ARCA biopharma(ABIO) - 2024 Q1 - Quarterly Results

Financial Performance - Cash and cash equivalents decreased to $35.9 million as of March 31, 2024, from $37.4 million as of December 31, 2023[8]. - Net loss for Q1 2024 was $2.0 million, or $0.14 per share, compared to a net loss of $1.3 million, or $0.09 per share, in Q1 2023[11]. - Total costs and expenses increased to $2,482,000 in Q1 2024, up from $1,796,000 in Q1 2023, representing a 38.2% increase[21]. - Net loss for Q1 2024 was $2,009,000, compared to a net loss of $1,346,000 in Q1 2023, reflecting a 48.9% increase in losses[21]. - Net loss per share for Q1 2024 was $(0.14), compared to $(0.09) in Q1 2023, indicating a 55.6% increase in loss per share[21]. - Interest and other income increased slightly to $473,000 in Q1 2024 from $450,000 in Q1 2023, a growth of 5.1%[21]. - The weighted average shares outstanding for basic and diluted shares increased to 14,501,143 in Q1 2024 from 14,410,143 in Q1 2023, an increase of 0.6%[21]. Expenses - General and administrative expenses increased to $2.3 million for Q1 2024, up from $1.4 million in Q1 2023, primarily due to a $1.1 million rise in professional fees related to the Merger Agreement[9]. - Research and development expenses were $0.2 million for Q1 2024, down from $0.4 million in Q1 2023, attributed to decreased headcount and the cessation of certain research grants[10]. - Total operating expenses for Q1 2024 were $2.5 million, compared to $1.8 million in Q1 2023[11]. - Research and development expenses decreased to $165,000 in Q1 2024 from $390,000 in Q1 2023, a reduction of 57.6%[21]. Strategic Developments - The Company has entered into a Merger Agreement with Oruka Therapeutics, which is subject to conditions and may significantly impact future operations[3][4]. - The Company expects to incur significant costs related to the exploration of strategic alternatives and the Merger, including legal and advisory fees[9]. - The Company believes its current cash will fund operations through mid-2025, but future viability depends on successful strategic transactions[8]. - The Company appointed Thomas Keuer as President and principal executive officer effective April 3, 2024[7]. Equity - Total stockholders' equity decreased to $35.1 million as of March 31, 2024, from $37.0 million as of December 31, 2023[20].