Arca Biopharma trimmed loss in 2022 as merger exploration continued
BOULDER — Arca Biopharma Inc. (Nasdaq: ABIO) cut its losses in half during 2022, a year that saw the company continue cost-cutting measures and exploration of its options for a strategic merger or sale.
The company’s net loss in 2022 was $9.9 million, an improvement on the company’s $19.4 million loss in 2021.
Savings was achieved through employee layoffs and lower research and development spending.
Arca finished 2022 with cash and cash equivalents of $42.4 million, down from $53.4 million as of December 31, 2021.
The company said it “believes that its cash and cash equivalents, consisting primarily of money market funds, will be…
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