Finch Therapeutics (US:FNCH)2024-05-10 20:45Financial Performance - As of March 31, 2024, the company had an accumulated deficit of $354.3 million and expects to continue generating operating losses and negative cash flows for the foreseeable future[74]. - Total revenue for the three months ended March 31, 2024 was $0, compared to $0.1 million for the same period in 2023, primarily from collaboration revenue[88][89]. - The company incurred a net operating loss of $5.2 million for the three months ended March 31, 2024, compared to a net operating loss of $65.8 million in the same period in 2023[88]. Operating Expenses - Operating expenses for the three months ended March 31, 2024 were $5.2 million, a decrease of $60.7 million from $65.9 million in the same period in 2023, due to the Strategic Reprioritization[88]. - Research and development expenses were $0 for the three months ended March 31, 2024, down from $7.0 million in the same period in 2023[90]. - General and administrative expenses decreased to $5.2 million for the three months ended March 31, 2024, from $9.6 million in 2023, a reduction of $4.5 million[91]. - Cash used in operating activities was $4.4 million for the three months ended March 31, 2024, a decrease from $13.4 million in 2023, reflecting the impact of the Strategic Reprioritization[97]. Cash Position - As of March 31, 2024, the company had unrestricted cash and cash equivalents of $20.8 million, expected to fund operations into 2025[100]. Revenue Expectations - The company has not recognized any product revenue since inception and does not expect to progress any product candidates through clinical trials or commercial approval[95]. - The company anticipates that future revenue, if any, will be derived from enforcement and out-licensing of its intellectual property estate[95]. Growth Status - The company remains an emerging growth company until December 31, 2026, or until it meets certain revenue or market value thresholds[106]. - The company has total annual gross revenues of at least $1.235 billion to exit emerging growth status[106]. - The market value of the company's common stock held by non-affiliates must exceed $700 million to be deemed a large accelerated filer[106]. Risk Management - The company has not experienced material changes in primary risk exposures or management of market risk since the 2023 10-K[108]. - The company's market risk exposure is primarily due to interest rates[107].