BCDANasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

BioCardia, Inc.

BioCardia, Inc. is a U.S.-based clinical-stage cardiovascular biotherapeutics company focused on catheter-based delivery systems and cell therapy candidates for heart failure and arrhythmia-related procedures. Its platform centers on the Helix transendocardial delivery system, Morph DNA steerable introducers, and the CardiAMP autologous cell therapy program. The company also develops fusion imaging technology for cardiac biotherapeutic delivery and biopsy, including through a collaboration with CART-Tech, B.V. BioCardia currently has limited commercial revenue and is still primarily funded through equity, grants, and partnering arrangements while it advances regulatory and clinical milestones.

Revenue0.0m USD
−100.0 %y/y
Operating profit (EBIT)-8.3m USD
−3.5 %y/y
Net income-8.2m USD
−3.5 %y/y
Free cash flow-7.4m USD
+5.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20-15-10-505m USD2020: 0.15 m USD2020: EBIT -16 m USD20202021: 1.0 m USD2021: EBIT -13 m USD20212022: 1.4 m USD2022: EBIT -12 m USD20222023: 0.48 m USD2023: EBIT -12 m USD20232024: 0.06 m USD2024: EBIT -8.0 m USD20242025: 0.00 m USD2025: EBIT -8.3 m USD20250.00-8.3
RevenueOperating profit (EBIT)

Business

Share of revenue
Cell therapy programs10 %

Autologous and allogeneic cardiac cell therapy candidates being developed for heart failure and other cardiovascular indications.

Delivery systems and introducers45 %

Catheter-based tools used to deliver therapies into the heart, including Helix and Morph DNA/AVANCE products.

Fusion imaging technology15 %

Imaging systems and related intellectual property for guiding cardiac biotherapeutic delivery and biopsy.

Partnering and licensing20 %

Development, license, distribution, and option agreements that support commercialization and provide collaboration revenue.

Clinical and regulatory services10 %

Research, trial support, and regulatory development services provided to partners and for internal programs.

Customers

BioCardia sells primarily to hospitals, interventional cardiologists, electrophysiologists, and clinical trial centers that use its catheter-based systems in cardiac procedures. Its commercial products are aimed at physicians performing transseptal and left-ventricular procedures, including mapping and treatment of atrial and ventricular tachyarrhythmias. The CardiAMP program is directed at patients with ischemic heart failure, but the commercial customer is the healthcare provider or trial sponsor rather than the patient directly. The company also works with biopharma and medtech partners that need delivery technology, imaging capability, or clinical development support to advance cardiac therapies. Because revenue is still limited, partner relationships and regulatory adoption are especially important customer channels.

Hospitals and cardiac procedure centers

Buy delivery systems and introducers for transseptal and left-ventricular procedures because the tools support complex catheter access and therapy delivery.

Interventional cardiologists and electrophysiologists

Use Morph DNA/AVANCE and Helix-based systems to improve catheter control in mapping, ablation, biopsy, and cell/gene delivery procedures.

Clinical trial investigators and research centers

Use CardiAMP and related systems in studies because BioCardia provides devices, protocol support, and commercialization-readiness services.

Strategic development partners

License or co-develop fusion imaging and delivery technologies to accelerate product development and market access.

Payers and reimbursement-dependent providers

Influence adoption of CardiAMP because procedure reimbursement affects whether hospitals can economically deploy the therapy.

Strategy

BioCardia’s near-term strategy is to preserve liquidity while advancing its most promising clinical and commercial assets. The company is actively seeking additional capital through collaboration and licensing, debt, equity, or a mix of sources because current cash is not sufficient to fund planned operations beyond the near term. It is also trying to convert its technology platform into partner-supported commercialization, especially for Helix-based delivery systems and Morph products. On the clinical side, management is focused on progressing CardiAMP in the U.S. and Japan, where regulatory acceptance and reimbursement could create a path to broader adoption. The strategy is therefore a combination of financing, partnership monetization, and regulatory de-risking.

Secure additional financingShort term

The company states current cash is not sufficient to fund planned expenditures beyond the near term, so financing is required to continue operations.

Advance CardiAMP regulatory pathwayMedium term

Clinical and regulatory progress is the main route to future product revenue and potential commercialization in heart failure.

Commercialize Morph DNA / AVANCE productsShort term

These FDA-cleared products are already available commercially and can generate nearer-term product revenue.

Monetize partnering and IPMedium term

Partnerships can provide revenue, validation, and non-dilutive funding while the company remains development-stage.

Geography

BioCardia is headquartered in the United States and its core commercial and clinical activity is centered there. The company’s CardiAMP heart failure trial enrolled patients at 18 centers in the United States and Canada, showing that North America is the main development footprint. BioCardia also has a meaningful Japan pathway, where it has held a positive preliminary consultation with PMDA and is preparing for a formal clinical consultation that could support market entry. Outside the U.S., the company has international partnering exposure through CART-Tech, B.V. in the Netherlands and broader worldwide rights for biotherapeutic delivery. Because the company is still pre-scale, geography matters mainly through regulatory approvals, trial execution, and partner commercialization rather than through a large installed sales base.

Risks

BioCardia faces substantial going-concern and financing risk because management has disclosed that existing cash is not sufficient to fund operations beyond the near term. The company also depends on clinical trial outcomes and regulatory acceptance for CardiAMP and other candidates, so setbacks in efficacy, safety, or approval timing could materially delay commercialization. As a small-cap development-stage issuer, it is exposed to Nasdaq continued listing risk, and delisting would make capital raising and partner confidence more difficult. More broadly, the business depends on reimbursement, physician adoption, and competition from alternative heart failure and electrophysiology technologies, all of which can slow uptake even after regulatory clearance. Because much of the value is tied to a few programs, any failure in one program can have an outsized effect on the company.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Nasdaq delisting2Dilution from capital raises3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Insufficient cash to fund operationsImpact: Critical

    Management disclosed that current cash and expected financing are not enough to meet planned expenditures beyond the near term.

    ExposureDevelopment programsOverheadClinical trials
  2. Nasdaq delistingImpact: HighLikelihood: High

    Non-compliance with listing requirements could reduce liquidity and impair access to capital.

    Exposure: Public equity financing and market confidence

  3. Dilution from capital raisesImpact: HighLikelihood: High

    The company expects to rely on equity or other financing that may be highly dilutive.

    Exposure: Existing shareholders

  4. Clinical and regulatory failureImpact: High

    The company’s value depends on trial outcomes and FDA/PMDA acceptance for CardiAMP and related programs.

    ExposureCardiAMP HFAllogeneic MSCOther therapeutic candidates
  5. Commercial adoption and reimbursement uncertaintyImpact: Medium

    Even approved products need physician uptake and payer support to generate meaningful revenue.

    Exposure: CardiAMP and Morph product commercialization

Accounting

Judgemental items
Collaboration agreement revenue recognition

Revenue depends on partner development milestones and can be inconsistent from quarter to quarter.

Impact: Can cause large swings in reported revenue despite limited underlying commercial sales

Research and development cost timing

Clinical trial, CRO, manufacturing, and regulatory costs are expensed as incurred and vary with program stage.

Impact: Affects operating loss and comparability across periods

Going-concern and liquidity assessment

Management has disclosed insufficient cash to fund operations beyond the near term.

Impact: Important for evaluating solvency, financing needs, and disclosure risk

Equity financing and issuance costs

The company relies on ATM offerings, private placements, and other capital raises.

Impact: Can create dilution and affect net loss per share and equity balances

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026