Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition from to .

Commission File Number: 333-82900

ThermoGenesis Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State of incorporation)

94-3018487

(I.R.S. Employer Identification No.)

2711 Citrus Road

Rancho Cordova, California 95742

(Address of principal executive offices) (Zip Code)

(916) 858-5100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $.001 par value		THMO		Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☒
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at May 13, 2024
Common stock, $.001 par value		7,952,780

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ThermoGenesis Holdings, Inc.

INDEX

		Page Number
PART I	FINANCIAL INFORMATION

ITEM 1.	Financial Statements	1

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	18

ITEM 4.	Controls and Procedures	18

PART II	OTHER INFORMATION

ITEM 1.	Legal Proceedings	20
ITEM 1A.	Risk Factors	20
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
ITEM 3.	Defaults upon Senior Securities	20
ITEM 4.	Mine Safety Disclosure	20
ITEM 5.	Other Information	20
ITEM 6.	Exhibits	21

Signatures		22

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ThermoGenesis Holdings, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

	March 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,176,000		$	2,000,000
Accounts receivable, net of allowance for credit losses of $4,000 ($4,000 at December 31, 2023)		1,149,000			949,000
Inventories		1,246,000			1,406,000
Prepaid expenses and other current assets		780,000			825,000
Total current assets		4,351,000			5,180,000

Equipment and leasehold improvements, net		2,474,000			2,586,000
Right-of-use operating lease assets, net		50,000			122,000
Right-of-use operating lease assets – related party, net		2,956,000			3,088,000
Other assets		256,000			256,000
Total assets	$	10,087,000		$	11,232,000

LIABILITIES AND STOCKHOLDERS’ EQUITY / (DEFICIT)
Current liabilities:
Accounts payable	$	988,000		$	948,000
Accrued payroll and related expenses		398,000			376,000
Deferred revenue – short-term		921,000			670,000
Convertible promissory note – related party		4,206,000			7,278,000
Interest payable – related party		424,000			634,000
Convertible promissory note, net		-			378,000
Other current liabilities		1,367,000			1,478,000
Total current liabilities		8,304,000			11,762,000

Operating lease obligations – related party – long-term		2,720,000			2,900,000
Deferred revenue – long-term		122,000			127,000
Other noncurrent liabilities		28,000			27,000
Total liabilities		11,174,000			14,816,000

Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none outstanding		-			-
Common stock, $0.001 par value; 350,000,000 shares authorized; 7,952,780 issued and outstanding (3,617,886 at December 31, 2023)		8,000			4,000
Additional paid in capital		286,877,000			282,383,000
Accumulated deficit		(286,024,000	)		(284,168,000	)
Accumulated other comprehensive loss		114,000			114,000
Total ThermoGenesis Holdings, Inc. stockholders’ equity / (deficit)		975,000			(1,667,000	)

Noncontrolling interests		(2,062,000	)		(1,917,000	)
Total equity / (deficit)		(1,087,000	)		(3,584,000	)
Total liabilities and equity	$	10,087,000		$	11,232,000

See accompanying notes to the condensed consolidated financial statements.

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ThermoGenesis Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

	Three Months Ended March 31,
	2024			2023

Net revenues	$	2,737,000		$	2,572,000
Cost of revenues		1,535,000			1,467,000

Gross profit		1,202,000			1,105,000

Expenses:

Selling, general and administrative		1,548,000			1,844,000
Research and development		211,000			306,000

Total operating expenses		1,759,000			2,150,000

Loss from operations		(557,000	)		(1,045,000	)

Other income (expenses):
Interest expense		(1,452,000	)		(3,903,000	)
Loss on retirement of debt		-			(239,000	)
Other income (expenses)		8,000			5,000
Total other expenses		(1,444,000	)		(4,137,000	)

Net loss	$	(2,001,000	)		(5,182,000	)

Loss attributable to noncontrolling interests		(145,000	)		(96,000	)
Net loss attributable to common stockholders	$	(1,856,000	)	$	(5,086,000	)

COMPREHENSIVE LOSS
Net loss	$	(2,001,000	)	$	(5,182,000	)
Other comprehensive loss:
Foreign currency translation adjustments gain (loss)		-			(6,000	)
Comprehensive loss		(2,001,000	)		(5,188,000	)
Comprehensive loss attributable to non-controlling interests		(145,000	)		(96,000	)
Comprehensive loss attributable to common stockholders		(1,856,000	)	$	(5,092,000	)

Per share data:

Basic and diluted net loss per common share	$	(0.46	)	$	(4.07	)
Weighted average common shares outstanding basic and diluted		4,025,787			1,249,576

See accompanying notes to the condensed consolidated financial statements.

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ThermoGenesis Holdings, Inc.

Condensed Consolidated Statements of Equity / (Deficit)

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

	Shares		Common Stock		Paid in Capital in Excess of Par		Accumulated Deficit			AOCL*		Non- Controlling Interests			Total Equity
Balance at January 1, 2024		3,617,886	$	4,000	$	282,383,000	$	(284,168,000	)	$	114,000	$	(1,917,000	)	$	(3,584,000	)

Stock-based compensation expense		-		-		10,000		-			-		-			10,000
Related party convertible note price reset		-		3,000		2,786,000		-			-		-			2,789,000
Convertible note price reset		-		-		37,000		-			-		-			37,000
Conversion of note payable to common stock – related party		4,113,158		1,000		1,562,000		-			-		-			1,563,000
Issuance of common stock via at-the- market offering, net		221,736		-		99,000		-			-		-			99,000
Net loss		-		-		-		(1,856,000	)		-		(145,000	)		(2,001,000	)
Balance at March 31, 2024		7,952,780	$	8,000	$	286,877,000	$	(286,024,000	)	$	114,000	$	(2,062,000	)	$	(1,087,000	)

	Shares		Common Stock		Paid in Capital in Excess of Par		Accumulated Deficit			AOCL*			Non- Controlling Interests			Total Equity
Balance at January 1, 2023		1,037,138	$	1,000	$	270,377,000	$	(266,193,000	)	$	111,000		$	(973,000	)	$	3,323,000

Stock-based compensation expense		-		-		10,000		-			-			-			10,000
Related party convertible note price reset		-		-		3,160,000		-			-			-			3,160,000
Convertible note price reset		-		-		43,000		-			-			-			43,000
Conversion of note payable to common stock		215,000		1,000		602,000		-			-			-			603,000
Sale of common stock and warrants, net		125,000		-		2,640,000		-			-			-			2,640,000
Exercise of warrants		158,731		-		421,000		-			-			-			421,000
Foreign currency translation gain		-		-		-		-			(6,000	)		-			(6,000	)
Net loss		-		-		-		(5,086,000	)		-			(96,000	)		(5,182,000	)
Balance at March 31, 2023		1,535,869	$	2,000	$	277,253,000	$	(271,279,000	)	$	105,000		$	(1,069,000	)	$	5,012,000

* Accumulated other comprehensive loss.

See accompanying notes to the condensed consolidated financial statements.

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ThermoGenesis Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(2,001,000	)	$	(5,182,000	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		334,000			267,000
Stock-based compensation expense		10,000			10,000
Amortization of debt discount/premium, net		1,052,000			3,472,000
Loss on retirement of debt		-			239,000
Reserve for excess and slow-moving inventories		27,000			70,000
Net change in operating assets and liabilities:
Accounts receivable		(199,000	)		271,000
Inventories		133,000			58,000
Prepaid expenses and other assets		46,000			778,000
Accounts payable		41,000			748,000
Interest payable - related party		75,000			(1,103,000	)
Accrued payroll and related expenses		22,000			45,000
Deferred revenue – short term		351,000			(53,000	)
Other current liabilities		(211,000	)		53,000
Long-term deferred revenue and other noncurrent liabilities		(185,000	)		(288,000	)

Net cash used in operating activities		(505,000	)		(615,000	)

Cash flows from investing activities:
Capital expenditures		(20,000	)		(771,000	)

Net cash used in investing activities		(20,000	)		(771,000	)

Cash flows from financing activities:
Proceeds from sale of common stock, net		99,000			2,640,000
Payment on convertible promissory note		(398,000	)
Proceeds from exercise of warrants and pre-funded warrants		-			421,000

Net cash provided by financing activities		(299,000	)		3,061,000

Net increase (decrease) in cash and cash equivalents		(824,000	)		1,675,000

Cash and cash equivalents at beginning of period		2,000,000			4,177,000
Cash and cash equivalents at end of period	$	1,176,000		$	5,852,000

Supplemental disclosures of cash flow information:
Cash paid for interest	$	102,000		$	140,000
Cash paid for related party interest	$	317,000		$	1,492,000
Fair value of January 2023 amended convertible note issued in connection with the extinguishment of original convertible note		-		$	1,239,000
Convertible note price reset	$	37,000		$	43,000
Related party convertible note price reset	$	2,789,000		$	3,160,000
Promissory note converted to common stock		-		$	603,000
Related party promissory note converted to common stock	$	1,563,000			-

See accompanying notes to the condensed consolidated financial statements.

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ThermoGenesis Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1.	Description of Business

Overview

ThermoGenesis Holdings, Inc. (“ThermoGenesis Holdings,” the “Company,” “we,” “our,” “us”) develops and commercializes a range of automated technologies for cell-banking, cell-processing, and cell-based therapeutics. Since the 1990’s, ThermoGenesis Holdings has been a pioneer in, and a leading provider of automated systems that isolate, purify and cryogenically store units of hematopoietic stem and progenitor cells for the cord blood banking industry. The Company was founded in 1986 and is incorporated in the State of Delaware and headquartered in Rancho Cordova, CA. Our common stock is traded on the Nasdaq Capital Market exchange under the ticker symbol “THMO”.

Medical Device Products for Automated Cell Processing

The Company provides the AutoXpress® and BioArchive® platforms for automated clinical bio-banking, PXP® platform for point-of-care cell-based therapies and X-Series® products for cell processing services. All product lines are reporting as a single reporting segment in the financial statements.

CDMO Business

The Company is expanding its business to include contract development and manufacturing services for cell and cell-based gene therapies. The Company is in the process of building out its capabilities to become a world-class Contract Development and Manufacturing Organization (“CDMO”) for cell and cell-based gene therapies. The Company opened a new facility in the Sacramento metro area, containing a total of twelve, class-7, ReadyStart cGMP Suites available for lease by early-stage life science and cell gene therapy companies. The ReadyStart Suites are located in a 35,500+ square foot cGMP facility that will meet the highest scientific, quality, and regulatory requirements. The CDMO facility was completed in October of 2023.

2.	Going Concern

The Company has incurred historical losses from operations and expects to continue to incur operating losses in the near future. The Company will need to raise additional capital to grow its business, fund operating expenses and make interest payments. The Company’s ability to fund its liquidity needs is subject to various risks, many of which are beyond its control. The Company will seek additional funding through debt borrowings, sales of debt or equity securities or strategic partnerships. The Company cannot guarantee that such funding will be available on a timely basis, in needed quantities or on terms favorable to the Company, if at all. These factors and other indicators raise substantial doubt about the Company’s ability to continue as a going concern within one year from the filing date of this report.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

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3.	Summary of Significant Accounting Polices

There have been no material changes in the Company’s significant accounting policies to those disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such Securities and Exchange Commission (“SEC”) rules and regulations and accounting principles applicable for interim periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed consolidated financial statements through the date of issuance.

Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the Company’s fiscal year ending December 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in ThermoGenesis Holdings’ Annual Report on Form 10-K for the year ended December 31, 2023.

Principles of Consolidation

The consolidated financial statements include the accounts of ThermoGenesis Holdings and its wholly-owned subsidiaries, ThermoGenesis Corp. and TotipotentRX Cell Therapy, Pvt. Ltd and ThermoGenesis Corp’s majority-owned subsidiary, CARTXpress Bio, Inc. (“CARTXpress Bio”). All significant intercompany accounts and transactions have been eliminated upon consolidation.

The 20% ownership interest of CARTXpress Bio that is not owned by ThermoGenesis Holdings is accounted for as a non-controlling interest as the Company has an 80% ownership interest in CARTXpress Bio. Earnings or losses attributable to other stockholders of a consolidated affiliated company are classified separately as "non-controlling interest" in the Company's consolidated statements of operations. Net loss attributable to non-controlling interests reflects only its share of the after-tax earnings or losses of an affiliated company. The Company's condensed consolidated balance sheets reflect non-controlling interests within the equity section.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency and decision usefulness of income tax disclosures. Notably, the ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, as well as disclosures of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application to each period presented in the financial statements is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.

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In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires all public entities, including those that have a single reportable segment, to provide enhanced disclosures primarily about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied on a retrospective basis, with all required disclosures to be made for all prior periods presented in the financial statements. The segment expense categories and amounts disclosed in prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements.

In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification by aligning them with the SEC’s regulations. The amendments to the various Topics should be applied prospectively, and the effective date for the Company for each amendment will be determined based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirement by June 30, 2027, then the related amendment in ASU 2023-06 will be removed from the Codification and will not become effective. Early adoption of this ASU is prohibited. We are currently evaluating the new ASU to determine if it will have an impact on the disclosures or presentation in our consolidated financial statements.

4.	Related Party Transactions

Convertible Promissory Note and Revolving Credit Agreement

In March 2017, ThermoGenesis Holdings entered into a Credit Agreement with Boyalife Group (USA), Inc. (the “Lender”), which is owned and controlled by the Company’s Chief Executive Officer and Chairman of our Board of Directors. The Credit Agreement, as amended, grants the Company the right to borrow up to $10,000,000 (the “Loan”) at any time prior to the maturity date. On January 5, 2024, the Company entered into Amendment No. 3 (the "Note Amendment”) to its Second Amended and Restated Convertible Promissory Note with Boyalife Group Inc. (the "Note”), and Amendment No. 4 (the "Credit Agreement Amendment”) to its First Amended and Restated Revolving Credit Agreement with Boyalife Group Inc. (the "Credit Agreement”). The Note Amendment extended the maturity date of the Note from December 31, 2023 to December 31, 2024 (the “Maturity Date”), and provided that beginning January 1, 2024, accrued and unpaid interest of approximately $634,000 was due and payable on or before July 1 and December 31 of each year. Accrued and unpaid interest as of December 31, 2023, (the "December 2023 Capitalized Amount”) is to be paid in equal monthly installments of approximately $106,000 over the first six months of 2024. Any unpaid portion of the December 2023 Capitalized Amount shall bear interest at an annual rate of twenty-two percent (22%), and accrued and unpaid interest on the December 2023 Capitalized Amount shall be due and payable on July 1, 2024. The Credit Agreement Amendment updated the defined term "Termination Date” in the Credit Agreement to December 31, 2024.

The Company performed a debt extinguishment vs. modification analysis on the Note Amendment and determined that it would be considered an extinguishment, due to an increase of more than 10% to the value of the embedded conversion option. However, no gain or loss was recorded in the condensed consolidated statements of operations for the quarter ended March 31, 2024 as it was determined that the fair value of the Note Amendment and accrued interest was $7,912,000 both before and after the extension.

On March 15, 2024, the Company received a conversion notice from the Lender to convert $1,278,000 of the outstanding principal and $285,000 of the 2024 outstanding accrued interest for a total of $1,563,000. As of March 31, 2024, the outstanding principal and accrued interest of the Note was approximately $6,424,000.

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The Credit Agreement Amendment and the Note Amendment, provide that the principal and all accrued and unpaid interest under the Loan will be due and payable on the Maturity Date of December 31, 2024. The Loan bears interest at 22% per annum, simple interest. The Company has five business days after the Lender demands payment to pay the interest due before the Loan is considered in default. The Loan can be prepaid in whole or in part by the Company at any time without penalty.

The following summarizes the Note:

Maturity

Date

Stated

Interest

Rate

Conversion

Price

Face

Value

Debt

Discount

Carrying

Value

March 31, 2024

12/31/24

0.38

6,000,000

(1,794,000

)

4,206,000

December 31, 2023

12/31/23

0.79

7,278,000

The Note includes a down-round anti-dilution provision that lowers its conversion price if the Company sells shares of common stock or issues convertible debt at a lower price per share. In 2024, the down-round provision was triggered, as noted below:

For the three months ended March 31, 2024, when the conversion price of the Note was $0.79 per share, under an At The Market Offering Agreement with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which the Company can offer and sell, from time to time, shares of its common stock, $0.001 par value, the Company sold shares of its common stock through multiple transactions with an average selling price of $0.45, resulting in a triggering event lowering the conversion price of the Note to $0.38. The triggering event created an incremental value of approximately $2,789,000 which was treated as a discount to the carrying amount of the Note and will be amortized over its remaining term.

A Black-Scholes pricing model was utilized to determine the change in the before and after incremental value of the conversion option at each triggering event, with the following inputs:

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.94
Volatility		122.7	%
Dividend rate		0	%
Risk free rate		4.38	%

The Company amortized $995,000 and $3,604,000 of debt discount related to triggering events for the Note to interest expense for the three months ended March 31, 2024 and 2023, respectively. In addition to the amortization, the Company also recorded interest expense related to the Note of $392,000 and $389,000 for the three months ended March 31, 2024 and 2023 respectively. The interest payable balance for the Note was $424,000 and $634,000 as of March 31, 2024 and December 31, 2023, respectively.

5.	Related Party Lease

Z3 Investment

On March 24, 2022, the Company entered into a five-year Lease Agreement with Z3 Investment LLC, an affiliate of the Company’s Chairman and CEO, and COO, beginning April 1, 2022, for approximately 35,000 square feet of laboratory and office space in Rancho Cordova, California. Under the terms of the agreement, monthly rent is $108,000 per month (with a 4% annual increase). Additionally, the Company will pay all operating expenses as they become due estimated to be approximately $20,000 per month and will be expensed in the period incurred. The Company has the option to renew the lease for up to ten years after the commencement of the initial five-year term.

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Operating Lease

Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we use the Company’s cost of capital based on existing debt instruments. We recognize the expense for this lease on a straight-line basis over the lease term.

The following summarizes the Company’s operating lease:

	March 31, 2024			December 31, 2023
Right-of-use operating lease assets – related party, net	$	2,956,000		$	3,088,000
Current lease liability (included in other current liabilities)		641,000			595,000
Non-current lease liability – related party		2,720,000			2,900,000

Weighted average remaining lease term		3.5			3.8
Discount rate		22	%		22	%

Maturities of lease liabilities by year for our operating lease are as follows:

2024 (Remaining)	$	983,000
2025		1,359,000
2026		1,428,000
2027		1,133,000
Thereafter		-
Total lease payments	$	4,903,000
Less: imputed interest		(1,542,000	)
Present value of operating lease liabilities	$	3,361,000

Statement of Cash Flows

Cash paid for amounts included in the measurement of operating lease liabilities was $324,000 and $311,000 for the three months ended March 31, 2024 and 2023, respectively.

6.	Convertible Promissory Note

July 2019 Note

On July 23, 2019, the Company entered into a private placement with Orbrex (USA) Co. Limited (“Orbrex”), pursuant to which the Company issued and sold to Orbrex an unsecured convertible promissory note in the original principal amount of $1,000,000 (the “July 2019 Note”). The July 2019 Note, as amended, bared an interest rate of twenty-four percent (24%) per annum which was payable quarterly in arrears. On January 31, 2023, the Company entered into Amendment No. 3 to the July 2019 Note which extended the maturity date from January 31, 2023 to July 31, 2023 and changed the fixed conversion price to $2.87 per share. On the July 2023 maturity date, the Company entered into an Amendment No. 4 to the July 2019 Note, which extended the maturity date of the July 2019 Note to January 31, 2024 and changed the fixed conversion price to $1.07 per share.

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The Company performed a debt extinguishment vs. modification analysis on the Amendment No. 3 to the July 2019 Note and determined that the extension would be considered an extinguishment, due to an increase of more than 10% to the value of the embedded conversion option. The Company determined that the fair value of the July 2019 Note after the amendment was $1,239,000 representing a $239,000 increase in its fair value. The increase will be recorded as a premium to the July 2019 Note and amortized over the remaining term.

During the three months ended March 31, 2023, the holder of the July 2019 Note converted $603,000 of the Note for 215,000 shares. The July 2019 Note matured on January 31, 2024, at which time the Company paid the outstanding balance of $398,000.

The following summarizes the July 2019 Note:

Maturity

Date

Stated

Interest Rate

Conversion

Price

Face

Value

Debt

Discount

Carrying

Value

December 31, 2023

1/31/24

0.79

397,000

(19,000

)

378,000

The Note includes a down-round anti-dilution provision that lowers its conversion price if the Company sells shares of common stock or issues convertible debt at a lower price per share. In 2024, the anti-dilution provision was triggered, as noted below:

In January 2024, through multiple transactions under the At The Market Agreement with Wainwright, the Company sold shares of its common stock with an average selling price of $0.45, resulting in a triggering event lowering the conversion price of the Note to $0.38. The triggering event created an incremental value of approximately $37,000 which was treated as a discount to the carrying amount of the Note and will be amortized over its remaining term.

A Black-Scholes pricing model was utilized to determine the change in the before and after incremental value of the conversion option at each triggering event, with the following inputs:

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.02
Volatility		83.9	%
Dividend rate		0	%
Risk free rate		4.38	%

The Company recorded amortization expense related to triggering events for the July 2019 Note of $72,000 and $41,000 for the three months ended March 31, 2024 and 2023, respectively. Additionally, an amortization expense of $15,000 and $174,000 related to a debt premium for the July 2019 Note was recorded for the three months ended March 31, 2024 and 2023. Interest expense related to the July 2019 Note was $8,000 and $42,000 for the three months ended March 31, 2024 and 2023. When the July 2019 Note matured on January 31, 2024, the Company paid approximately $102,000 for the accrued interest payable.

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7.	Stockholders’ Equity

Common Stock

On March 15, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “Investor”) pursuant to which the Company agreed to issue and sell to the Investor in a private placement (the “Offering”) (i) 125,000 shares of its common stock, $0.001 par value (the “Common Shares”), (ii) 946,429 pre-funded warrants to purchase Common Shares at a purchase price of $2.80, and (iii) warrants to purchase up to an aggregate 1,071,429 Common Shares were issued (the “Underlying Shares”). The warrants have an exercise price of $2.65 per share and are exercisable immediately upon issuance and expire five and one-half years following the issuance for a total net proceeds of approximately $2,600,000, excluding legal and transaction fees of $360,000. The Offering closed on March 20, 2023.

