WESTMINSTER — Drug developer Arca Biopharma Inc. (Nasdaq: ABIO), which has been exploring its merger or sale options for nearly two years, told investors in its annual report last week that it expects that its cash and cash equivalents “will be sufficient to fund its operations through the middle of 2025.”
The pre-revenue company, which had about $37.4 million in cash and similar assets on hand to round out 2023, trimmed operating expenses from $10.6 million in 2022 to $7.3 million in 2023, and net losses from $9.9 million to $5.3 million during the same period.
Arca, which is developing genetically targeted therapies for cardiovascular disease, retained Ladenburg Thalmann & Co. Inc. in May 2022 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 said at the time.
In an update last week, Arca said that it “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. The company does not have a defined timeline for the strategic review process and the review may not result in any specific action or transaction.”