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Miromatrix Medical Inc. (MIRO) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Miromatrix Medical Inc.

CIK: 1527096 Ticker: MIRO

Exhibit 99.1

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Miromatrix Reports Third Quarter 2021 Results

EDEN PRAIRIE, Minn., Nov. 15, 2021 – Miromatrix Medical Inc. (NASDAQ: MIRO), a life sciences company pioneering a novel technology for bioengineering fully transplantable organs to help save and improve patients’ lives, today reported third quarter 2021 financial results.

Business Highlights

Completed an initial public offering of 5.5 million shares, raising approximately $49 million in gross proceeds;
Hired accomplished scientist and product developer, Dr. John Barry, as Vice President of Research and Development;
Announced the first successful transplant of a bioengineered whole organ in a large animal; and
Strengthening infrastructure in support of 2022 FDA IND submission and commencement of Phase I Liver Assist Trial

“Throughout the third quarter, we made meaningful progress towards our ultimate goal of bioengineering fully transplantable human organs,” said Jeff Ross, Ph.D., Miromatrix CEO. “2022 will be an exciting year for Miromatrix as we prepare for our FDA Investigational New Drug Application submission and the eventual enrollment for our Phase I Liver Assist Trial. With the demand for organs ever-increasing, we are very eager to demonstrate the viability and efficacy of our bioengineered fully transplantable organs through our upcoming clinical trial.”

Third Quarter 2021 Financial Results

Revenue was $10,000 for the third quarter of 2021, stemming from our license agreement with Reprise Biomedical for MIROMESH® and MIRODERM®.

Loss on gross margin was $0.1 million for the third quarter of 2021 and 2020.

Operating expenses were $5.1 million in the third quarter of 2021, compared to $2.5 million in the same period in 2020. The increase was primarily due to increased headcount, increased research and


The following information was filed by Miromatrix Medical Inc. (MIRO) on Monday, November 15, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Miromatrix Medical Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Significant Customers (Details)
Condensed Balance Sheets
Condensed Balance Sheets (Parenthetical)
Condensed Statements Of Cash Flows
Condensed Statements Of Operations
Condensed Statements Of Shareholders' Equity (Deficit)
11401 - Disclosure - Subsequent Events (Details)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Capital Stock
Capital Stock (Tables)
Capital Stock - Common Stock And Preferred Stock (Details)
Capital Stock - Convertible Preferred Stock, Prior To Ipo (Details)
Capital Stock - Employee Stock Purchase Plan (Details)
Capital Stock - Estimate The Fair Value Of Stock Option Grants (Details)
Capital Stock - Restricted Stock Units (Details)
Capital Stock - Series C Convertible Preferred Stock (Details)
Capital Stock - Stock Options (Details)
Capital Stock - Warrants (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Leases (Details)
Commitments And Contingencies - License Contract (Details)
Commitments And Contingencies - Patent License Agreement (Details)
Debt And Capital Lease Obligation
Debt And Capital Lease Obligation (Tables)
Debt And Capital Lease Obligation - Agreements (Details)
Debt And Capital Lease Obligation - Maturity (Details)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (Policies)
Description Of Business And Significant Accounting Policies - Charter (Details)
Description Of Business And Significant Accounting Policies - Equity Method Investments (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Equity Method Investment
Equity Method Investment (Tables)
Equity Method Investment - Balance Sheet (Details)
Equity Method Investment - Income Statement (Details)
Equity Method Investment - Reprise (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Changes (Details)
Initial Public Offering
Initial Public Offering (Details)
Lab Equipment, Furniture, Leasehold Improvements And Construction In Progress
Lab Equipment, Furniture, Leasehold Improvements And Construction In Progress (Details)
Lab Equipment, Furniture, Leasehold Improvements And Construction In Progress (Tables)
Net Loss Per Share
Net Loss Per Share (Details)
Net Loss Per Share (Tables)
Related Party Transactions
Related Party Transactions (Details)
Significant Customers
Subsequent Events
Ticker: MIRO
CIK: 1527096
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-015974
Submitted to the SEC: Mon Nov 15 2021 4:11:26 PM EST
Accepted by the SEC: Mon Nov 15 2021
Period: Thursday, September 30, 2021
Industry: Biological Products No Disgnostic Substances

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