Achieve Life Sciences, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 04:00 pm EDT
Share
Achieve Life Sciences, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 8.24 million compared to USD 10.47 million a year ago. Basic loss per share from continuing operations was USD 0.43 compared to USD 1.08 a year ago.
For the six months, net loss was USD 17.23 million compared to USD 18.04 million a year ago. Basic loss per share from continuing operations was USD 0.93 compared to USD 1.89 a year ago.
Achieve Life Sciences, Inc. is a late-stage clinical pharmaceutical company. The Company is engaged in development and commercialization of cytisinicline for smoking cessation and nicotine addiction. The Companyâs product candidate, cytisinicline, is a naturally occurring, plant-based alkaloid. Cytisinicline is structurally similar to nicotine and has a well-defined, dual-acting mechanism of action that is both agonistic and antagonistic. Cytisinicline is a partial agonist that binds with high affinity to the alpha-4 beta-2, nicotinic acetylcholine receptors in the brain. Through its dual-acting partial agonist/partial antagonist activity, cytisinicline helps reduce nicotine cravings, withdrawal symptoms and reward and satisfaction associated with smoking. It is developing cytisinicline as an aid to smoking cessation and treatment for nicotine addiction to address the limitations of both prescription drugs and of over the counter (OTC) products.