In connection with the Offering, the Company entered into a Warrant Amendment Agreement (the "Warrant Amendment Agreement”), dated March 15, 2023, with the Investor, whereby the Company agreed to amend existing warrants, held by the Investor, to purchase up to an aggregate of 158,731 shares of common stock under the Warrant Amendment Agreement that were previously issued in October 2022. These warrants had an exercise price of $6.30 per share and pursuant to the Warrant Amendment Agreement, have been amended to reduce the exercise price to $2.65 per share effective upon the closing of the Offering. During the quarter ended March 31, 2023, 158,731 common warrants were exercised. The Company received approximately $421,000 from the exercises of the warrants.

The warrant repricing resulted in an immediate and incremental increase of approximately $50,000 in the estimated fair value of the common warrants issued in the Company’s October 2022 public offering. The common warrants were valued on the date of the warrant repricing using the Black-Scholes option pricing model based on the following assumptions:

	March 2023
Conversion price before	$	6.30
Conversion price after	$	2.65
Term (years)		4.9
Volatility		123	%
Dividend rate		0	%
Risk free rate		4.20	%

On November 22, 2023, the Company entered into an At The Market Offering Agreement (the "Offering Agreement”) with Wainwright with respect to an at-the-market offering program under which the Company may offer and sell, from time to time, shares of its common stock, $0.001 par value having an aggregate offering price of up to $1,288,000 through Wainwright as its sales agent. The shares of Common Stock to be offered and sold under the Offering Agreement, will be offered and sold pursuant to the Company’s shelf registration statement. For the quarter ended March 31, 2024, the Company sold a total of 221,736 shares of common stock under the Offering Agreement at an average selling price of $0.45 per share, resulting in net proceeds of approximately $99,000.

Nasdaq’s listing standards provide that a company may be delisted if the bid price of its stock drops below $1.00 for a period of 30 consecutive business days. On January 8, 2024, we received written notice from the Nasdaq Listing Qualifications Department notifying the Company that it was not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market, due to the bid price of the Company’s common stock closing below the minimum $1.00 per share for the thirty (30) consecutive business days prior to the date of the Notification Letter. In accordance with listing rules, the Company was afforded 180 days, or until July 8, 2024, to regain compliance.

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Net Loss Per Share

Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding. For the purpose of calculating basic net loss per share, the additional shares of common stock that are issuable upon exercise of the pre-funded warrants have been included since the shares are issuable for a negligible consideration and have no vesting or other contingencies associated with them. All pre-funded warrants previously issued have been exercised and none are outstanding. The calculation of the basic and diluted earnings per share is the same for all periods presented, as the effect of the potential common stock equivalents noted below is anti-dilutive due to the Company’s net loss position for all periods presented. Anti-dilutive securities consisted of the following at March 31:

	2024		2023
Common stock equivalents of convertible promissory note and accrued interest		16,906,190		2,946,525
Warrants		1,238,869		1,253,387
Stock options		6,097		6,400
Total		18,151,156		4,206,312

Warrants

A summary of warrant activity for the three months ended March 31, 2024 is as follows:

	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Contract Term
Balance at December 31, 2023		1,238,869	$	3.14		4.57
Warrants granted		-
Pre-funded warrants granted		-
Warrants exercised		-
Exercisable and Outstanding at March 31, 2024		1,238,869	$	3.14		4.32

8.	Revenue

The following table presents net sales by geographic areas for the three months ended March 31:

	2024		2023
United States	$	2,064,000	$	1,372,000
Singapore		56,000		404,000
Other		617,000		796,000
Total	$	2,737,000	$	2,572,000

The following tables summarize the revenues by product line and type:

	Three Months Ended March 31, 2024
	Device Revenue		Service Revenue		Other Revenue		Total Revenue
AXP	$	1,900,000	$	64,000	$	-	$	1,964,000
BioArchive		188,000		334,000		-		522,000
CAR-TXpress		20,000		26,000		100,000		146,000
Other		20,000		-		85,000		105,000
Total	$	2,128,000	$	424,000	$	185,000	$	2,737,000

	Three Months Ended March 31, 2023
	Device Revenue		Service Revenue		Other Revenue		Total Revenue
AXP	$	1,484,000	$	55,000	$	-	$	1,539,000
BioArchive		298,000		359,000		-		657,000
CAR-TXpress		35,000		40,000		71,000		146,000
Other		224,000		-		6,000		230,000
Total	$	2,041,000	$	454,000	$	77,000	$	2,572,000

Contract Balances

Generally, all sales are contract sales (with either an underlying contract or purchase order). The Company does not have any material contract assets. When invoicing occurs prior to revenue recognition, a contract liability is recorded (as deferred revenue on the consolidated balance sheet). The Company recognized revenues of $365,000 and $362,000 that were included in the beginning balance of deferred revenue for the three months ended March 31, 2024 and 2023, respectively. Short-term deferred revenues were $921,000 and $670,000 at March 31, 2024 and December 31, 2023, respectively. Long-term deferred revenues were $122,000 and $127,000 at March 31, 2024 and December 31, 2023, respectively.

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Backlog of Remaining Customer Performance Obligations

The following table represents revenue expected to be recognized in the future from the backlog of performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:

	Remainder of 2024		2025		2026		2027		2028 and beyond		Total
Service revenue	$	1,060,000	$	544,000	$	125,000	$	-	$	-	$	1,729,000
Exclusivity fee		167,000		-		-		-		-		167,000
Other		10,000		13,000		13,000		13,000		80,000		129,000
Total	$	1,237,000	$	557,000	$	138,000	$	13,000	$	80,000	$	2,025,000

9.	Concentrations

The Company had certain customers whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable as follows:

Accounts Receivable	March 31, 2024		December 31, 2023
Customer 1		43%		2%
Customer 2		14%		11%
Customer 3		14%		1%

	Three Months Ended March 31,
Revenues	2024		2023
Customer 1		49%		33%
Customer 2		2%		16%

The Company utilizes contract manufacturers to produce AXP disposables. For the three months ended March 31, 2024, the Company obtained all of its AXP disposables from one supplier.

10.

Commitments and Contingencies

The Company, entered into a Manufacturing and Supply Amending Agreement #2 with CBR Systems, Inc. (“CBR”) with an effective date of July 13, 2020 (the “Amendment”). The Amendment modified the Manufacturing and Supply Agreement entered into on May 15, 2017 and Amendment #1 dated March 16, 2020 by the Company and CBR. The Amendment, among other things, revised the amounts of certain products to be purchased, pricing of those products and removal of the safety stock requirement. In addition, the Amendment updated the financial requirement to exclude convertible debt from the definition of short-term debt under events or conditions that constitute a default. The Amendment states that the Company’s cash balance and short-term investments net of non-convertible debt and borrowed funds that are payable within one year must be greater than $1,000,000 at any month end. The Company was in compliance with this agreement as of March 31, 2024.

In the normal course of operations, the Company may have disagreements or disputes with customers, employees or vendors. Such potential disputes are seen by management as a normal part of business. As of March 31, 2024, management believes any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, operating results or cash flows.

11.

Subsequent Events

On April 19, 2024, the Company received a notice (the “Nasdaq Notice”) from Nasdaq that the Company does not presently comply with Nasdaq’s Listing Rule 5550(b)(1) that requires the Company to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing. Additionally, as of the date of this report, the Company does not meet the alternatives of market value of listed securities or net income from continuing operations under Nasdaq Listing Rules.

The Nasdaq Notice does not have any immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market and the Company has 45 calendar days from the date of the Nasdaq Notice to submit a plan to Nasdaq to regain compliance with Nasdaq’s continued listing rules. If the Company’s plan is accepted, Nasdaq can grant the Company an extension of up to 180 calendar days from the date of the Nasdaq Notice for the Company to evidence compliance with its plan and with the relevant Nasdaq continued listing rules.

In connection with the Company’s plan, once submitted, Nasdaq staff will consider such things as the likelihood that the plan will result in compliance with Nasdaq’s continued listing criteria, the Company’s past compliance history, the reasons for the Company’s current non-compliance, other corporate events that may occur during staff’s review period, the Company’s overall financial condition, and the Company’s public disclosures. If, in the staff’s consideration of the Company’s plan, the staff were to determine that the Company would not be able to cure the deficiency, then Nasdaq would provide notice that the Company’s common stock would be subject to delisting. Upon such a notice, the Company would have the right to appeal that determination and the Company’s common stock would continue to remain listed on the Nasdaq Capital Market until the completion of the appeal process.

The Company is considering various actions that it may take in response to the Nasdaq Notice in order to provide to Nasdaq the required plan to regain compliance with the continued listing requirements, but the Company has not currently completed its internal analysis regarding the items to be included in its plan to be submitted to Nasdaq staff.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward‑Looking Statements

This report contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained herein. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. Actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. Readers should be aware of important factors that, in some cases, have affected, and in the future could affect, actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. These factors include without limitation, the ability to obtain capital and other financing in the amounts and at the times needed to launch new products, market acceptance of new products, the nature and timing of regulatory approvals for both new products and existing products for which the Company proposes new claims, realization of forecasted revenues, expenses and income, initiatives by competitors, price pressures, failure to meet U.S. Food and Drug Administration (“FDA”) regulated requirements governing the Company’s products and operations (including the potential for product recalls associated with such regulations), risks associated with initiating manufacturing for new products, failure to meet Foreign Corrupt Practice Act regulations, legal proceedings, uncertainty associated with pandemics, wars or global crises, risks associated with our new CDMO business, and other risk factors listed from time to time in our reports with the Securities and Exchange Commission (“SEC”), including, in particular, those set forth in the Company’s Form 10-K for the year ended December 31, 2023, which was filed on April 15, 2024.

Business Overview

ThermoGenesis Holdings, Inc. (“ThermoGenesis Holdings,” the “Company,” “we,” “our,” “us”) develops and commercializes a range of automated technologies for cell-banking, cell-processing, and cell-based therapeutics. Since the 1990’s, ThermoGenesis Holdings has been a pioneer in, and a leading provider of, automated systems that isolate, purify and cryogenically store units of hematopoietic stem and progenitor cells for the cord blood banking industry. The Company was founded in 1986 and is incorporated in the State of Delaware and headquartered in Rancho Cordova, CA.

Our business involves the manufacturing and related service of cell based medical devices, including the AutoXpress® and BioArchive® platforms for automated clinical bio-banking, PXP® platform for point-of-care cell-based therapies and X-Series® products for cell processing services. The Company and its subsidiaries currently manufacture and market the following products:

Clinical Bio-Banking Applications:

	●	AXP®IIAutomated Cell Separation System – an automated, fully closed cell separation system for isolating stem and progenitor cells from umbilical cord blood, registered as a U.S. FDA 510(k) medical device.
	●	BioArchive® Automated Cryopreservation System – an automated, robotic, liquid nitrogen controlled-rate-freezing and cryogenic storage system for cord blood samples and cell therapeutic products used in clinical applications, registered as a U.S. FDA 510(k) medical device.

Point-of-Care Applications:

●

PXP®Point-of-Care System – an automated, fully closed, sterile system allows for the rapid, automated processing of autologous peripheral blood or bone marrow aspirate derived stem cells at the point-of-care, such as surgical centers or clinics, registered as a U.S. FDA 510(k) medical device.

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●

PXP-1000 System – an automated, fully closed system that provides fast, reproducible separation of multiple cellular components from blood with minimal red blood cell contamination, registered as a U.S. FDA 510(k) medical device.

Cell Processing:

●

X-Series® Products for general laboratory use: X-Lab® for cell isolation, X-Wash® System for cell washing and reformulation, and X-Mini® for high efficiency small scale cell purification.

