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Biora Therapeutics | 8-K: Biora Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full-Year 2023 Financial Results

SEC announcement ·  Mar 26 16:16
Summary by Moomoo AI
On March 26, 2024, Biora Therapeutics, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2023, alongside the results from the single-ascending dose (SAD) portion of its Phase 1 clinical trial of BT-600 for ulcerative colitis. The trial results met desired performance targets, with the NaviCap devices showing tolerability and effective drug delivery. The company also reported a settlement of IPO litigation for $1.0 million, which has been accrued in the balance sheet. For the fourth quarter, operating expenses decreased to $13.3 million from $23.3 million in the previous quarter, primarily due to a one-time stock-based compensation charge in Q3 2023. The net loss for Q4 was $15.4 million, or $0.62 per share, compared to a net loss of $73.5 million, or $4.89 per share, in...Show More
On March 26, 2024, Biora Therapeutics, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2023, alongside the results from the single-ascending dose (SAD) portion of its Phase 1 clinical trial of BT-600 for ulcerative colitis. The trial results met desired performance targets, with the NaviCap devices showing tolerability and effective drug delivery. The company also reported a settlement of IPO litigation for $1.0 million, which has been accrued in the balance sheet. For the fourth quarter, operating expenses decreased to $13.3 million from $23.3 million in the previous quarter, primarily due to a one-time stock-based compensation charge in Q3 2023. The net loss for Q4 was $15.4 million, or $0.62 per share, compared to a net loss of $73.5 million, or $4.89 per share, in Q3. The full-year net loss was $124.1 million, or $7.87 per share, compared to $38.2 million, or $5.00 per share, in the previous year. The company highlighted the reduction of its outstanding notes by over $80 million in 2023, reflecting a 75% reduction in net debt, and the monetization of its investment in Enumera Molecular, Inc. for $3 million. Looking ahead, Biora Therapeutics anticipates the conclusion of the BT-600 trial and the presentation of topline data, as well as progress towards a partnership agreement for the BioJet platform.

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