- Company is currently engaged in a strategic review process, evaluating additional development of its assets, collaborations and other strategic options
In
Third Quarter 2023 Summary Financial Results
Cash and cash equivalents were
General and administrative (G&A) expenses were
Research and development (R&D) expenses were
Total operating expenses for the quarter ended
Net loss for the quarter ended
About ARCA biopharma
ARCA biopharma is dedicated to developing genetically and other targeted therapies for cardiovascular diseases through a precision medicine approach to drug development. At present, ARCA is evaluating options for development of its assets, including partnering and other strategic options. For more information, please visit www.arcabio.com or follow the Company on LinkedIn.
Safe Harbor Statement
This press release contains "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding potential future development plans for Gencaro and rNAPc2, if any, and the Company’s review of strategic options. Such statements are based on management's current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: ARCA’s financial resources and whether they will be sufficient to meet its business objectives and operational requirements; ARCA’s ability to raise sufficient capital on acceptable terms, or at all; the Company’s ability to continue development of Gencaro or rNAPc2 or to otherwise continue operations in the future; the Company’s ability to complete a strategic transaction; results of earlier clinical trials may not be confirmed in future clinical trials; the protection and market exclusivity provided by ARCA’s intellectual property; risks related to the drug discovery and the regulatory approval processes; and the impact of competitive products and technological changes. These and other factors are identified and described in more detail in ARCA’s filings with the
All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, ARCA undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor & Media Contact:
720.940.2122
ir@arcabio.com
(Tables follow)
BALANCE SHEET DATA (in thousands) (unaudited) | ||||
Cash and cash equivalents | ||||
Working capital | ||||
Total assets | ||||
Total stockholders’ equity |
STATEMENTS OF OPERATIONS (unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
Costs and expenses: | |||||||||||||||
General and administrative | $ | 1,615 | $ | 1,528 | $ | 4,740 | $ | 4,360 | |||||||
Research and development | 322 | 1,024 | 966 | 4,688 | |||||||||||
Total costs and expenses | 1,937 | 2,552 | 5,706 | 9,048 | |||||||||||
Loss from operations | (1,937 | ) | (2,552 | ) | (5,706 | ) | (9,048 | ) | |||||||
Interest and other income | 513 | 222 | 1,456 | 301 | |||||||||||
Other loss | — | (3 | ) | — | (5 | ) | |||||||||
Net loss | $ | (1,424 | ) | $ | (2,333 | ) | $ | (4,250 | ) | $ | (8,752 | ) | |||
Net loss per share: | |||||||||||||||
Basic and diluted | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.29 | ) | $ | (0.61 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic and diluted | 14,410,143 | 14,410,143 | 14,410,143 | 14,410,143 |
Source:
2023 GlobeNewswire, Inc., source