Arca Biopharma: Losses lower, no M&A decision in first quarter
BOULDER — At the end of the first quarter of 2023, a period in which Arca Biopharma Inc. (Nasdaq: ABIO) trimmed its expenses and losses, the pre-revenue drug company did not commit to any immediate strategic moves such as a merger.
Amid ongoing cash-flow concerns, Arca retained Ladenburg Thalmann & Co. Inc. last May to explore the potential for an acquisition, merger, business combination or other strategic transaction.
Arca “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,” Arca said this week in its quarterly report. “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.”
In the first quarter of 2023, total operating expenses were $1.8 million, down from $3.3 million in the same period last year.
Arca’s net loss for the quarter that ended March 31, 2023, was $1.3 million, or 9 cents per basic and diluted share, compared to $3.3 million, or 23 cents per basic and diluted share, in the first quarter of 2022.
To finish the most recent quarter, Arca had $40.9 million in cash and equivalents on hand, compared to $42.4 million as of Dec. 31, 2022. The company said that money “will be sufficient to fund its operations through the middle of 2024.”