Eliem Therapeutics, Inc.(ELYM), a leading pharmaceutical compa ny, has released its unaudited Condensed Consolidated Financial Statements for the first quarter of 2023. The company reported a net loss of $22.3 million during this period. Alongside the net loss, Eliem Therapeutics also disclosed its revenue for Q1 2023, which stood at $1.15 million.
Net Income/Loss
The financial report unveiled that Eliem Therapeutics, Inc. experienced a net loss of $22.3 million for the three months ended March 31, 2023. This represents a significant financial challenge for the company during the mentioned quarter.
Revenue
The company's revenue for the first quarter of 2023 amounted to $1.15 million. This figure reflects the total amount of money generated from the sales of Eliem Therapeutics' products and services during the specified period.
Financial Overview
The unaudited Condensed Consolidated Balance Sheets revealed that the company's total assets amounted to $122.1 million as of March 31, 2023, a decrease from $135.0 million reported on December 31, 2022. The decrease in assets can be attributed to fluctuations in cash and cash equivalents, short-term marketable securities, and other current assets.
On the liabilities side, Eliem Therapeutics reported total liabilities of $5.2 million as of March 31, 2023, compared to $6.3 million on December 31, 2022. The decrease in liabilities suggests efforts to manage financial obligations efficiently.
Eliem Therapeutics' stockholders' equity was reported at $116.9 million as of March 31, 2023, compared to $128.7 million at the end of the previous year. The decrease in stockholders' equity can be attributed to the net loss incurred during the quarter.
Despite facing a net loss of $22.3 million in the first quarter of 2023, Eliem Therapeutics, Inc. remains focused on its mission to provide innovative pharmaceutical solutions. The company's reported revenue of $1.15 million during this period indicates ongoing business operations and growth prospects. As the financial year progresses, industry analysts and investors will closely monitor the company's performance and strategic initiatives to address the challenges and leverage opportunities in the pharmaceutical market.