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Calithera Biosciences,(CALA) a biotechnology company spe cializing in the development of novel cancer therapies, has released its financial results for the year ended December 31, 2022. The company reported a net loss of $39.65 million for the year, while its revenue stood at $0. Calithera Biosciences' consolidated balance sheets show a decline in assets, while liabilities and stockholders' equity have also experienced changes.
Declining Assets and Liabilities
Calithera Biosciences' consolidated balance sheets reveal a decrease in total assets from $64.76 million in 2021 to $28.68 million in 2022. The decline primarily resulted from a decrease in cash and cash equivalents, which fell from $59.54 million to $25.45 million over the year. The company's current assets decreased to $26.62 million compared to $61.45 million in the previous year.
The liabilities of Calithera Biosciences also experienced a decline. Total liabilities decreased from $15.67 million in 2021 to $8.28 million in 2022. The decrease was mainly driven by a reduction in current liabilities, which decreased from $14.01 million to $7.39 million.
Calithera Biosciences reported no revenue for the year ended December 31, 2022. The absence of revenue indicates that the company did not generate any income from its licensing activities during this period. In the previous year, the company had generated $9.75 million in license revenue.
Net Loss of $39.65 Million
Calithera Biosciences incurred a net loss of $39.65 million in 2022, compared to a net loss of $115.09 million in 2021. The decrease in net loss can be attributed to a reduction in operating expenses, which declined from $125.18 million to $42.07 million. Research and development expenses decreased from $53.46 million to $28.53 million, while general and administrative expenses decreased from $20.85 million to $13.54 million.
Despite the reduction in net loss, the company's accumulated deficit continued to grow, reaching $512.62 million in 2022, compared to $491.33 million in the previous year. This indicates that Calithera Biosciences has accumulated losses over time.
Calithera Biosciences, Inc. has reported a net loss of $39.65 million for the year ended December 31, 2022. The company's revenue stood at $0, reflecting the absence of income from licensing activities during the period. Calithera Biosciences' consolidated balance sheets show a decline in assets, while liabilities and stockholders' equity have also experienced changes. The company aims to continue its research and development efforts to advance its pipeline of novel cancer therapies in the coming year.