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ImmunInc,(IMUX) a leading biot echnology company, has released its unaudited financial statements for the second quarter of 2023. The company reported a net loss of $49.3 million for the quarter, reflecting the impact of operating expenses and other income (expense). Meanwhile, the company's revenue stood at $1.0 million for the same period.
Condensed Consolidated Balance Sheets
As of June 30, 2023, ImmunInc's total assets amounted to $88.7 million, compared to $127.8 million at the end of December 2022. The company's current assets, including cash and cash equivalents, investments, and prepaid expenses, reached $86.6 million. Meanwhile, its long-term assets, such as property and equipment, right-of-use assets, and other long-term assets, amounted to $2.2 million.
In terms of liabilities and stockholders' equity, ImmunInc reported total liabilities of $19.5 million, up from $14.1 million as of December 31, 2022. The company's current liabilities, which include accounts payable, accrued expenses, and other current liabilities, amounted to $18.2 million. Additionally, ImmunInc had long-term liabilities of $1.2 million, mainly related to operating lease liabilities.
Condensed Consolidated Statements of Operations
During the three months ended June 30, 2023, ImmunInc incurred operating expenses of $25.0 million, compared to $20.6 million during the same period in 2022. Research and development expenses amounted to $21.2 million, while general and administrative expenses reached $3.8 million.
The company reported a net loss of $24.0 million for the quarter, compared to a net loss of $21.9 million in the second quarter of 2022. The net loss per share, both basic and diluted, was $0.54 for the quarter, reflecting an increase from the net loss per share of $0.72 in the second quarter of the previous year.
Condensed Consolidated Statements of Comprehensive Loss
ImmunInc's comprehensive loss for the three months ended June 30, 2023, was $23.8 million, compared to a comprehensive loss of $22.3 million for the same period in 2022. The comprehensive loss includes the net loss and other comprehensive income, which mainly arises from foreign currency translation adjustments.
As of June 30, 2023, ImmunInc's total stockholders' equity was $69.3 million, a decrease from $113.7 million as of December 31, 2022. The common stock and additional paid-in capital remained stable at $4 thousand and $431.8 million, respectively. The accumulated other comprehensive income increased to $4.0 million, reflecting foreign currency translation adjustments.
However, the accumulated deficit expanded to $366.6 million, indicating the company's continued investment in research and development activities. This increase in the deficit contributed to the reduction in total stockholders' equity during the first half of 2023.
Condensed Consolidated Statements of Cash Flows
For the six months ended June 30, 2023, ImmunInc's net cash used in operating activities amounted to $39.5 million, reflecting the impact of the net loss and changes in operating assets and liabilities. The company reported net cash provided by investing activities of $9.7 million, primarily driven by the sale of investments.
In terms of financing activities, ImmunInc received net cash of $0.1 million, mainly from the exercise of stock options and shares issued in connection with the company's employee stock purchase plan.
ImmunInc's financial statements for the second quarter of 2023 reflect the company's ongoing commitment to advancing its research and development initiatives. While reporting a net loss, the company continues to generate revenue and invest in its future growth. Investors and stakeholders will closely monitor the company's strategic plans and developments in the coming months.