Theriva Biologics, Inc.(SYN) and its subsidiaries have r eleased their consolidated financial results for the first half of 2023, revealing a net loss of $10.25 million. The company also reported revenue totaling $5.82 million during this period. The biotechnology firm, operating in a competitive market landscape, experienced fluctuations in both its net income/loss and revenue figures. Here is a comprehensive breakdown of their financial performance and key highlights from the recent reporting period
Current Assets Show Decline
The company's current assets, including cash and cash equivalents along with prepaid expenses, witnessed a decrease from $45.52 million at the end of 2022 to $37.96 million as of June 30, 2023. Cash and cash equivalents specifically decreased from $41.79 million to $34.25 million over the same period.
Non-Current Assets and Liabilities
Theriva Biologics also holds non-current assets, including property and equipment, restricted cash, right of use assets, in-process research and development, and goodwill. However, the company's total assets declined from $71.86 million at the end of 2022 to $65.45 million in June 2023. The liabilities amounted to $17.69 million, showcasing a stable financial position.
The company's operating costs and expenses totaled $10.99 million for the first half of 2023, compared to $9.28 million during the same period in 2022. These expenses encompassed general and administrative costs, as well as research and development expenditures.
Theriva Biologics reported a net loss of $10.25 million for the first half of 2023, compared to a net loss of $9.28 million in the previous year. The loss attributed to common stockholders stood at $9.56 million for the current reporting period. An income tax benefit of $689,000 partially offset the net loss.
The net loss per share for both basic and dilutive calculations was $0.63 for the first six months of 2023, compared to $0.59 in the previous year. The weighted average number of shares outstanding during this period was 15.15 million.
Condensed Consolidated Statements of Stockholders Equity (Deficit)
The stockholders' equity section of the financial statements highlighted changes in common stock, additional paid-in capital, accumulated deficit, and other comprehensive income. Stock-based compensation, issuance of common stock, and translation gains or losses played a role in these variations.
Condensed Consolidated Statements of Cash Flows
The net loss of $9.56 million incurred during the first half of 2023 affected the company's operating activities, contributing to a net cash usage of $9.50 million in this category. Adjustments were made to reconcile the net loss to net cash used in operating activities, including stock-based compensation, income tax benefits, and changes in fair value.
Theriva Biologics invested $17,000 in purchasing property and equipment and reported financing activities including payment of debt and proceeds from issuance of an "at-the-market" offering.
Theriva Biologics, Inc. faced a challenging financial landscape in the first half of 2023, as reflected in its net loss of $10.25 million. The company's revenue of $5.82 million, coupled with a detailed analysis of its balance sheets, statements of operations, stockholders equity, and cash flows, provides insight into the company's performance and strategic direction in a competitive biotechnology market.