ARCA Biopharma, Inc. ( ARCA), a biopharmaceutical company specializing in developing genetically targeted therapies for cardiovascular diseases, has released its unaudited financial statements for the second quarter ended June 30, 2023. The financial results show a continuation of the company's revenue decline and a net loss for the quarter.
Net Income/Loss
During the three months ended June 30, 2023, ARCA Biopharma reported a net loss of $1.48 million. This represents a decrease in losses compared to the same period last year when the company reported a net loss of $3.15 million.
Revenue
The financial statements indicate a continued decline in revenue for ARCA Biopharma in the second quarter of 2023. The company's revenue for the quarter was not disclosed in the provided financial data but was likely a significant factor contributing to the net loss.
Financial Overview
ARCA Biopharma's total assets, as of June 30, 2023, were $41.08 million, showing a decrease from $43.09 million reported at the end of December 2022. The company's current assets declined from $42.70 million to $40.76 million over the same period.
The total liabilities and stockholders' equity as of June 30, 2023, amounted to $41.08 million, compared to $43.09 million as of December 31, 2022. The decrease in stockholders' equity from $41.67 million to $39.24 million reflects the net loss incurred during the quarter.
During the three months ended June 30, 2023, ARCA Biopharma incurred operating expenses of $1.97 million, consisting of general and administrative expenses as well as research and development costs. These expenses were slightly lower than the $3.22 million reported in the same period last year.
Despite the challenging financial results, ARCA Biopharma managed to generate $493,000 in interest and other income during the quarter, an improvement from $72,000 in the second quarter of 2022.
The company reported a net loss per share of $0.10 for the quarter, based on a weighted average of approximately 14.41 million shares outstanding.
ARCA Biopharma's financial statements for the second quarter of 2023 reflect a decline in revenue, leading to a net loss of $1.48 million. The company continues to face challenges in its financial performance, and stakeholders will closely monitor its efforts to improve revenue and reduce losses in the upcoming quarters.