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Selecta Biosciences, Inc. (SELB), a biotechnology company speciali zing in immune tolerance therapies, has announced its financial results for the first half of 2023. The company reported a net loss of $33.05 million during this period. Additionally, collaboration and license revenue for the first six months of the year totaled $11.19 million.
Consolidated Balance Sheets
The company's consolidated balance sheets as of June 30, 2023, and December 31, 2022, reveal that Selecta Biosciences' total assets amounted to $139.51 million as of the end of June, a decrease from $165.89 million in assets at the close of 2022. The decrease in assets was attributed to changes in cash, cash equivalents, marketable securities, and other current assets.
For the three months ended June 30, 2023, Selecta Biosciences reported collaboration and license revenue of $5.25 million, which is a significant drop from the $39.27 million reported for the same period in 2022. The company's operating expenses for the second quarter of 2023 amounted to $23.89 million, a decrease from the $25.41 million recorded in the same period in 2022.
Despite the revenue decline, Selecta Biosciences faced a net loss of $11.39 million for the second quarter of 2023. This contrasts with a net income of $8.60 million for the same period in 2022. The net loss was influenced by factors including research and development expenses, general and administrative costs, interest expenses, and changes in fair value of warrant liabilities.
Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
The company's stockholders' equity experienced changes in various categories, including common stock, paid-in capital, accumulated deficit, and other comprehensive loss. These changes were influenced by activities such as issuance of common stock, stock-based compensation, and currency translation adjustments.
Consolidated Statements of Cash Flows
Selecta Biosciences reported a net loss of $33.05 million for the first six months of 2023. This net loss was reconciled with adjustments including depreciation and amortization, non-cash lease expenses, stock-based compensation expenses, and changes in operating assets and liabilities. The company's net cash used in operating activities amounted to $18.66 million for the first half of the year.
Selecta Biosciences' financial results for the first half of 2023 show a net loss of $33.05 million, along with collaboration and license revenue of $11.19 million. The company continues to navigate challenges in its operating expenses and research and development activities. As it moves forward, Selecta Biosciences aims to leverage its expertise in immune tolerance therapies to create value for its stakeholders and advance its innovative therapies.