Expansion of Business – Contract Development and Manufacturing Services for Cell and Cell-Based Gene Therapies

The Company expanded its business to include contract development and manufacturing services for cell and cell-based gene therapies. In October 2023, the Company announced the completion of its new state-of-the-art facility, housing ISO 7 cGMP cleanroom suites, along with research and development labs giving it the capabilities to become a world-class Contract Development and Manufacturing Organization (“CDMO”) for cell and cell-based gene therapies. The ReadyStart cGMP Cleanrooms and IncuStart Wet Labs are an incubator facility which provide the cleanroom environment, equipment, and services needed for R&D and cGMP manufacturing of cell and gene therapies and other life science products. The ReadyStart Cleanrooms consist of twelve leasable cGMP compliant ISO 7 cleanroom suites. Each private cGMP suite comes fully equipped and can be configured to meet the client’s specific needs. Within the cGMP facility are the IncuStart Wet Labs. The facility will be maintained and supported by the Company’s operations, quality, regulatory and scientific staff, with more than 25 years of industry experience.

The Company believes that CDMO cell manufacturing services are becoming increasingly important for cell therapies to make their way through clinical trials. One of the major issues with moving cell therapy products from “bench to bedside” has been manufacturing bottlenecks. The heterogeneous nature of cell therapy products has introduced manufacturing complexity and regulatory concerns, as well as scale-up complexities that are not present within traditional pharmaceutical manufacturing. Additionally, establishing a manufacturing facility for cell therapies requires specific expertise and significant capital which can delay clinical trials. These factors often result in a significant number of cell therapy-based companies seeking CDMOs for their cell manufacturing needs. The Company believes that it can leverage its current proprietary automated and semi-automated cell processing technologies to more effectively develop CDMO capabilities.

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Results of Operations

Three Months Ended March 31, 2024 as Compared to the Three Months Ended March 31, 2023

Net Revenues

Net revenues increased by $165,000 or 6%, from $2,572,000 to $2,737,000 for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023. The increase in revenue was primarily driven by higher AXP disposable sales, with 184 more cases sold in the current year, offset by lower BioArchive device and Other sales.

The following table summarizes revenue by product line:

	March 31, 2024		March 31, 2023
AXP	$	1,964,000	$	1,539,000
BioArchive		522,000		657,000
CAR-TXpress		146,000		146,000
Other		105,000		230,000
Total	$	2,737,000	$	2,572,000

Gross Profit

The Company’s gross profit increased by $97,000 to $1,202,000 or 9% of net revenues for the three months ended March 31, 2024, compared to $1,105,000 or 43% for three months ended March 31, 2023. The primary driver of the increase is additional AXP sales at higher margins as compared to our other product lines in the current year.

Selling, General and Administrative

Sales, general and administrative expenses for the three months ended March 31, 2024 were $1,548,000 compared to $1,844,000 for the three months ended March 31, 2023, a decrease of $296,000 or 16%. The reduced expenses were primarily due to cost cutting initiatives implemented by the Company at the end of 2023. Specifically, public company related expenses decreased by approximately $105,000, salaries and benefits by approximately $95,000, and professional fees by approximately $85,000.

Research and Development Expenses

Research and development expenses were $211,000 for the three months ended March 31, 2024 as compared to $306,000 for the three months ended March 31, 2023, a decrease of $95,000 or 31%. The decrease was driven by lower personnel and project expenses.

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Interest Expense

Interest expense for the three months ended March 31, 2024 was $1,452,000 compared to $3,903,000, for the three months ended March 31, 2023, a decrease of $2,451,000. The decrease was driven by lower amortization expenses of approximately $2,600,000 related to down round triggering events that occurred in the three months ended March 31, 2023 for the Company’s convertible note payable with Boyalife Group, Inc, which was offset by approximately $150,000 more in amortization and interest expense related to the July 2019 Note.

Liquidity and Capital Resources

The Company had cash and cash equivalents of $1,176,000 and $2,000,000 and a working capital deficit of $3,953,000 and $6,582,000 at March 31, 2024 and December 31, 2023, respectively. We have primarily financed cash shortfalls from operations through private and public placement of equity and debt securities.

Effective January 5, 2024, the Company entered into an Amendment No. 3 (the "Amendment to Note”) to its Second Amended and Restated Convertible Promissory Note with Boyalife Group Inc. (the "Note”), and an Amendment No. 4 (the "Amendment to Credit Agreement”) to its First Amended and Restated Revolving Credit Agreement with Boyalife Group Inc. (the "Credit Agreement”). The Amendment to Note amends and extends the maturity date of the Note from December 31, 2023 to December 31, 2024, and provides that beginning January 1, 2024, accrued and unpaid interest of approximately $634,293 shall be due and payable on or before July 1 and December 31 of each year. Accrued and unpaid interest as of December 31, 2023, (the "December 2023 Capitalized Amount”) shall be paid in six (6) equal installments of approximately $106,000 each on or before the first day of each of January, February, March, April, May, and June of 2024. Any unpaid portion of the December 2023 Capitalized Amount shall bear interest at an annual rate of twenty-two percent (22%), and accrued and unpaid interest on the December 2023 Capitalized Amount shall be due and payable on July 1, 2024. The Amendment to Credit Agreement amends the Credit Agreement to change the defined term "Termination Date” to December 31, 2024.

On March 15, 2024, the Company received a conversion notice from Boyalife Group Inc. to convert $1,278,000 of the outstanding principal and $285,000 of the outstanding accrued interest for a total of $1,563,000. As of March 31, 2024, the outstanding principal and accrued interest of the Note was approximately $6,424,000.

The Company also had an unsecured convertible promissory note with an accredited investor pursuant to which the Company issued and sold to such investor with an original principal amount of $1,000,000. As of December 31, 2023, the outstanding balance of the note was $397,000. The note matured on January 31, 2024, at which time the Company paid the outstanding balance of the note.

The Company has incurred historical losses from operations and expects to continue to incur operating losses in the near future. The Company will need to raise additional capital to grow its business, fund operating expenses and make interest payments. The Company’s ability to fund its liquidity needs is subject to various risks, many of which are beyond its control. The Company may seek additional funding through debt borrowings, sales of debt or equity securities or strategic partnerships. The Company cannot guarantee that such funding will be available on a timely basis, in needed quantities or on terms favorable to the Company, if at all. These factors and other indicators raise substantial doubt about the Company’s ability to continue as a going concern within one year from the filing date of this report.

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We manage the concentration of credit risk with our customers and distributors through a variety of methods including, pre-shipment deposits, credit reference checks and credit limits. Although management believes that our customers and distributors are sound and creditworthy, a severe adverse impact on their business operations could have a corresponding material effect on their ability to pay timely and therefore on our net revenues, cash flows and financial condition.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

ThermoGenesis Holdings is a smaller reporting company as defined by Rule 12b-2 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and is not required to provide information under this item.

ITEM 4. Controls and Procedures

The Company carried out an evaluation, under the supervision, and with the participation of management, including both the Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined by Exchange Act Rule 13a-15(e) or 15d-15(e)) as of December 31, 2023. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, and in light of the weakness in our internal control over financial reporting described below, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2024.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act). Our Chief Executive Officer and Chief Financial Officer assessed the effectiveness of our internal control over financial reporting as of December 31, 2023. In making this assessment, our Chief Executive Officer and Chief Financial Officer used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO, in Internal Control—Integrated Framework. Based on that assessment and using the COSO criteria, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2024, our internal controls over financial reporting were not effective because of the material weaknesses described below.

A material weakness is defined as “a deficiency, or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.”

As of March 31, 2024, the following material weaknesses have been identified:

Segregation of Duties: We did not design and maintain effective segregation of duties due to limited staffing in our accounting function. Specifically, we do not have sufficient resources in our accounting department, which restricts our ability to segregate roles and access to ensure effective segregation of duties. This also results in an ineffective review process of the information used to prepare the financial statements.

Privileged access and user access review controls over financial applications were not effectively designed or implemented to ensure appropriate access, authorization and segregation of duties. In addition, service providers for financial reporting were not properly monitored.

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Planned Remediation

During 2024, the Company intends to work to remediate the material weaknesses identified above, which are expected to be the addition of accounting and financial personnel allowing the Company to have sufficient segregation of duties. In addition, the Company will work with available application and service providers to upgrade our information technology resources. However, our current financial position could make it difficult for us to add the necessary resources.

We are currently working to improve and simplify our internal processes and implement enhanced controls, as discussed above, to address the material weakness in our internal controls over financial reporting and to remedy the ineffectiveness of our disclosure controls and procedures. These material weaknesses will not be considered to be remediated until the applicable remediated controls are operating for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

Despite the existence of these material weaknesses, we believe that the financial statements included in this filing for the period ended March 31, 2024 fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles.

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PART II - OTHER INFORMATION

ITEM 1.

Legal Proceedings

In the normal course of operations, we may have disagreements or disputes with distributors, vendors or employees. Such potential disputes are seen by management as a normal part of business and while the outcome of such disagreements and disputes cannot be predicted with certainty, we do not believe that any pending legal proceedings are material. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

ITEM 1A.

Risk Factors

There have been no material changes to the risk factors relating to the Company set forth in, “Item IA. Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2023, except as noted below.

We may not be able to maintain our listing on The Nasdaq Capital Market and it may become more difficult to sell our stock in the public market.

On April 19, 2024, we received a notice (the “Nasdaq Notice”) from the Listing Qualifications Department of Nasdaq stating that the Company does not presently comply with Nasdaq’s Listing Rule 5550(b)(1) that requires the Company to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing (“Minimum Equity Requirement”).

The Nasdaq Notice had no immediate effect on the listing of our common stock and we have 45 calendar days from the date of the Nasdaq Notice to submit a plan to Nasdaq to regain compliance with Nasdaq’s continued listing rules.

If our plan is accepted, Nasdaq can grant us an extension of up to 180 calendar days from the date of the Nasdaq Notice for us to evidence compliance with the plan and with the relevant Nasdaq continued listing rules.

There can be no assurance that Nasdaq will accept our plan, that Nasdaq will grant an extension, that we will be able to achieve any required milestones in the plan or evidence compliance with the Minimum Equity Requirement within the timeframe required by Nasdaq, or that we will be able to maintain compliance with the other Nasdaq Listing Rules. If we are unable to timely regain compliance with the Minimum Equity Requirement, or if we fall out of compliance with one or more of the other Nasdaq Listing Rules, Nasdaq could seek to delist our common stock, in which case we would have the right to appeal such determination. If our common stock ultimately is delisted, our shareholders could face significant adverse consequences, including:

●

Limited availability of market quotations for our common stock;

●

Reduced liquidity of our common stock;

●

Determination that shares of our common stock are “penny stock”, which would require brokers trading in our common stock to adhere to more stringent rules;

●

Limited amount of news and analysts’ coverage of our common stock; and

●

Decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

ITEM 3.

Defaults Upon Senior Securities

None.

ITEM 4.

Mine Safety Disclosure

Not applicable.

ITEM 5.

Other Information

	(a)	None.
	(b)	None.
	(c)	During the three months ended March 31, 2024, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

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ITEM 6.

