CODX Co-Diagnostics, Inc.
Price Chart
Executive Summary
Co-Diagnostics reported Q1 2026 revenue of $0.15M (up from $0.05M YoY) and a net loss of $9.1M ($4.06/share), widening from a $7.5M loss in Q1 2025. Cash burn continues, with cash dropping to $8.2M from $11.9M at year-end 2025. The company is advancing regulatory milestones (CDSCO license in India, FDA 510(k) submission prep) but remains pre-commercialization with no clear path to profitability. The S-3 shelf filed 2 days ago for up to $150M (over 20x market cap) signals extreme potential dilution, overriding any operational progress.
Key Financial Metrics
Actionable Insight
The S-3 shelf filed 2 days before this earnings release is the dominant signal — the company is telegraphing a desperate capital raise. With $8.2M cash and a $9.1M quarterly burn, the company has <9 months of runway. Expect a dilutive offering within weeks. Short sellers should monitor for a priced offering announcement; any bounce on regulatory milestones is a selling opportunity given the dilution overhang.
Key Facts
- Q1 2026 revenue of $0.15M vs $0.05M YoY, but gross loss of $47,814 vs gross profit of $28,687 in Q1 2025
- Net loss widened to $9.1M ($4.06/share) from $7.5M ($7.05/share) in Q1 2025
- Cash and cash equivalents fell to $8.2M from $11.9M at Dec 31, 2025 — a 31% quarterly cash burn
- S-3 shelf filed May 12, 2026 for up to $150M in securities — over 20x the $6M market cap
- Operating loss of $9.2M vs $8.6M in Q1 2025, driven by R&D spending on clinical studies
- Adjusted EBITDA loss of $8.7M vs $7.4M in Q1 2025
- Shares outstanding surged to 3.6M from 2.1M at Dec 31, 2025 — 72% dilution in 5 months
- Company expects continued investment in clinical development with no timeline to profitability
Financial Impact
Cash burn rate of ~$3.7M/quarter with only $8.2M cash remaining; $150M shelf represents potential 25x dilution at current market cap
Risk Factors
- Imminent dilutive offering under the $150M shelf — potential for 90%+ dilution at current prices
- Cash runway of <9 quarters at current burn rate without additional capital
- No approved products generating revenue; all platform tests still under FDA review
- Negative gross margin (-33%) in Q1 2026 vs positive gross margin in Q1 2025
- Accumulated deficit of $89.5M with no path to profitability
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-023059 |
| Document: form8-k.htm | 0001493152-26-023059 |
| Document: 0001493152-26-023059-index-headers.html | 0001493152-26-023059 |
| Document: 0001493152-26-023059-index.html | 0001493152-26-023059 |
| Document: 0001493152-26-023059.txt | 0001493152-26-023059 |
| 8-K Data (Synthetic) | 0001493152-26-023059 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 21, 2026
1d ago
|
8-K
| $2.86 awaiting T+5 | awaiting T+5 | — | $3.73 (−30.59%) |
|
May 18, 2026
4d ago
|
EFFECT
| — | awaiting T+5 | — | — |
|
May 14, 2026
7d ago
|
8-K
| $1.64 awaiting T+5 | awaiting T+5 | — | $3.73 (−127.74%) |
|
May 12, 2026
9d ago
|
S-3
| $1.60 $1.97 | ▼ −23.13% | ▼ −24.28% | $3.73 (−133.44%) |
|
Mar 31, 2026
7w ago
|
8-K
| $1.62 $1.44 | ▲ +11.11% | ▲ +14.88% | $3.73 (−130.56%) |
US Market Status
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