Monopar Therapeutics Inc.(MNPR), a leading biopharmaceutical com pany focused on the development of innovative therapies for serious diseases, has released its condensed consolidated financial results for the second quarter of 2023. The financial data reveals both the net loss incurred by the company and the revenue generated during this period, shedding light on Monopar's financial performance.
Monopar reported a net loss of $2,199,991 for the three months ended June 30, 2023, which represents a reduction from the net loss of $2,762,931 reported for the same period in the previous year. Over the six months ended June 30, 2023, the company's net loss amounted to $4,634,547, marking a decrease compared to the net loss of $5,219,653 recorded during the same period in 2022.
Revenue and Operating Expenses
During the second quarter of 2023, Monopar's operating expenses were as follows:
- Research and development expenses: $1,594,713
- General and administrative expenses: $733,496
This brought the total operating expenses for the quarter to $2,328,209. For the first half of 2023, the company's operating expenses totaled $4,853,253. These figures reflect Monopar's ongoing investments in research and development activities as well as administrative functions.
Cash and Cash Equivalents
Monopar's cash and cash equivalents decreased from $8,186,194 as of December 31, 2022, to $7,214,757 as of June 30, 2023. This change in cash position is attributed to various factors, including operational expenses and investments made during the period.
Stockholders' Equity
The company's stockholders' equity as of June 30, 2023, stood at $7,836,783. This equity is composed of common stock, additional paid-in capital, accumulated other comprehensive income, and accumulated deficit. The changes in stockholders' equity during the reporting period are reflective of various transactions, including stock issuances, stock-based compensation, and net losses.
Monopar Therapeutics Inc.'s financial results for the second quarter of 2023 demonstrate its continued commitment to advancing medical innovation while effectively managing its financial position. The reduction in net loss and the various financial metrics reported underscore the company's strategic approach to research and development in the pursuit of groundbreaking therapies.