Exhibits

EXHIBIT INDEX

Exhibit No.	Description
1.1	At the Market Offering Agreement, dated December 13, 2019, by and between ThermoGenesis Holdings, Inc. and H.C. Wainwright & Co., LLC, incorporated by reference to Exhibit 1.2 to the Registration Statement on Form S-3 (Registration No. 333-235509) filed on December 13, 2019.
1.2	Amendment No.1 to At the Market Offering Agreement dated May 19, 2020, by and between ThermoGenesis Holdings, Inc. and H.C. Wainwright & Co., LLC, incorporated by reference to Exhibit 1.1 to Form 8-K filed May 20, 2020.
1.3	Amendment No. 2 to At the Market Offering Agreement dated May 19, 2020, by and between ThermoGenesis Holdings, Inc. and H.C. Wainwright & Co., LLC, incorporated by reference to Exhibit 1.3 to Form 8-K filed February 3, 2022.
1.4	At the Market Offering Agreement, dated November 22, 2023, by and between ThermoGenesis Holdings, Inc. and H.C. Wainwright & Co., LLC, incorporated by reference to Exhibit 1.2 to the Registration Statement on Form S-3 (Registration No. 333-275735) filed on November 22, 2023.
3.1	Amended and Restated Certificate of Incorporation of ThermoGenesis Holdings, Inc. dated as of June 5, 2020, as amended December 21, 2022., incorporated by reference to Exhibit 3.1 to Form 10-K filed March 30, 2023.
3.2	Amended and Restated Bylaws of ThermoGenesis Holdings, Inc., incorporated by reference to Exhibit 3.2 to Form 8-K filed with the SEC on March 10, 2023.
4.1	Form of Common Stock Purchase Warrant, incorporated by reference to Exhibit 4.1 to Form 8-K filed with the SEC on March 28, 2018.
4.2	Form of Common Warrant, incorporated by reference to Exhibit 10.37 of amended Registration Statement on Form S-1 filed with the SEC on May 14, 2018.
4.3	Investors’ Rights Agreement, dated January 1, 2019, among CARTXpress Bio, Inc., Bay City Capital Fund V, L.P., and Bay City Capital Fund V Co-Investment Fund, L.P., incorporated by referenced to Exhibit 10.3 to Form 8-K filed with the SEC on January 4, 2019.
4.4	Form of Common Warrant (Incorporated by reference to Exhibit 10.40 to Amendment No. 3 to Form S-1 filed with the SEC on October 17, 2022).
4.5	Form of Common Warrant, incorporated by reference to Exhibit 4.1 to Form 8-K filed with the SEC on March 21, 2023.
4.6	Form of Pre-Funded Warrant, incorporated by reference to 4.2 to Form 8-K filed with the SEC on March 21, 2023.
4.7	Form of Warrant Amendment Agreement, incorporated by reference to 4.3 to Form 8K filed with the SEC on March 21, 2023.
10.1	Amendment No. 3 to Second Amended and Restated Convertible Promissory Note, date January 5, 2024, between ThermoGenesis Holdings, Inc. and Boyalife Group, Inc., incorporated by reference to Exhibit 10.1 to Form 8-K filed with the SEC on January 10, 2024.
10.2	Amendment No. 4 to First Amended and Restated Revolving Credit Agreement, dated January 5, 2024, between ThermoGenesis Holdings, Inc. and Boyalife Group, Inc., incorporated by reference to Exhibit 10.2 to Form 8-K filed with the SEC on January 10, 2024.
31.1	Certification by the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification by the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

Table of Contents

ThermoGenesis Holdings, Inc.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ThermoGenesis Holdings, Inc. (Registrant)


Dated: May 17, 2024	/s/ Xiaochun (Chris) Xu, Ph.D.
	Xiaochun (Chris) Xu, Ph.D. Chief Executive Officer (Principal Executive Officer)


Dated: May 17, 2024	/s/ Jeffery Cauble
	Jeffery Cauble Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Exhibit 31.1

PRINCIPAL EXECUTIVE OFFICER’S CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Xiaochun (Chris) Xu, certify that:

1. I have reviewed this report on Form 10-Q of ThermoGenesis Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 17, 2024

/s/ Xiaochun (Chris) Xu, Ph.D.

Xiaochun (Chris) Xu, Ph.D.

Chief Executive Officer

(Principal Executive Officer)

Exhibit 31.2

PRINCIPAL FINANCIAL OFFICER’S CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffery Cauble, certify that:

1. I have reviewed this report on Form 10-Q of ThermoGenesis Holdings, Inc.;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 17, 2024

/s/ Jeffery Cauble

Jeffery Cauble

Chief Financial Officer

(Principal Financial Officer and Principal Accounting

Officer)

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of ThermoGenesis Holdings, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2024, as filed with the Securities and Exchange Commission (the "Report"), we, Xiaochun (Chris) Xu, Chief Executive Officer and Jeffery Cauble, Principal Financial and Accounting Officer, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 17, 2024	/s/ Xiaochun (Chris) Xu, Ph.D.
	Xiaochun (Chris) Xu, Ph.D. Chief Executive Officer (Principal Executive Officer)



Dated: May 17, 2024	/s/ Jeffery Cauble
	Jeffery Cauble Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 13, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	333-82900
Entity Registrant Name	ThermoGenesis Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3018487
Entity Address, Address Line One	2711 Citrus Road
Entity Address, City or Town	Rancho Cordova
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95742
City Area Code	916
Local Phone Number	858-5100
Title of 12(b) Security	Common Stock, $.001 par value
Trading Symbol	THMO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		7,952,780
Entity Central Index Key	0000811212
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,176,000	$ 2,000,000
Accounts receivable, net of allowance for credit losses of $4,000 ($4,000 at December 31, 2023)	1,149,000	949,000
Inventories	1,246,000	1,406,000
Prepaid expenses and other current assets	780,000	825,000
Total current assets	4,351,000	5,180,000
Equipment and leasehold improvements, net	2,474,000	2,586,000
Right-of-use operating lease assets, net	50,000	122,000
Other assets	256,000	256,000
Total assets	10,087,000	11,232,000
Accounts payable	988,000	948,000
Accrued payroll and related expenses	398,000	376,000
Deferred revenue – short-term	921,000	670,000
Convertible promissory note – related party	4,206,000	7,278,000
Interest payable – related party	424,000	634,000
Convertible promissory note, net	0	378,000
Other current liabilities	1,367,000	1,478,000
Total current liabilities	8,304,000	11,762,000
Operating lease obligations – related party – long-term	2,720,000	2,900,000
Deferred revenue – long-term	122,000	127,000
Other noncurrent liabilities	28,000	27,000
Total liabilities	11,174,000	14,816,000
Commitments and Contingencies
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none outstanding	0	0
Common stock, $0.001 par value; 350,000,000 shares authorized; 7,952,780 issued and outstanding (3,617,886 at December 31, 2023)	8,000	4,000
Additional paid in capital	286,877,000	282,383,000
Accumulated deficit	(286,024,000)	(284,168,000)
Accumulated other comprehensive loss	114,000	114,000
Total ThermoGenesis Holdings, Inc. stockholders’ equity / (deficit)	975,000	(1,667,000)
Noncontrolling interests	(2,062,000)	(1,917,000)
Total equity / (deficit)	(1,087,000)	(3,584,000)
Total liabilities and equity	10,087,000	11,232,000
Lease Agreement with Z3 Investment LLC [Member]
Current assets:
Right-of-use operating lease assets, net	2,956,000	3,088,000
Operating lease obligations – related party – long-term	$ 2,720,000	$ 2,900,000

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for doubtful accounts	$ 4,000	$ 4,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common Stock, Shares, Outstanding (in shares)	7,952,780	3,617,886
Common Stock, Shares, Issued (in shares)	7,952,780	3,617,886

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net revenues	$ 2,737,000	$ 2,572,000
Cost of revenues	1,535,000	1,467,000
Gross profit	1,202,000	1,105,000
Selling, general and administrative	1,548,000	1,844,000
Research and development	211,000	306,000
Total operating expenses	1,759,000	2,150,000
Loss from operations	(557,000)	(1,045,000)
Other expenses:
Interest expense	(1,452,000)	(3,903,000)
Loss on retirement of debt	0	(239,000)
Other income (expenses)	(8,000)	(5,000)
Total other expenses	(1,444,000)	(4,137,000)
Net loss	(2,001,000)	(5,182,000)
Loss attributable to noncontrolling interests	(145,000)	(96,000)
Net loss attributable to common stockholders	(1,856,000)	(5,086,000)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net loss	(2,001,000)	(5,182,000)
Other comprehensive loss:
Foreign currency translation adjustments gain (loss)	0	(6,000)
Comprehensive loss	(2,001,000)	(5,188,000)
Comprehensive loss attributable to noncontrolling interests	(145,000)	(96,000)
Comprehensive loss attributable to common stockholders	$ (1,856,000)	$ (5,092,000)
Earnings Per Share [Abstract]
Basic and diluted net loss per common share (in dollars per share)	$ (0.46)	$ (4.07)
Weighted average common shares outstanding basicand diluted (in shares)	4,025,787	1,249,576

