Biostage cash on-hand falls to $500K
Courtesy | Biostage
Holliston biotechnology company Biostage Inc. reported it has $500,000 in operating cash on hand, enough to carry it into the third quarter.
The information was reported in the company’s first quarter financial results released Monday. The company announced it had cut its net loss by more than $1 million compared to the first quarter of 2020 to a net loss of $900,000 for the first quarter. The primary factors for this reduction were a $200,000 reduction in research and development costs and a $700,000 decrease in general and administrative expenses.
However, despite reigning in its losses, the company reported half the cash on hand it had at the beginning of the quarter, falling to $500,000 in cash-on hand. The company reported this plus cash proceeds of approximately $300,000 received in May from existing investors will fund operating expenses and capital expenditure requirements into the third quarter.
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