Biostage reports Q2 2021 financial results

Biostage, Inc a bioengineering company developing next-generation esophageal implants based its novel Cellframe™ and Cellspan™ technology, today announced its financial results for the three and six months ended June 30, 2021.

The Company will not hold an earnings conference call at this time. The Company plans to hold a conference call at a future date to discuss its clinical and business plans.

Summary of Financial Results
For the three months ended June 30, 2021, the Company reported a net loss of $0.4 million, ($0.04 per share), compared to a net loss of $1.2 million, ($0.14 per share), for the three months ended June 30, 2020. The $0.8 million quarter-over-quarter decrease in net loss was due primarily to a $0.2 million decrease in research and development costs, a $0.1 million decrease in general and administrative expenses and a gain from forgiveness of Notes Payable of $0.4 million related to the Company’s Paycheck Protection Program (PPP) loan.

For the six months ended June 30, 2021, the Company reported a net loss of $1.3 million, ($0.13) per share, compared to a net loss of $3.2 million, ($0.38) per share, for the six months ended June 30, 2020. The $1.9 million year-over-year decrease in net loss was due primarily to $0.4 million of lower research and development costs, $0.8 million lower general and administrative expenses and a gain from forgiveness of Notes Payable of $0.4 million related to the Company’s PPP loan.

Balance Sheet and Cash
As of June 30, 2021, the Company had operating cash on-hand of $0.5 million, flat from the prior quarter. During the six-month period ended June 30, 2021, the Company used net cash in operations of $0.6 million, which was offset, in total, by $0.6 million of proceeds from private placement transactions that resulted in the issuance of 150,000 shares of our common stock and warrants to existing investors.

We expect that our operating cash on-hand as of June 30, 2021 of $0.5 million will enable us to fund our operating expenses and capital expenditure requirements into the third quarter of 2021. PR Newswire