Overview

• US cellular therapeutics developer's Q1 net loss narrowed from prior year

• Research and development, and SG&A expenses both declined yr/yr

• Company advanced CardiAMP cell therapy toward regulatory submission in Japan and continued US trial

Outlook

• Company expects to submit CardiAMP for Japan PMDA Shonin approval in Q4 2026

• BioCardia anticipates initial regulatory approval for CardiAMP in Japan, targeting patients with limited options

• Company to present CardiAMP for chronic myocardial ischemia at Euro PCR in Q2 2026

Result Drivers

• LOWER R&D SPENDING - Decrease in research and development expenses driven by closeout of CardiAMP HF Trial, partially offset by early CardiAMP HF II enrollment and regulatory activities in Japan

• REDUCED SG&A COSTS - Selling, general and administrative expenses declined due to lower professional service fees

Company press release: ID:nGNX6x8FY7

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$2.26 mln
Q1 Basic EPS		-$0.21
Q1 Operating Income		-$2.27 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for BioCardia Inc is $15.50, about 1,322% above its May 14 closing price of $1.09

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