BOULDER — Arca Biopharma Inc. (Nasdaq: ABIO) posted lower year-over-year losses in the third quarter of 2022 as the company continues cost-cutting measures and explores its options for a strategic merger or sale.
The company’s net loss for the quarter ended on Sept. 30, 2022, was $2.3 million, or 16 cents per basic and diluted share, compared to $4.7 million, or 33 cents per basic and diluted share in the third quarter of 2021.
Arca — which has two drugs in its pipeline: COVID-19 drug candidate rNAPc2 and Gencaro (bucindolol hydrochloride), a beta-blocker and mild vasodilator that could be a potential treatment for atrial fibrillation in heart-failure patients — established a committee to weigh options for maximizing shareholder value amid a 2021 that saw it double its year-over-year losses.
“The board has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or potential strategic options at this time,” the company said in a regulatory disclosure. “There can be no assurance, however, that this process will result in any such transaction.”
In June, the company eliminated 67% of its workforce, or 12 people, Arca revealed in its quarterly report.
The company has $43.9 million in cash or equivalents, down from $53.4 million at the start of the 2022 calendar year.
“ARCA believes that its current cash and cash equivalents will be sufficient to fund its operations at the current levels through at least the end of 2023,” the company said.