Net Loss Narrows to $874,000 in Q2 2023

VASCULAR BIOGENICS LTD. (VBLT), a leading biopharmaceutical comp any specializing in innovative treatments for various vascular diseases, has released its unaudited financial results for the second quarter (Q2) of 2023. The report highlights a net loss of $874,000 in Q2 2023, reflecting a significant improvement from the previous year. However, the company reported revenue of $0 during the quarter, largely influenced by substantial research and development expenses.

Consolidated Balance Sheets

VBL's unaudited consolidated balance sheets indicate the company's assets and liabilities as of June 30, 2023. The company's total assets amounted to $24.6 million, down from $29.7 million recorded at the end of 2022. Current assets, including cash and cash equivalents, stood at $24.5 million. Non-current assets amounted to $98,000, which includes funds in respect of employee rights upon retirement and property, plant, and equipment.

Consolidated Statements of Net Loss and Comprehensive Loss