Summary by Futu AI
Clene Inc., a clinical-stage pharmaceutical company, reported financial results for the quarter ended June 30, 2024. The company experienced a net loss of $6.785 million, a significant improvement from the $25.143 million loss in the same period the previous year. Basic and diluted net loss per share was $1.06, compared to $5.84 in the prior year. Revenue from product sales and royalties decreased year-on-year, with product revenue dropping from $226,000 to $64,000 and royalty revenue from $43,000 to $27,000. Operating expenses also saw a reduction, with research and development expenses decreasing by 37% to $4.15 million and general and administrative expenses by 16% to $3.314 million. The company's cash, cash equivalents, and marketable securities stood at $21.7 million as of June 30, 2024. Clene Inc. continues to focus on the development of its lead drug candidate, CNM-Au8, for central nervous system disorders. The company has no drugs approved for commercial sale and relies on revenue from dietary supplements and licensing agreements. Clene Inc. has implemented cost-saving measures and is exploring additional funding options to support its operations.
