Archer Materials (ASX:AXE) launched a new project to develop sensors and advanced its existing projects in the quarter ended Dec. 31, 2024, according to a Friday filing with the Australian bourse.
It reported cash and cash equivalents at the end of the quarter, of AU$16.9 million, supported by a AU$2.1 million cash rebate from the Australian government's research and development tax incentive scheme.
It launched its tunneling magnetoresistance sensor technologies project in the period and is working with potential customers to create sensors based on its prototypes.
The firm developed a new device architecture and fabrication process in its 12CQ project to observe key quantum electrical behavior, in partnership with the Queen Mary University of London. The device uses its graphene electrode technology.
It is also working with partners at the École Polytechnique Fédérale de Lausanne to readout quantum coherence spin lifetimes of its carbon nanosphere materials.
Its Biochip team miniaturized the graphene field effect transistor design, a reduction of 97%, to reduce cost, and improve its testing accuracy for the detection of chronic kidney disease.
The firm's shares fell over 2% in early trading on Friday.
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