Peak Bio, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 18, 2023 at 04:32 pm EDT
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Peak Bio, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 5.94 million compared to USD 2.52 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to USD 0.15 a year ago.
For the six months, revenue was USD 0.013854 million compared to USD 0.153866 million a year ago. Net loss was USD 12.71 million compared to USD 4.62 million a year ago. Basic loss per share from continuing operations was USD 0.63 compared to USD 0.27 a year ago.
Peak Bio, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on commercializing therapeutics that aim to improve and address unmet medical needs for patients with inflammatory, rare and specialty diseases and cancer. The Companyâs lead product candidate, PHP-303, is a small molecule, fifth generation, phase II clinical-ready neutrophil elastase (NE) inhibitor (NEI). PHP-303 is an oral, once daily, 0.65 nanomolar, selective, small molecule reversible inhibitor of NE designed to inhibit its bioactive form that the Company is developing for the treatment of alpha-1 antitrypsin deficiency (AATD), a genetic disorder that may result in lung disease or liver disease and, potentially, acute respiratory distress syndrome (ARDS). The Companyâs advanced platform in oncology utilizes its toxin, PH-1 or Thailanstatin, to generate a pipeline of antibody-drug-conjugates (ADC) product candidates that are differentiated from traditional ADC-based therapies.