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)	Common Stock [Member] Related Party [Member]	Common Stock [Member] Nonrelated Party [Member]	Common Stock [Member] Related Party Convertible Debt Price Reset [Member]	Common Stock [Member] At The Market Offering Agreement [Member]	Common Stock [Member]	Additional Paid-in Capital [Member] Related Party [Member]	Additional Paid-in Capital [Member] Nonrelated Party [Member]	Additional Paid-in Capital [Member] Related Party Convertible Debt Price Reset [Member]	Additional Paid-in Capital [Member] At The Market Offering Agreement [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member] Related Party [Member]	Retained Earnings [Member] Nonrelated Party [Member]	Retained Earnings [Member] Related Party Convertible Debt Price Reset [Member]	Retained Earnings [Member] At The Market Offering Agreement [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member] Related Party [Member]	AOCI Attributable to Parent [Member] Nonrelated Party [Member]	AOCI Attributable to Parent [Member] Related Party Convertible Debt Price Reset [Member]	AOCI Attributable to Parent [Member] At The Market Offering Agreement [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member] Related Party [Member]	Noncontrolling Interest [Member] Nonrelated Party [Member]	Noncontrolling Interest [Member] Related Party Convertible Debt Price Reset [Member]	Noncontrolling Interest [Member] At The Market Offering Agreement [Member]	Noncontrolling Interest [Member]	Related Party [Member]	Nonrelated Party [Member]	Related Party Convertible Debt Price Reset [Member]	At The Market Offering Agreement [Member]	Total
Balance (in shares) at Dec. 31, 2022					1,037,138
Balance at Dec. 31, 2022					$ 1,000					$ 270,377,000					$ (266,193,000)					$ 111,000					$ (973,000)					$ 3,323,000
Stock-based compensation expense					0					10,000					0					0					0					10,000
Related party convertible note price reset			$ 0		0			$ 3,160,000		43,000			$ 0		0			$ 0		0			$ 0		0		$ 43,000	$ 3,160,000		$ 43,000
Conversion of note payable to common stock (in shares)																														215,000
Conversion of note payable to common stock					$ 1,000					602,000					0					0					0					$ 603,000
Issuance of common stock via at-the- market offering, net (in shares)					125,000
Issuance of common stock via at-the- market offering, net					$ 0					2,640,000					0					0					0					2,640,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest					0					0					(5,086,000)					0					(96,000)				$ (5,182,000)
Adjustments to Additional Paid in Capital, Debt Discount			$ 0		$ 0			$ 3,160,000		43,000			$ 0		0			$ 0		0			$ 0		0		43,000	3,160,000		43,000
Sale of common stock and warrants, net (in shares)					125,000
Sale of common stock and warrants, net					$ 0					2,640,000					0					0					0					$ 2,640,000
Exercise of warrants (in shares)																														158,731
Exercise of warrants					0										0					0					0					$ 421,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax					$ 0					0					0					(6,000)					0					(6,000)
Balance (in shares) at Mar. 31, 2023					1,535,869
Balance at Mar. 31, 2023					$ 2,000					277,253,000					(271,279,000)					105,000					(1,069,000)					5,012,000
Balance (in shares) at Dec. 31, 2023					3,617,886
Balance at Dec. 31, 2023					$ 4,000					282,383,000					(284,168,000)					114,000					(1,917,000)					(3,584,000)
Stock-based compensation expense					0					10,000					0					0					0					10,000
Related party convertible note price reset	$ 3,000	$ 0				$ 2,786,000	$ 37,000				$ 0	$ 0				$ 0	$ 0				$ 0	$ 0				$ 2,789,000	37,000	2,789,000
Conversion of note payable to common stock (in shares)	4,113,158
Conversion of note payable to common stock	$ 1,000					1,562,000					0					0					0					1,563,000
Issuance of common stock via at-the- market offering, net (in shares)				221,736																									221,736
Issuance of common stock via at-the- market offering, net				$ 0					$ 99,000					$ 0					$ 0					$ 0					$ 99,000
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest					$ 0					0					(1,856,000)					0					(145,000)					(2,001,000)
Adjustments to Additional Paid in Capital, Debt Discount	$ 3,000	$ 0				$ 2,786,000	$ 37,000				$ 0	$ 0				$ 0	$ 0				$ 0	$ 0				$ 2,789,000	$ 37,000	$ 2,789,000
Sale of common stock and warrants, net (in shares)				221,736																									221,736
Sale of common stock and warrants, net				$ 0					$ 99,000					$ 0					$ 0					$ 0					$ 99,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax																														0
Balance (in shares) at Mar. 31, 2024					7,952,780
Balance at Mar. 31, 2024					$ 8,000					$ 286,877,000					$ (286,024,000)					$ 114,000					$ (2,062,000)					$ (1,087,000)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net loss	$ (2,001,000)	$ (5,182,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	334,000	267,000
Stock based compensation expense	10,000	10,000
Amortization of debt discount/premium, net	1,052,000	3,472,000
Loss on retirement of debt	0	239,000
Reserve for excess and slow-moving inventories	27,000	70,000
Accounts receivable	(199,000)	271,000
Inventories	133,000	58,000
Prepaid expenses and other assets	46,000	778,000
Accounts payable	41,000	748,000
Interest payable – related party	75,000	(1,103,000)
Accrued payroll and related expenses	22,000	45,000
Deferred revenue – short-term	351,000	(53,000)
Other current liabilities	(211,000)	53,000
Long-term deferred revenue and other noncurrent liabilities	(185,000)	(288,000)
Net cash used in operating activities	(505,000)	(615,000)
Reserve for excess and slow-moving inventories	27,000	70,000
Net Cash Provided by (Used in) Investing Activities [Abstract]
Capital expenditures	(20,000)	(771,000)
Net cash used in investing activities	(20,000)	(771,000)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from sale of common stock, net	99,000	2,640,000
Payment on convertible promissory note	398,000
Proceeds from exercise of warrants and pre-funded warrants	0	421,000
Net cash provided by financing activities	(299,000)	3,061,000
Net increase (decrease) in cash and cash equivalents	(824,000)	1,675,000
Cash and cash equivalents at beginning of period	2,000,000	4,177,000
Cash and cash equivalents at end of period	1,176,000	5,852,000
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	102,000	140,000
Cash paid for related party interest	317,000	1,492,000
Convertible note price reset		43,000
Related Party Convertible Debt Price Reset [Member]
Supplemental Cash Flow Information [Abstract]
Convertible note price reset	2,789,000	3,160,000
Nonrelated Party [Member]
Supplemental Cash Flow Information [Abstract]
Convertible note price reset	37,000	43,000
Promissory note converted to common stock	0	603,000
Related Party [Member]
Supplemental Cash Flow Information [Abstract]
Convertible note price reset	2,789,000
Promissory note converted to common stock	1,563,000	0
January 2023 Convertible Note [Member]
Supplemental Cash Flow Information [Abstract]
Fair value of amended convertible note issued in connection with the extinguishment of original convertible note	$ 0	$ 1,239,000

Note 1 - Description of Business

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1.	Description of Business

Overview

Medical Device Products for Automated Cell Processing

CDMO Business

Note 2 - Going Concern

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

2.	Going Concern

Note 3 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

3.	Summary of Significant Accounting Polices

There have been no material changes in the Company’s significant accounting policies to those disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Basis of Presentation

Principles of Consolidation

Recently Issued Accounting Standards

Note - 4 Related Party Transactions

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

4.	Related Party Transactions

Convertible Promissory Note and Revolving Credit Agreement

The following summarizes the Note:

Maturity

Date

Stated

Interest

Rate

Conversion

Price

Face

Value

Debt

Discount

Carrying

Value

March 31, 2024

12/31/24

0.38

6,000,000

(1,794,000

)

4,206,000

December 31, 2023

12/31/23

0.79

7,278,000

A Black-Scholes pricing model was utilized to determine the change in the before and after incremental value of the conversion option at each triggering event, with the following inputs:

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.94
Volatility		122.7	%
Dividend rate		0	%
Risk free rate		4.38	%

Note 5 - Related Party Lease

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

5.	Related Party Lease

Z3 Investment

Operating Lease

The following summarizes the Company’s operating lease:

	March 31, 2024			December 31, 2023
Right-of-use operating lease assets – related party, net	$	2,956,000		$	3,088,000
Current lease liability (included in other current liabilities)		641,000			595,000
Non-current lease liability – related party		2,720,000			2,900,000

Weighted average remaining lease term		3.5			3.8
Discount rate		22	%		22	%

Maturities of lease liabilities by year for our operating lease are as follows:

2024 (Remaining)	$	983,000
2025		1,359,000
2026		1,428,000
2027		1,133,000
Thereafter		-
Total lease payments	$	4,903,000
Less: imputed interest		(1,542,000	)
Present value of operating lease liabilities	$	3,361,000

Statement of Cash Flows

Cash paid for amounts included in the measurement of operating lease liabilities was $324,000 and $311,000 for the three months ended March 31, 2024 and 2023, respectively.

Note 6 - Convertible Promissory Note

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

6.	Convertible Promissory Note

July 2019 Note

The following summarizes the July 2019 Note:

Maturity

Date

Stated

Interest Rate

Conversion

Price

Face

Value

Debt

Discount

Carrying

Value

December 31, 2023

1/31/24

0.79

397,000

(19,000

)

378,000

The Note includes a down-round anti-dilution provision that lowers its conversion price if the Company sells shares of common stock or issues convertible debt at a lower price per share. In 2024, the anti-dilution provision was triggered, as noted below:

A Black-Scholes pricing model was utilized to determine the change in the before and after incremental value of the conversion option at each triggering event, with the following inputs:

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.02
Volatility		83.9	%
Dividend rate		0	%
Risk free rate		4.38	%

Note 7 - Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

7.	Stockholders’ Equity

Common Stock

	March 2023
Conversion price before	$	6.30
Conversion price after	$	2.65
Term (years)		4.9
Volatility		123	%
Dividend rate		0	%
Risk free rate		4.20	%

Net Loss Per Share

	2024		2023
Common stock equivalents of convertible promissory note and accrued interest		16,906,190		2,946,525
Warrants		1,238,869		1,253,387
Stock options		6,097		6,400
Total		18,151,156		4,206,312

Warrants

A summary of warrant activity for the three months ended March 31, 2024 is as follows:

	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Contract Term
Balance at December 31, 2023		1,238,869	$	3.14		4.57
Warrants granted		-
Pre-funded warrants granted		-
Warrants exercised		-
Exercisable and Outstanding at March 31, 2024		1,238,869	$	3.14		4.32

Note 8 - Revenue

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

8.	Revenue

The following table presents net sales by geographic areas for the three months ended March 31:

	2024		2023
United States	$	2,064,000	$	1,372,000
Singapore		56,000		404,000
Other		617,000		796,000
Total	$	2,737,000	$	2,572,000

The following tables summarize the revenues by product line and type:

	Three Months Ended March 31, 2024
	Device Revenue		Service Revenue		Other Revenue		Total Revenue
AXP	$	1,900,000	$	64,000	$	-	$	1,964,000
BioArchive		188,000		334,000		-		522,000
CAR-TXpress		20,000		26,000		100,000		146,000
Other		20,000		-		85,000		105,000
Total	$	2,128,000	$	424,000	$	185,000	$	2,737,000

	Three Months Ended March 31, 2023
	Device Revenue		Service Revenue		Other Revenue		Total Revenue
AXP	$	1,484,000	$	55,000	$	-	$	1,539,000
BioArchive		298,000		359,000		-		657,000
CAR-TXpress		35,000		40,000		71,000		146,000
Other		224,000		-		6,000		230,000
Total	$	2,041,000	$	454,000	$	77,000	$	2,572,000

Contract Balances

Backlog of Remaining Customer Performance Obligations

	Remainder of 2024		2025		2026		2027		2028 and beyond		Total
Service revenue	$	1,060,000	$	544,000	$	125,000	$	-	$	-	$	1,729,000
Exclusivity fee		167,000		-		-		-		-		167,000
Other		10,000		13,000		13,000		13,000		80,000		129,000
Total	$	1,237,000	$	557,000	$	138,000	$	13,000	$	80,000	$	2,025,000

Note 9 - Concentrations

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

9.	Concentrations

Accounts Receivable	March 31, 2024		December 31, 2023
Customer 1		43%		2%
Customer 2		14%		11%
Customer 3		14%		1%

	Three Months Ended March 31,
Revenues	2024		2023
Customer 1		49%		33%
Customer 2		2%		16%

The Company utilizes contract manufacturers to produce AXP disposables. For the three months ended March 31, 2024, the Company obtained all of its AXP disposables from one supplier.

Note 10 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

10.

Commitments and Contingencies

Note 11 - Subsequent Events

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

11.

Subsequent Events

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

ITEM 5.

Other Information

	(a)	None.
	(b)	None.
	(c)	During the three months ended March 31, 2024, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such Securities and Exchange Commission (“SEC”) rules and regulations and accounting principles applicable for interim periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed consolidated financial statements through the date of issuance. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the Company’s fiscal year ending December 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in ThermoGenesis Holdings’ Annual Report on Form 10-K for the year ended December 31, 2023.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of ThermoGenesis Holdings and its wholly-owned subsidiaries, ThermoGenesis Corp. and TotipotentRX Cell Therapy, Pvt. Ltd and ThermoGenesis Corp’s majority-owned subsidiary, CARTXpress Bio, Inc. (“CARTXpress Bio”). All significant intercompany accounts and transactions have been eliminated upon consolidation. The 20% ownership interest of CARTXpress Bio that is not owned by ThermoGenesis Holdings is accounted for as a non-controlling interest as the Company has an 80% ownership interest in CARTXpress Bio. Earnings or losses attributable to other stockholders of a consolidated affiliated company are classified separately as "non-controlling interest" in the Company's consolidated statements of operations. Net loss attributable to non-controlling interests reflects only its share of the after-tax earnings or losses of an affiliated company. The Company's condensed consolidated balance sheets reflect non-controlling interests within the equity section.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency and decision usefulness of income tax disclosures. Notably, the ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, as well as disclosures of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application to each period presented in the financial statements is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires all public entities, including those that have a single reportable segment, to provide enhanced disclosures primarily about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied on a retrospective basis, with all required disclosures to be made for all prior periods presented in the financial statements. The segment expense categories and amounts disclosed in prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the impact of this standard on our consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification by aligning them with the SEC’s regulations. The amendments to the various Topics should be applied prospectively, and the effective date for the Company for each amendment will be determined based on the effective date of the SEC’s removal of the related disclosure from Regulation S-X or Regulation S-K. If the SEC has not removed the applicable requirement by June 30, 2027, then the related amendment in ASU 2023-06 will be removed from the Codification and will not become effective. Early adoption of this ASU is prohibited. We are currently evaluating the new ASU to determine if it will have an impact on the disclosures or presentation in our consolidated financial statements.

