paragraph regarding the company’s ability to continue as a going concern. InvestingPro analysis reveals the company maintains a healthy current ratio of 3.36, though it’s currently experiencing rapid cash burn and reported negative EBITDA of $13.33 million in the last twelve months. There were no disagreements or reportable events between Applied DNA Sciences and Marcum during the fiscal years or up to the date of resignation.
Applied DNA Sciences has stated that prior to the engagement, there were no consultations with CBIZ CPAs P.C. regarding accounting principles or the type of audit opinions that might be rendered on the company’s financial statements, nor did CBIZ CPAs P.C. provide any written or oral advice that was a significant factor in the company’s decision-making on accounting, auditing, or financial reporting issues.
In compliance with regulatory requirements, Applied DNA Sciences provided Marcum with a copy of the disclosures in the Current Report on Form 8-K before filing with the SEC and has included a letter from Marcum, dated January 30, 2025, in the filing, stating whether it agrees with the statements made in the report. Investors following this development should note that the company’s next earnings report is scheduled for February 7, 2025. For deeper insights into Applied DNA Sciences’ financial health and future prospects, including 13 additional ProTips and comprehensive valuation metrics, visit InvestingPro.
The information in this article is based on Applied DNA Sciences’ recent SEC filing.
In other recent news, Applied DNA Sciences has faced a series of developments. The company failed to secure a quorum at its special meeting of stockholders, adjourning the meeting for additional stockholder solicitation. The company also faces potential delisting from the Nasdaq due to non-compliance with the minimum bid price rule. Analyst firm H.C. Wainwright has lowered their price target for Applied DNA Sciences shares while maintaining a Buy rating.
On the financial front, Applied DNA Sciences announced a securities offering expected to generate approximately $6.5 million before fees and expenses. This offering will support the development of the company’s Therapeutic DNA Production Services. The company also secured a $500,000 order for its Linea DNA product.
In terms of product development, Applied DNA Sciences expanded its clinical testing services to detect both Clade I and Clade II of the Mpox virus. It received approval from the New York State Department of Health for its pharmacogenomic testing service, TR8. These are among the recent developments in the company’s operations.
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