Statera Biopharma, Inc. (STAB) has announced its financial results for the third quarter ended September 30, 2022. The company reported a net loss of $14.6 million for the quarter, reflecting the challenges faced by the biopharmaceutical industry. Despite these difficulties, Statera Biopharma generated revenue of $670,473 during the same period.
During the third quarter of 2022, Statera Biopharma reported a net loss of $14.6 million. This figure represents a significant decline compared to the previous quarter. The loss is attributed to various factors, including increased operating expenses and other expenses incurred by the company.
Statera Biopharma's operating expenses for the quarter amounted to $2.05 million. These expenses primarily included research and development costs, sales and marketing expenses, and general and administrative expenses. The company is continuously investing in research and development activities to drive innovation in the biopharmaceutical sector.
Statera Biopharma's revenue for the third quarter of 2022 reached $670,473. This represents an increase compared to the previous year's corresponding quarter when the company generated $236,519 in revenue. The growth in revenue can be attributed to grants and contracts secured by the company during the quarter.
The cost of goods sold for the quarter amounted to $169,354, resulting in a gross profit of $501,119. Statera Biopharma remains focused on optimizing its cost structure and improving profitability in the face of challenging market conditions.
As of September 30, 2022, Statera Biopharma's total assets were valued at $12.7 million, a decrease from $21.2 million at the end of 2021. The decline in total assets can be attributed to the company's net loss and decreased cash and cash equivalents.
Statera Biopharma reported cash and cash equivalents of $506,098 as of September 30, 2022, down from $1.8 million at the end of 2021. The company's liquidity position is crucial for supporting ongoing research and development efforts and maintaining its operations.
Statera Biopharma remains committed to its mission of developing innovative biopharmaceutical solutions. The company continues to focus on advancing its pipeline of potential therapies and securing additional grants and contracts to support its research initiatives.
Despite the challenges faced in the biopharmaceutical industry, Statera Biopharma is optimistic about the potential of its products and technologies to address unmet medical needs. The company will continue to explore partnerships, collaborations, and funding opportunities to drive its growth and create long-term value for its stakeholders.