Co-Diagnostics, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 10, 2026, reporting a net loss of $6,306,408 for the third quarter and cash and cash equivalents of $714,803 at period end.

Key Highlights

  • Cash position: Cash and cash equivalents stood at $714,803 as of September 30, 2026, down from $11,884,607 at December 31, 2025, according to the filing.
  • Q3 net loss: The company reported a net loss of $6,306,408 for the three months ended September 30, 2026, compared to a net loss of $5,886,823 in the same period of 2025.
  • Nine-month net loss: For the nine months ended September 30, 2026, the net loss totaled $21,730,232, versus $21,150,211 for the same period in 2025.
  • Revenue: Total revenue for the third quarter was $282,881, up from $145,380 in Q3 2025; nine-month revenue was $594,966 versus $358,567 a year earlier.
  • Operating cash use: Net cash used in operating activities for the nine months ended September 30, 2026 was $20,683,301, compared to $22,937,629 in the prior-year period.
  • Shares outstanding: As of November 6, 2026, there were 10,512,190 shares of common stock outstanding, par value $0.001 per share.
  • Financing activity: The company raised a combined $9,838,796 in net cash from financing activities during the nine-month period, including $5,177,214 from a private placement and warrant exercises and $4,661,582 from an at-the-market offering, net of offering costs.

Co-Diagnostics Reports Sharply Lower Cash and Continued Operating Losses Through September 2026

According to the filing, Co-Diagnostics, Inc. (NASDAQ:CODX) ended the third quarter of 2026 with total assets of $12,791,848, down from $24,742,585 at December 31, 2025. The decline was driven primarily by a reduction in cash and cash equivalents from $11,884,607 to $714,803. Total stockholders' equity fell to $9,425,279 from $20,628,664 over the same period, with the accumulated deficit widening to $102,103,771 from $80,373,539.

The company disclosed a gross loss of $20,463 for Q3 2026, as cost of revenue of $303,344 exceeded product revenue of $282,881. For the nine-month period, gross profit was $52,551. Total operating expenses for the nine months ended September 30, 2026 were $21,731,095, led by research and development costs of $13,661,142 and general and administrative expenses of $5,875,767. Loss from operations for the nine-month period was $21,678,544, the filing stated.

To fund operations, the registrant reported raising $9,838,796 net from financing activities during the nine months ended September 30, 2026, consisting of proceeds from a private placement and warrant exercises ($5,177,214 net) and an at-the-market offering ($4,661,582 net). Net cash used in investing activities was $325,299, which included $175,299 in property and equipment purchases and $150,000 invested in joint ventures. The basic and diluted loss per common share for the nine-month period was $(5.06), based on weighted average shares outstanding of 4,293,424.

What Was Disclosed

Co-Diagnostics filed its unaudited quarterly report covering the period ended September 30, 2026, disclosing a nine-month net loss of $21,730,232, cash of $714,803, and total assets of $12,791,848, with financing activities providing $9,838,796 in net proceeds during the period.