T2 Biosystems Announces First Quarter 2023 Financial Results
LEXINGTON, Mass., May 23, 2023 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO) (the “Company”), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced financial results for the first quarter ended March 31, 2023.
Recent Financial and Operational Highlights
Recent Pipeline and Clinical Highlights
“In an effort to maximize value, we have engaged an advisory firm to explore all potential strategic alternatives. In addition, to preserve capital, decrease quarterly cash usage and position the Company to explore strategic alternatives, we have simultaneously implemented a restructuring program,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “In the first half of the year, we have made very important advances in our product pipeline, including FDA 510(k) submission for the T2Biothreat Panel, FDA Breakthrough Device Designation application for Candida auris, completion of assay development for the T2Lyme Panel, and completed nearly 90% of patient enrollment in the T2Resistance Panel U.S. clinical trial, which position us to expand our addressable markets in the future.”
First Quarter 2023 Financial Results
Cost of product revenue for the first quarter of 2023 was $4.0 million, a 35% decrease compared to the prior year period, driven by decreased COVID-19 test sales. Research and development expenses were $4.5 million, a 33% decrease compared to the prior year period, driven by decreased BARDA contract activities. Selling, general and administrative expenses were $7.3 million, a 21% decrease compared to the prior year period driven by decreased Medical Affairs spending.
Net loss for the first quarter of 2023 was $18.0 million, $1.32 per share, compared to a net loss of $16.5 million, $4.86 per share, in the prior year period.
Cash and cash equivalents totaled $10.1 million as of March 31, 2023. The Company raised $1.0 million in net proceeds through ATM sales in the first quarter of 2023 and in February 2023, raised $11.0 million, net through a common stock and warrants sale. The impact of the incremental 30% workforce reduction is expected to significantly decrease cash usage in the subsequent quarters.
2023 Financial Outlook
Webcast and Conference Call Information
About T2 Biosystems
Registration Counters Open
Continental Breakfast Served
Keynote Presentation by Avaya