Renovaro Biosciences Reports $39.7 Million Loss for FY 2023
Annual Revenue: Not Available
By USInMinutes
Published - Oct 07, 2023, 01:05 PM ET
Last Updated - Oct 07, 2023, 01:05 PM EDT
RENOVARO BIOSCIENCES INC. [RENB], a leading biotechnology company, has reported a net loss of $39.7 million for the fiscal year ended June 30, 2023. The company's financial performance has been impacted by various factors, including significant impairment charges and research and development expenses.
Financial Performance
Renovaro Biosciences recorded total operating expenses of $38.6 million during the year, with general and administrative expenses amounting to $15.3 million and research and development expenses totaling $4.2 million. The company also incurred an impairment charge of $19.0 million related to indefinite life intangible assets. These expenses have contributed to the significant loss for the year.
