WESTMINSTER — Third-quarter financial conditions at Westminster-based Arca Biopharma Inc. (Nasdaq: ABIO) looked slightly better than the second quarter.
The pre-revenue company, which is developing genetically targeted therapies for cardiovascular disease, reported a net loss of $1.4 million, or 10 cents per share, down slightly from a $1.5 million loss the previous quarter. Arca reported a net loss of $2.3 million in the third quarter of 2022, or 16 cents per share.
Arca in May 2022 retained Ladenburg Thalmann & Co. Inc. to “evaluate strategic options, including transactions involving a merger, sale of all or part of the Company’s assets, or other alternatives with the goal of maximizing stockholder value,” the company stated in a press release. “The Company and Ladenburg have reviewed several potential strategic transactions and continue to evaluate further potential development of the Company’s existing assets, in order to maximize stockholder value.”
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Arca said it does not have a timeline for the strategic-review process, but noted that it has cash and cash equivalents of $38.5 million, enough to fund operations through the end of 2024.
The company has implemented cost-cutting measures. Research and development expenses during the third quarter totaled $300,000, down from $1 million for the same period the prior year. That savings was derived from staff reductions, with the company cutting its workforce by 67%, or 12 employees.
“Personnel reductions were primarily focused in research and development and general and administrative functions,” the company said. “The restructuring was a result of our decision to manage our operating costs and expenses.”
Total operating expenses for the third quarter ended Sept. 30 totaled $2 million, compared with $2.6 million for the third quarter 2022.