Note - 4 Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Maturity

Date

Stated

Interest

Rate

Conversion

Price

Face

Value

Debt

Discount

Carrying

Value

March 31, 2024

12/31/24

0.38

6,000,000

(1,794,000

)

4,206,000

December 31, 2023

12/31/23

0.79

7,278,000

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.94
Volatility		122.7	%
Dividend rate		0	%
Risk free rate		4.38	%

Note 5 - Related Party Lease (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Lease, Cost [Table Text Block]

	March 31, 2024			December 31, 2023
Right-of-use operating lease assets – related party, net	$	2,956,000		$	3,088,000
Current lease liability (included in other current liabilities)		641,000			595,000
Non-current lease liability – related party		2,720,000			2,900,000

Weighted average remaining lease term		3.5			3.8
Discount rate		22	%		22	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

2024 (Remaining)	$	983,000
2025		1,359,000
2026		1,428,000
2027		1,133,000
Thereafter		-
Total lease payments	$	4,903,000
Less: imputed interest		(1,542,000	)
Present value of operating lease liabilities	$	3,361,000

Note 6 - Convertible Promissory Note (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Convertible Debt [Table Text Block]

Maturity

Date

Stated

Interest Rate

Conversion

Price

Face

Value

Debt

Discount

Carrying

Value

December 31, 2023

1/31/24

0.79

397,000

(19,000

)

378,000

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.94
Volatility		122.7	%
Dividend rate		0	%
Risk free rate		4.38	%

Convertible Debt [Member]

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.02
Volatility		83.9	%
Dividend rate		0	%
Risk free rate		4.38	%

Note 7 - Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	January 2024
Conversion price before	$	0.79
Conversion price after	$	0.38
Term (years)		0.94
Volatility		122.7	%
Dividend rate		0	%
Risk free rate		4.38	%

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	2024		2023
Common stock equivalents of convertible promissory note and accrued interest		16,906,190		2,946,525
Warrants		1,238,869		1,253,387
Stock options		6,097		6,400
Total		18,151,156		4,206,312

Schedule of Warrant Activity [Table Text Block]

	Number of Shares		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Contract Term
Balance at December 31, 2023		1,238,869	$	3.14		4.57
Warrants granted		-
Pre-funded warrants granted		-
Warrants exercised		-
Exercisable and Outstanding at March 31, 2024		1,238,869	$	3.14		4.32

Warrants [Member]

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	March 2023
Conversion price before	$	6.30
Conversion price after	$	2.65
Term (years)		4.9
Volatility		123	%
Dividend rate		0	%
Risk free rate		4.20	%

Note 8 - Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

	2024		2023
United States	$	2,064,000	$	1,372,000
Singapore		56,000		404,000
Other		617,000		796,000
Total	$	2,737,000	$	2,572,000

	Three Months Ended March 31, 2024
	Device Revenue		Service Revenue		Other Revenue		Total Revenue
AXP	$	1,900,000	$	64,000	$	-	$	1,964,000
BioArchive		188,000		334,000		-		522,000
CAR-TXpress		20,000		26,000		100,000		146,000
Other		20,000		-		85,000		105,000
Total	$	2,128,000	$	424,000	$	185,000	$	2,737,000

	Three Months Ended March 31, 2023
	Device Revenue		Service Revenue		Other Revenue		Total Revenue
AXP	$	1,484,000	$	55,000	$	-	$	1,539,000
BioArchive		298,000		359,000		-		657,000
CAR-TXpress		35,000		40,000		71,000		146,000
Other		224,000		-		6,000		230,000
Total	$	2,041,000	$	454,000	$	77,000	$	2,572,000

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

	Remainder of 2024		2025		2026		2027		2028 and beyond		Total
Service revenue	$	1,060,000	$	544,000	$	125,000	$	-	$	-	$	1,729,000
Exclusivity fee		167,000		-		-		-		-		167,000
Other		10,000		13,000		13,000		13,000		80,000		129,000
Total	$	1,237,000	$	557,000	$	138,000	$	13,000	$	80,000	$	2,025,000

Note 9 - Concentrations (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Accounts Receivable	March 31, 2024		December 31, 2023
Customer 1		43%		2%
Customer 2		14%		11%
Customer 3		14%		1%

	Three Months Ended March 31,
Revenues	2024		2023
Customer 1		49%		33%
Customer 2		2%		16%

Note 3 - Summary of Significant Accounting Policies (Details Textual) - CAR-TXpress [Member]	Mar. 31, 2024
Subsidiary, Ownership Percentage, Noncontrolling Owner	20.00%
Subsidiary, Ownership Percentage, Parent	80.00%

Note - 4 Related Party Transactions (Details Textual) - USD ($)			3 Months Ended
	Mar. 15, 2024	Jan. 05, 2024	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024	Dec. 31, 2023	Mar. 15, 2023	Jan. 31, 2023	Jul. 23, 2019	Mar. 31, 2017
Common Stock, Par or Stated Value Per Share			$ 0.001			$ 0.001	$ 0.001
Amortization of Debt Discount (Premium)			$ 1,052,000	$ 3,472,000
Interest Paid, Excluding Capitalized Interest, Operating Activities			102,000	140,000
The July 2019 Note [Member] \| Convertible Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage						24.00%			24.00%
Long-Term Debt, Fair Value			7,912,000					$ 1,239,000
Debt Conversion, Converted Instrument, Amount				603,000
Debt Instrument, Convertible, Conversion Price					$ 1.07	$ 0.79		$ 2.87
Debt Instrument, Unamortized Discount				37,000
Amortization of Debt Discount (Premium)			$ 15,000	$ 174,000
Boyalife Asset Holding II [Member] \| Convertible Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage			22.00%
Debt Instrument, Convertible, Conversion Price			$ 0.38
Debt Instrument, Unamortized Discount			$ 1,794,000
Boyalife Group, Inc. [Member] \| Convertible Debt [Member]
Debt Conversion, Converted Instrument, Amount	$ 1,563,000
Boyalife Group, Inc. [Member] \| Convertible Debt [Member] \| Conversion of Interest [Member]
Debt Conversion, Original Debt, Amount	285,000
Boyalife Group, Inc. [Member] \| December 2023 Capitalized Amount [Member] \| Convertible Debt [Member]
Interest Payable		$ 634,000
Debt Instrument, Periodic Payment, Interest		$ 106,000
Debt Instrument, Interest Rate, Stated Percentage		22.00%
Revolving Credit Facility [Member] \| Convertible Debt [Member]
Share Price					$ 0.45
Revolving Credit Facility [Member] \| Boyalife Asset Holding II [Member]
Line of Credit Facility, Maximum Borrowing Capacity										$ 10,000,000
Interest Payable			$ 424,000			$ 634,000
Debt Instrument, Interest Rate, Stated Percentage			22.00%			22.00%
Debt Conversion, Original Debt, Amount	$ 1,278,000
Long-Term Line of Credit			$ 6,424,000
Debt Instrument, Convertible, Conversion Price			$ 0.38	$ 0.79		$ 0.79
Common Stock, Par or Stated Value Per Share			0.001
Share Price			$ 0.45
Debt Instrument, Unamortized Discount						$ (0)		$ 2,789,000
Amortization of Debt Discount (Premium)			$ 995,000	$ 3,604,000
Interest Paid, Excluding Capitalized Interest, Operating Activities			$ 392,000	$ 389,000

Note 4 - Related Party Transactions - Schedule of Related Party Transactions (Details) - Boyalife Asset Holding II [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Jan. 31, 2023
Revolving Credit Facility [Member]
Maturity date		Dec. 31, 2023
Stated interest rate	22.00%	22.00%
conversion price (in dollars per share)	$ 0.38	$ 0.79	$ 0.79
face value		$ 7,278,000
Discount debt		(0)		$ 2,789,000
gross value		7,278,000
December 31, 2022		0		$ (2,789,000)
December 31, 2022		$ 7,278,000
Convertible Debt [Member]
Maturity date	Mar. 31, 2024
Stated interest rate	22.00%
conversion price (in dollars per share)	$ 0.38
face value	$ 6,000,000
Discount debt	1,794,000
gross value	4,206,000
December 31, 2022	(1,794,000)
December 31, 2022	$ 4,206,000

Note 4 - Related Party Transactions - Fair Value Inputs (Details)	Jan. 01, 2023
Measurement Input, Conversion Price Before [Member]
Conversion price before	0.79
Measurement Input, Conversion Price [Member]
Conversion price before	0.38
Measurement Input, Expected Term [Member]
Conversion price before	0.94
Measurement Input, Price Volatility [Member]
Conversion price before	1.227
Measurement Input, Expected Dividend Rate [Member]
Conversion price before	0
Measurement Input, Risk Free Interest Rate [Member]
Conversion price before	0.0438

Note 5 - Related Party Lease (Details Textual) - Lease Agreement with Z3 Investment LLC [Member]		3 Months Ended
	Mar. 24, 2022 USD ($) ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Lessee, Operating Lease, Term of Contract	5 years
Area of Real Estate Property \| ft²	35,000
Second Six Months, Rental Expense, Operating Lease	$ 108,000
Percent Increase, Annual Rental Expense	4.00%
Operating lease, Operating Expenses, Per Month	$ 20,000
Lessee, Operating Lease, Renewal Term	5 years
Operating Lease, Payments		$ 324,000	$ 311,000

Note 5 - Related Party Lease - Lease Cost (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Right-of-use operating lease assets, net	$ 50,000	$ 122,000
Operating lease obligations – related party – long-term	2,720,000	2,900,000
Lease Agreement with Z3 Investment LLC [Member]
Right-of-use operating lease assets, net	2,956,000	3,088,000
Current lease liability (included in other current liabilities)	641,000	595,000
Operating lease obligations – related party – long-term	$ 2,720,000	$ 2,900,000
Weighted average remaining lease term (Year)	3 years 6 months	3 years 9 months 18 days
Discount rate	22.00%	22.00%

Note 5 - Related Party Lease - Lease Liability Maturity (Details)	Mar. 31, 2024 USD ($)
2023 (Remaining)	$ 983,000
2025	1,359,000
2026	1,428,000
Lessee, Operating Lease, Liability, to be Paid, Year Three	1,133,000
Thereafter	0
Total lease payments	4,903,000
Less: imputed interest	(1,542,000)
Present value of operating lease liabilities	$ 3,361,000

