2023 Q4 Form 10-Q Financial Statement

#000149315223040483 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $19.30K $30.70K
YoY Change 421.62% 5.86%
Cost Of Revenue
YoY Change
Gross Profit $30.70K
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $2.559M $2.260M
YoY Change -36.21% -38.07%
% of Gross Profit 7361.56%
Research & Development $680.6K $874.8K
YoY Change 1.04% -11.56%
% of Gross Profit 2849.59%
Depreciation & Amortization $45.74K $40.00K
YoY Change 43.84% 28.12%
% of Gross Profit 130.29%
Operating Expenses $3.240M $3.135M
YoY Change -30.85% -32.41%
Operating Profit -$3.104M
YoY Change -32.65%
Interest Expense $376.2K $60.00K
YoY Change 223.99% 108.04%
% of Operating Profit
Other Income/Expense, Net $19.24K $179.0K
YoY Change -91.18% -487.97%
Pretax Income -$2.825M -$2.930M
YoY Change -35.02% -37.07%
Income Tax
% Of Pretax Income
Net Earnings -$2.825M -$2.925M
YoY Change -35.02% -37.16%
Net Earnings / Revenue -14638.45% -9529.29%
Basic Earnings Per Share -$0.64
Diluted Earnings Per Share -$0.60 -$0.64
COMMON SHARES
Basic Shares Outstanding 4.707M shares 4.668M shares
Diluted Shares Outstanding 4.571M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.07M $12.24M
YoY Change -24.97% -25.76%
Cash & Equivalents $884.4K $2.437M
Short-Term Investments $10.18M $9.800M
Other Short-Term Assets $305.2K $330.0K
YoY Change -15.93% -7.32%
Inventory
Prepaid Expenses
Receivables $19.30K $39.30K
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.39M $12.60M
YoY Change -24.71% -25.37%
LONG-TERM ASSETS
Property, Plant & Equipment $507.5K $306.3K
YoY Change 94.44% 32.42%
Goodwill
YoY Change
Intangibles $713.7K $736.1K
YoY Change -11.17% 38.81%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.221M $1.197M
YoY Change -6.51% 15.96%
TOTAL ASSETS
Total Short-Term Assets $11.39M $12.60M
Total Long-Term Assets $1.221M $1.197M
Total Assets $12.61M $13.80M
YoY Change -23.26% -22.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $189.4K $227.4K
YoY Change 10.82% -51.47%
Accrued Expenses $874.0K $549.0K
YoY Change 571.94% 378.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.063M $932.6K
YoY Change 141.51% 30.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $40.00K
YoY Change -100.0% -79.87%
Total Long-Term Liabilities $0.00 $40.00K
YoY Change -100.0% -79.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.063M $932.6K
Total Long-Term Liabilities $0.00 $40.00K
Total Liabilities $1.063M $975.0K
YoY Change 76.46% 6.46%
SHAREHOLDERS EQUITY
Retained Earnings -$167.1M -$164.2M
YoY Change 9.44% 10.75%
Common Stock $471.00 $468.00
YoY Change 27.64% 28.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.55M $12.83M
YoY Change
Total Liabilities & Shareholders Equity $12.61M $13.80M
YoY Change -23.26% -22.99%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.825M -$2.925M
YoY Change -35.02% -37.16%
Depreciation, Depletion And Amortization $45.74K $40.00K
YoY Change 43.84% 28.12%
Cash From Operating Activities -$1.770M -$1.180M
YoY Change 12.51% -18.71%
INVESTING ACTIVITIES
Capital Expenditures $71.04K $10.00K
YoY Change -67.35% -59.37%
Acquisitions
YoY Change
Other Investing Activities $173.1K -$10.00K
YoY Change -105.57% -99.9%
Cash From Investing Activities $102.0K -$20.00K
YoY Change -103.07% -99.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 81.34K 1.860M
YoY Change
NET CHANGE
Cash From Operating Activities -1.770M -1.180M
Cash From Investing Activities 102.0K -20.00K
Cash From Financing Activities 81.34K 1.860M
Net Change In Cash -1.587M 660.0K
YoY Change -67.59% -105.81%
FREE CASH FLOW
Cash From Operating Activities -$1.770M -$1.180M
Capital Expenditures $71.04K $10.00K
Free Cash Flow -$1.841M -$1.190M
YoY Change 2.81% -19.39%

Facts In Submission

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NetCashProvidedByUsedInOperatingActivities
-4656785 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3690238 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
437842 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
9933562 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
101019 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
222642 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3151377 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10156204 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
411710 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1853990 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2265700 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
760292 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14453616 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1676577 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21026727 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2436869 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6573111 usd
us-gaap Net Income Loss
NetIncomeLoss
-11600000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6300000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4700000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
411710 usd
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
93551 shares
CY2023Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
685033 shares
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
3.03
CY2023Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
1900000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zPBkiwxWJjac" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86D_zYGbRTRHGtu1">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transactions, revenue and expenses and disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements. The Company bases its estimates and assumptions on historical experience, known or expected trends and various other assumptions that it believes to be reasonable. As future events and their effects cannot be determined with precision, actual results could differ from these estimates which may cause the Company’s future results to be affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
175000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zrimLmVrEhFe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zQGtVUg8LqM8">Concentrations</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution. The Company maintains deposits in its cash account in excess of the Federal Deposit Insurance Corporation coverage of $<span id="xdx_908_eus-gaap--CashFDICInsuredAmount_iI_c20230930_zzJHfAlCBZQ8" title="FDIC insured limit">250,000</span>. As of September 30, 2023, the Company has not experienced losses on this account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The royalties related to the Company’s sublicense comprised all of the Company’s revenue during the three and nine months ended September 30, 2023 and 2022.</span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
9801837 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
13072831 usd
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7753923 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5812428 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7753923 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5812428 shares
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
803438 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
67310 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
736128 usd
CY2023Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
487500 usd
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
26250 usd
CY2023Q3 BRTX Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
61454 usd
CY2022Q4 BRTX Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
103822 usd
CY2023Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
548954 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
130072 usd
CY2023Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
685033 shares
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
3.03
CY2023Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
1900000 usd
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4667641 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
629017 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1745000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
25000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
122117 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
864639 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
629017 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
26766 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.08
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1466890 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.17
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1122671 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.69
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1493706 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3074528 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6318553 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9554570 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
872304 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y10M13D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12 pure
us-gaap Operating Lease Cost
OperatingLeaseCost
126021 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
122349 usd
us-gaap Lease Cost
LeaseCost
126021 usd
us-gaap Lease Cost
LeaseCost
122349 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
126021 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
122349 usd
BRTX Operating Lease Liability Reduction
OperatingLeaseLiabilityReduction
102921 usd
BRTX Operating Lease Liability Reduction
OperatingLeaseLiabilityReduction
87945 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
154726 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
270772 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
156310 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
134031 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
42414 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
198724 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
42007 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
173060 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
215067 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
16343 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
198724 usd

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brtx-20230930_cal.xml Edgar Link unprocessable
0001493152-23-040483-index-headers.html Edgar Link pending
0001493152-23-040483-index.html Edgar Link pending
0001493152-23-040483.txt Edgar Link pending
0001493152-23-040483-xbrl.zip Edgar Link pending
brtx-20230930.xsd Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
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brtx-20230930_lab.xml Edgar Link unprocessable
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form10-q_htm.xml Edgar Link completed
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