Receipts from customers increased 61% on the previous quarter to $166,000, with the company’s total cash receipts for the quarter increasing to $335,000.
Higher profit margins
Opyl chief executive officer Michelle Gallaher said: “Opyl is now realising higher profit margins and projects with higher price points as our reputation is growing in being able to deliver unique and actionable insights from social media listening.”
Specialist clinical trial recruitment services using social media (consulting) picked up in the quarter ending September 30, with work recommencing now that clinical trial sites have reopened as COVID-19 infections eased in Australia, particularly Victoria.
Cash flow neutral-positive
Opyl’s goal of being cash flow neutral-positive during the quarter was achieved early, resulting in the company bringing forward some of its research and development spend on the Opyl platforms.
This contributed to an overall net cash outflow for the period of $96,000, resulting in the cash balance decreasing to $704,0000.
Overall costs relating to operating activities remained consistent with the previous quarter.
Clinical trial prediction/design platform enters stage 3
In parallel with executing an increasing number of new client social media listening projects during the quarter, Opyl’s clinical trial prediction/design platform entered stage 3, the second last stage.
Stage 3 is largely about improving the specificity of the platform by coding a further 300-400 protocol variables, expanding on the current 150 key variables that form the foundation of the platform.
Design variables are elements within the protocol that have an impact on the probability of success, such as dosing regimen, dose-response relationships, enrolment target, site selection, accrual rate, relationship to covariates such as age-sex, or pharmacodynamics, among others.
A team of protocol design subject matter experts have been commissioned to commence this stage in October.
COVID-19 data trial
During the quarter, Opyl successfully delivered a major data trial assessing 475 COVID19 vaccines and therapeutics in clinical trials to determine the candidates with the highest probability of success.
The national and global interest from this project resulted in Opyl’s clinical trial prediction/design platform attracting growing national and international interest from major investment firms and funds, governments, and biopharma.
The Opyl clinical trial prediction platform is now ready to begin generating revenue from consulting projects.
In the second quarter, work will commence on the platform’s web interface as the Company launches the platform.
Support from government
Through the quarter, Opyl received various COVID-19 support Incentives by both Federal and state governments amounting to $169,000.
The company continues to evaluate and apply for any grants available.
It is, however, no longer eligible for the Job Keeper payments following the stronger revenue numbers in the first quarter.