Note 6 - Convertible Promissory Note (Details Textual) - USD ($)		1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 31, 2023	Jan. 31, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Jul. 23, 2019
Amortization of Debt Discount (Premium)			$ 1,052,000		$ 3,472,000
Convertible Debt [Member] \| Revolving Credit Facility [Member]
Share Price		$ 0.45
The July 2019 Note [Member] \| Convertible Debt [Member]
Debt Instrument, Face Amount							$ 397,000	$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage							24.00%	24.00%
Debt Instrument, Convertible, Conversion Price	$ 2.87	$ 1.07					$ 0.79
Long-Term Debt, Fair Value	$ 1,239,000		7,912,000
Liabilities, Fair Value Adjustment	$ 239,000
Debt Conversion, Converted Instrument, Amount					$ 603,000
Debt Conversion, Converted Instrument, Shares Issued					215,000
Repayments of Debt		$ 398,000
Debt Instrument, Unamortized Discount					$ 37,000
Amortization of Debt Discount (Premium)			15,000		174,000
Interest Expense, Debt			8,000		$ 42,000
Accrued Interest Payable			$ 102,000
Antidilutive Triggering Event [Member] \| Convertible Debt [Member]
Amortization of Debt Discount (Premium)				$ 72,000		$ 41,000

Note 6 - Convertible Promissory Note- Schedule of Convertible Debt (Details) - The July 2019 Note [Member] - Convertible Debt [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jul. 23, 2019
Maturity date	Jan. 31, 2024
Stated interest rate	24.00%			24.00%
conversion price (in dollars per share)	$ 0.79	$ 1.07	$ 2.87
face value	$ 397,000			$ 1,000,000
Debt Instrument, Unamortized Discount (Premium), Net	(19,000)
December 31, 2022	$ 378,000

Note 6 - Convertible Promissory Note - Fair Value Inputs (Details)	Jan. 31, 2024	Jan. 01, 2023
Measurement Input, Conversion Price Before [Member]
Conversion price before		0.79
Measurement Input, Conversion Price [Member]
Conversion price before		0.38
Measurement Input, Expected Term [Member]
Conversion price before		0.94
Measurement Input, Price Volatility [Member]
Conversion price before		1.227
Measurement Input, Expected Dividend Rate [Member]
Conversion price before		0
Measurement Input, Risk Free Interest Rate [Member]
Conversion price before		0.0438
Convertible Debt [Member] \| Measurement Input, Conversion Price Before [Member]
Conversion price before	0.79
Convertible Debt [Member] \| Measurement Input, Conversion Price [Member]
Conversion price before	0.38
Convertible Debt [Member] \| Measurement Input, Expected Term [Member]
Conversion price before	0.02
Convertible Debt [Member] \| Measurement Input, Price Volatility [Member]
Conversion price before	0.839
Convertible Debt [Member] \| Measurement Input, Expected Dividend Rate [Member]
Conversion price before	0
Convertible Debt [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Conversion price before	0.0438

Note 7 - Stockholders' Equity (Details Textual) - USD ($)		3 Months Ended
	Mar. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Nov. 22, 2023	Sep. 30, 2023
Sale of common stock and warrants, net (in shares)	125,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001		$ 0.001
Class of Warrant or Right, Outstanding		1,238,869		1,238,869
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 3.14		$ 3.14
Warrants and Rights Outstanding, Term		4 years 3 months 25 days		4 years 6 months 25 days
Proceeds from Issuance or Sale of Equity	$ 2,600,000,000,000
Payments of Stock Issuance Costs	$ 360,000,000
Proceeds from Warrant Exercises		$ 0	$ 421,000
Proceeds from Issuance of Common Stock, Net		$ 99,000	$ 2,640,000
Warrant Amendment Agreement [Member]
Sale of common stock and warrants, net (in shares)	158,731
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.3					$ 2.65
Warrants Exercised			158,731
Proceeds from Warrant Exercises			$ 421,000
At The Market Offering Agreement [Member]
Sale of common stock and warrants, net (in shares)		221,736
Common Stock, Par or Stated Value Per Share					$ 0.001
Maximum Offering Price for Issuance of Common Stock					$ 1,288,000
Shares Issued, Average Price Per Share		$ 0.45
Proceeds from Issuance of Common Stock, Net		$ 99,000
Pre-funded Warrant [Member]
Class of Warrant or Right, Outstanding	946,429
Share Price	$ 2.8
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,071,429
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.65
Warrants and Rights Outstanding, Term	5 years 6 months
Warrants Issued in Connection with Underwritten Public Offering [Member]
Fair Value Adjustment of Warrants		$ 50,000

Note 7 - Stockholders' Equity - Fair Value Valuation (Details)	Mar. 31, 2023
Measurement Input, Conversion Price Before [Member]
Conversion price before	6.3
Measurement Input, Conversion Price [Member]
Conversion price before	2.65
Measurement Input, Expected Term [Member]
Conversion price before	4.9
Measurement Input, Price Volatility [Member]
Conversion price before	1.23
Measurement Input, Expected Dividend Rate [Member]
Conversion price before	0
Measurement Input, Risk Free Interest Rate [Member]
Conversion price before	0.042

Note 7 - Stockholders' Equity - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive securities (in shares)	18,151,156	4,206,312
Convertible Debt Securities [Member]
Antidilutive securities (in shares)	16,906,190	2,946,525
Warrant [Member]
Antidilutive securities (in shares)	1,238,869	1,253,387
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	6,097	6,400

Note 7 - Stockholders' Equity - Warrant Activity (Details) - $ / shares	15 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 15, 2023
Balance, term (Year)	4 years 3 months 25 days	4 years 6 months 25 days
Warrants granted, shares (in shares)	0
Warrants expired (in shares)	0
Exercisable and Outstanding at March 31, 2024 (in shares)	1,238,869	1,238,869
Exercisable and Outstanding at March 31, 2024 (in dollars per share)	$ 3.14	$ 3.14
Pre-funded Warrant [Member]
Balance, term (Year)			5 years 6 months
Warrants granted, shares (in shares)	0
Exercisable and Outstanding at March 31, 2024 (in shares)			946,429
Exercisable and Outstanding at March 31, 2024 (in dollars per share)			$ 2.65

Note 8 - Revenue (Details Textual) - USD ($)	3 Months Ended
Note 8 - Revenue (Details Textual) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Contract with Customer, Liability, Revenue Recognized	$ 365,000	$ 362,000
Contract with Customer, Liability, Current	921,000		$ 670,000
Contract with Customer, Liability, Noncurrent	$ 122,000		$ 127,000

Note 8 - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net revenues	$ 2,737,000	$ 2,572,000
Net revenues	2,737,000	2,572,000
Device [Member] \| AXP [Member]
Net revenues	1,964,000	1,539,000
Net revenues	1,964,000	1,539,000
Device [Member] \| BioArchive [Member]
Net revenues	522,000	657,000
Net revenues	522,000	657,000
Device [Member] \| CAR-TXpress [Member]
Net revenues	146,000	146,000
Net revenues	146,000	146,000
Device [Member] \| Other Subsegments [Member]
Net revenues	105,000	230,000
Net revenues	105,000	230,000
Device Revenue [Member]
Net revenues	2,128,000	2,041,000
Net revenues	2,128,000	2,041,000
Device Revenue [Member] \| Device [Member] \| AXP [Member]
Net revenues	1,900,000	1,484,000
Net revenues	1,900,000	1,484,000
Device Revenue [Member] \| Device [Member] \| BioArchive [Member]
Net revenues	188,000	298,000
Net revenues	188,000	298,000
Device Revenue [Member] \| Device [Member] \| CAR-TXpress [Member]
Net revenues	20,000	35,000
Net revenues	20,000	35,000
Device Revenue [Member] \| Device [Member] \| Other Subsegments [Member]
Net revenues	20,000	224,000
Net revenues	20,000	224,000
Service [Member]
Net revenues	424,000	454,000
Net revenues	424,000	454,000
Service [Member] \| Device [Member] \| AXP [Member]
Net revenues	64,000	55,000
Net revenues	64,000	55,000
Service [Member] \| Device [Member] \| BioArchive [Member]
Net revenues	334,000	359,000
Net revenues	334,000	359,000
Service [Member] \| Device [Member] \| CAR-TXpress [Member]
Net revenues	26,000	40,000
Net revenues	26,000	40,000
Service [Member] \| Device [Member] \| Other Subsegments [Member]
Net revenues	0	0
Net revenues	0	0
Other [Member]
Net revenues	185,000	77,000
Net revenues	185,000	77,000
Other [Member] \| Device [Member] \| AXP [Member]
Net revenues	0	0
Net revenues	0	0
Other [Member] \| Device [Member] \| BioArchive [Member]
Net revenues	0	0
Net revenues	0	0
Other [Member] \| Device [Member] \| CAR-TXpress [Member]
Net revenues	100,000	71,000
Net revenues	100,000	71,000
Other [Member] \| Device [Member] \| Other Subsegments [Member]
Net revenues	85,000	6,000
Net revenues	85,000	6,000
UNITED STATES
Net revenues	2,064,000	1,372,000
Net revenues	2,064,000	1,372,000
SINGAPORE
Net revenues	56,000	404,000
Net revenues	56,000	404,000
All Other Countries [Member]
Net revenues	617,000	796,000
Net revenues	$ 617,000	$ 796,000

Note 8 - Revenue - Remaining Performance Obligations (Details)	Mar. 31, 2024 USD ($)
Remaining	$ 2,025,000
Service [Member]
Remaining	1,729,000
Exclusivity Fee [Member]
Remaining	167,000
Other [Member]
Remaining	$ 129,000

Note 8 - Revenue - Remaining Performance Obligations 2 (Details)	Mar. 31, 2024 USD ($)
Remaining	$ 2,025,000
Service [Member]
Remaining	1,729,000
Exclusivity Fee [Member]
Remaining	167,000
Other [Member]
Remaining	$ 129,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	9 months
Remaining	$ 1,237,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Service [Member]
Remaining	1,060,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Exclusivity Fee [Member]
Remaining	167,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Other [Member]
Remaining	$ 10,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Remaining	$ 557,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Service [Member]
Remaining	544,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Exclusivity Fee [Member]
Remaining	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Other [Member]
Remaining	$ 13,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Remaining	$ 138,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Service [Member]
Remaining	125,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Exclusivity Fee [Member]
Remaining	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Other [Member]
Remaining	$ 13,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	20271 years
Remaining	$ 13,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Service [Member]
Remaining	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Exclusivity Fee [Member]
Remaining	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Other [Member]
Remaining	$ 13,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Remaining	$ 80,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Service [Member]
Remaining	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Exclusivity Fee [Member]
Remaining	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 \| Other [Member]
Remaining	$ 80,000

Note 9 - Concentrations - Accounts Receivables and Revenues 2 (Details) - Customer Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer Benchmark [Member] \| Customer 1 [Member]
Concentration	49.00%	33.00%
Revenue from Contract with Customer Benchmark [Member] \| Customer 2 [Member]
Concentration	2.00%	16.00%
Accounts Receivable [Member] \| Customer 1 [Member]
Concentration		2.00%
Accounts Receivable [Member] \| Customer 2 [Member]
Concentration		11.00%
Accounts Receivable [Member] \| Customer 3 [Member]
Concentration		1.00%

Note 10 - Commitments and Contingencies (Details Textual)	Jul. 13, 2020 USD ($)
Short Term Investment Minimum	$ 1,000,000

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