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Rubius Therapeutics, Inc.,(RUBY) a biopharmaceutical company focused on developing cellular therapies, revealed its financial results for the year ended December 31, 2022. Despite significant investment in research and development, the company reported a net loss of $179.7 million. Furthermore, Rubius Therapeutics did not generate any revenue during the year, indicating the importance of implementing growth initiatives moving forward.
As of December 31, 2022, Rubius Therapeutics' total assets amounted to $23.1 million, a substantial decline from the previous year's $318.0 million. The company's current assets, including cash and cash equivalents, stood at $20.2 million, while the remaining assets comprised operating lease rights-of-use and property, plant, and equipment. On the other hand, liabilities totaled $7.9 million, with current liabilities accounting for $7.9 million and long-term debt reaching $76.2 million.
For the third consecutive year, Rubius Therapeutics failed to generate any revenue. The absence of revenue in 2022 underscores the need for the company to explore alternative strategies and commercialize its cellular therapies successfully.
Rubius Therapeutics experienced a loss from operations of $178.4 million in 2022, a decrease from the previous year's $194.6 million. Operating expenses comprised $96.4 million in research and development, $30.8 million in general and administrative expenses, and $51.2 million in restructuring and impairment charges. The company managed to mitigate the overall loss through other income, including interest income and net gains from investments.
The comprehensive loss for Rubius Therapeutics in 2022 amounted to $179.7 million, primarily driven by the net loss and partially offset by other comprehensive income. Other comprehensive income included unrealized losses on investments. This comprehensive loss emphasizes the financial challenges faced by the company and the need for strategic measures to improve its financial performance.
Rubius Therapeutics used $150.1 million in operating activities during the year, reflecting ongoing investment in research and development. The company reported cash inflows of $12.9 million from investing activities, mainly from the sale and maturities of investments. In terms of financing, Rubius Therapeutics experienced a net cash outflow of $75.5 million, primarily driven by the repayment of long-term debt and costs associated with a public offering.
Rubius Therapeutics recognizes the importance of revenue generation to sustain its operations and drive future growth. The company aims to capitalize on its innovative cellular therapy platform and explore potential partnerships and collaborations within the biopharmaceutical industry. With a strong focus on research and development, Rubius Therapeutics is committed to advancing its pipeline and bringing transformative therapies to patients in need.