T2 Biosystems, Inc.
t2biosystems.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed Nov 14, 2024. Its latest SEC filing is a 25-NSE/A from Jul 10, 2025.
10-Q for Q3 FY2024, filed Nov 14, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Sells diagnostic instruments and test panels for sepsis, antibiotic resistance, and bioterrorism to hospitals, international distributors, and government agencies.
10-K for FY2023, filed Apr 1, 2024We are an in vitro diagnostics company and leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes. Our…View ↗
Our primary commercial products for the year ended December 31, 2023 include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida®…View ↗
In the U.S., we market and sell the T2Dx Instrument, T2Bacteria Panel, and T2Candida Panel products directly to hospitals. We have received…View ↗
Internationally, we market and sell the T2Dx Instrument, T2Bacteria, T2Candida, and T2Resistance products through territory exclusive…View ↗
We are marketing, and intend to sell, T2Biothreat directly to U.S. government agencies tasked with defending the United States from…View ↗
How Did They Make Money?
Hospitals and distributors buy instruments and test consumables, with invoices payable after shipment; service and maintenance are sold for defined service periods. Under reagent-rental agreements, customers order and pay for consumables as delivered, and a government contract reimbursed direct costs and allowable overhead as incurred.
10-K for FY2023, filed Apr 1, 2024Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which…View ↗
Product revenue is generated by the sale of instruments and consumable diagnostic tests predominantly through the Company’s direct sales…View ↗
When the instrument is placed under a reagent rental agreement, the Company’s customers generally agree to fixed term agreements, which can…View ↗
Direct sales of instruments include warranty, maintenance and technical support services typically for one year following the installation…View ↗
The government contract with BARDA was considered a government grant and not considered a contract with a customer and thus not subject to…View ↗
$7.2M
-
10-K for FY2023, filed Apr 1, 2024
$7.2M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Product
|
94%
FY2020: 64%
|
Product, FY2023
$6.8M Sources
|
|
Contribution
|
5.9%
FY2020: 36%
|
Contribution, FY2023
$423K Sources
|
Who Were Their Customers?
United States hospitals buy instruments and sepsis tests directly; international customers buy through exclusive territory distributors. The company planned to sell its biothreat test directly to United States government agencies.
10-K for FY2023, filed Apr 1, 2024In the U.S., we market and sell the T2Dx Instrument, T2Bacteria Panel, and T2Candida Panel products directly to hospitals. We have received…View ↗
Internationally, we market and sell the T2Dx Instrument, T2Bacteria, T2Candida, and T2Resistance products through territory exclusive…View ↗
We are marketing, and intend to sell, T2Biothreat directly to U.S. government agencies tasked with defending the United States from…View ↗
Did Revenues Turn Into Profits?
No. It lost $50.1M in FY2023.
How Were They Changing?
- Net income
-
Sources
10-Q for Q3 FY2024, filed Nov 14, 2024
−$10.1MView ↗
- ▼ −34% (Loss)
- vs −$15.4M in Q3 FY2023
10-Q for Q3 FY2024, filed Nov 14, 2024
Open tableView ↗
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Apr 7, 2025
CEO and CFO departed; Craig Jalbert was appointed CEO
Sources
8-K, filed Apr 7, 2025
On March 18, 2025, Michael Gibbs notified the Company of his termination of that certain Consulting Agreement between himself and the…View ↗
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Feb 20, 2025
Company engaged an adviser to sell itself and its assets
The board also approved a reduction-in-force of substantially all employees.
Sources
8-K, filed Feb 20, 2025
As previously disclosed, on February 13, 2025 the Board of Directors (the “Board”) of T2 Biosystems, Inc. (the “Company’”) approved a…View ↗
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Feb 14, 2025
Company terminated its CEO and CFO during a broad workforce reduction
Sources
8-K, filed Feb 14, 2025
On February 13, 2025, the Board of Directors (the “Board”) of T2 Biosystems, Inc. (the “Company”) approved a reduction-in-force (the…View ↗
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Feb 11, 2025
Nasdaq determined to delist the company’s common stock
The company said it would not pursue another appeal.
Sources
8-K, filed Feb 11, 2025
On February 10, 2025, the Nasdaq Stock Market LLC (“Nasdaq”) notified T2 Biosystems, Inc. (the “Company”) that the Nasdaq Hearings Panel…View ↗
Shrank. Revenue fell 14% in 4 years, from $8.3M in FY2019 to $7.2M in FY2023, about 4% a year.
Biothreat testing enters the product lineup
The older report described development of new diagnostic panels under a government contract; the latest lists a cleared biothreat test among its commercial products.
10-K for FY2020, filed Mar 31, 2021 10-K for FY2023, filed Apr 1, 2024On September 22, 2014, we received market clearance from the FDA for our first two products, the T2Dx® Instrument, or the T2Dx and the…View ↗
Coronavirus testing ends
The older report listed a coronavirus test among its products and described its launch; the latest says the company stopped marketing, selling, and manufacturing that test.
10-K for FY2020, filed Mar 31, 2021 10-K for FY2023, filed Apr 1, 2024On September 22, 2014, we received market clearance from the FDA for our first two products, the T2Dx® Instrument, or the T2Dx and the…View ↗
In June 2020, we launched a COVID-19 molecular diagnostic test, the T2SARS-CoV-2 Panel, or T2SARS-CoV-2, after validation of the test…View ↗
Who Did They Compete With?
Competes with Becton Dickinson, bioMerieux, BioFire Diagnostics, Bruker, Accelerate Diagnostics, Luminex, Roche, Cepheid, Beckman Coulter, and Karius
10-K for FY2023, filed Apr 1, 2024Companies that currently provide traditional blood culture-based diagnostics include Becton Dickinson & Co. and bioMerieux, Inc. In…View ↗
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