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Vyant Bio, Inc.,(VYNT) a leading biotechnology company, has released its consolidated financial statements for the year ended December 31, 2022. The company reported a net loss of $22.7 million for the year, reflecting a challenging period for its operations. Additionally, Vyant Bio's revenue decreased to $666,000 in 2022, highlighting the impact of various factors on its financial performance.
Vyant Bio's financial data reveals a decline in both net income and revenue for the year 2022. The company faced significant challenges in maintaining profitability while dealing with changing market dynamics.
Vyant Bio reported a net loss of $22.7 million for the year ended December 31, 2022. This substantial loss reflects the company's struggle to generate positive earnings during a challenging period. The net loss indicates the need for strategic measures to improve profitability and financial stability.
The company's revenue for 2022 amounted to $666,000, representing a decrease compared to the previous year. Vyant Bio faced headwinds that impacted its ability to generate revenue, including increased costs and competitive pressures. The decline in revenue calls for the company to reassess its business strategies and explore opportunities for revenue growth.
Vyant Bio's consolidated balance sheets provide an overview of the company's assets, liabilities, and stockholders' equity as of December 31, 2022.
Vyant Bio's current assets totaled $11.5 million as of December 31, 2022. This includes cash and cash equivalents amounting to $10.0 million, trade accounts and other receivables of $323,000, inventory valued at $53,000, and prepaid expenses and other current assets totaling $747,000. The decrease in current assets compared to the previous year reflects the company's focus on managing working capital efficiently.
The company's non-current assets amounted to $3.7 million as of December 31, 2022. This includes fixed assets, net of $1.1 million, operating lease right-of-use assets, net of $1.5 million, and long-term prepaid expenses and other assets totaling $1.0 million. Vyant Bio's non-current assets decreased significantly compared to the previous year due to various factors, including the discontinuation of certain operations.
Vyant Bio's liabilities and stockholders' equity as of December 31, 2022, are summarized below.
The company's current liabilities amounted to $3.7 million as of December 31, 2022. This includes accounts payable of $655,000, accrued expenses of $1.2 million, deferred revenue of $72,000, obligations under operating leases, current portion of $313,000, and obligation under finance lease, current portion of $252,000. The decrease in current liabilities compared to the previous year indicates effective management of short-term obligations.
Vyant Bio's non-current liabilities totaled $1.6 million as of December 31, 2022. This includes obligations under operating leases, less current portion, of $1.3 million, obligations under finance leases, less current portion, of $273,000, and long-term debt of $57,000. The company's non-current liabilities remained relatively stable compared to the previous year.
Vyant Bio's stockholders' equity amounted to $9.9 million as of December 31, 2022. This includes common stock of $1,000, additional paid-in capital of $111.4 million, accumulated comprehensive loss of $32,000, and accumulated deficit of $101.5 million. The significant decrease in stockholders' equity compared to the previous year indicates the impact of the company's net loss on its overall financial position.
Vyant Bio's consolidated statements of operations and comprehensive loss provide insights into the company's financial performance for the years ended December 31, 2022, and 2021.
The company's revenue for 2022 totaled $666,000. This includes $99,000 from services and $567,000 from product sales. The decline in revenue compared to the previous year reflects challenges in the biotechnology industry and competitive pressures faced by Vyant Bio.
Vyant Bio's operating costs and expenses amounted to $16.6 million in 2022. This includes costs of goods sold of $1.0 million for services and $964,000 for products, research and development expenses of $6.8 million, selling, general and administrative expenses of $8.8 million, and merger-related costs of $0. The company's efforts to control costs were reflected in a slight decrease in operating costs and expenses compared to the previous year.
The company reported a loss from operations of $15.9 million for the year 2022. This indicates the challenges faced by Vyant Bio in achieving profitability and highlights the need for strategic initiatives to improve operational efficiency.
Vyant Bio's net loss for 2022 amounted to $22.7 million. This includes the loss from continuing operations of $15.8 million and the loss from discontinuing operations of $6.9 million. The net loss reflects the company's financial challenges and the need for a comprehensive approach to turnaround its financial performance.
The net loss per share attributed to common stock was $3.87 for 2022. This includes a net loss per share from continuing operations of $2.69 and a net loss per share from discontinuing operations of $1.18. The increase in net loss per share compared to the previous year indicates the dilution effect of additional shares issued during the period.
Vyant Bio, Inc. faced significant financial challenges in 2022, as reflected in its net loss of $22.7 million. The company's revenue declined to $666,000, highlighting the need for strategic measures to boost revenue generation. Vyant Bio's financial statements emphasize the importance of implementing effective cost management strategies and exploring opportunities for growth. The company aims to navigate the dynamic biotechnology industry and improve its financial performance in the coming years.