Biotech
Oryzon Genomics Increases its Half-Year Losses by 83%, to Over 1 Million Euros
Oryzon Genomics reported a loss of €2.4 million in the first half of 2024, slightly less than the €2.5 million loss in 2023. Financial losses decreased by 35.8% to €514,064. The company invested €4.6 million in R&D, down €3.3 million from 2023, with cash reserves at €10.1 million. Thus, at the end of the first half of 2024, cash and financial investments available amount to 10.1 million euros.
Oryzon Genomics recorded losses of one million euros in the first half of this year, 83% more than in the same period of the previous year, when the company’s losses barely exceeded 500,000 euros, according to the documentation sent to the National Securities Market Commission (CNMV).
The company explained that these results are in line with a lower monetization of tax deductions, resulting from an increase in the intensity of clinical studies carried out in the United States.
As for operating results, Oryzon recorded losses of 2.4 million euros in the first half of this year, 2.6% less than in the same period of 2023, when the same figure amounted to 2.5 million euros.
In turn, Oryzon financial result for the same period, also in negative numbers, stood at 514,064 euros, 35.8% less than the negative figure of 801,259 euros for the same period of the previous year.
Oryzon Genomics has made investments in Research and Development (R&D) in the semester amounting to 4.6 million euros
Oryzon has invested €4.6 million in Research and Development (R&D) in the first half of the year, of which €4.2 million corresponds to development and €400,000 to research activities. Following the completion of the Pórtico clinical trial, the intensity of R&D investments has been reduced by €3.3 million compared to the first half of 2023.
Thus, at the end of the first half of 2024, cash and financial investments available amount to 10.1 million euros.
Oryzon Genomics is a clinical-stage biopharmaceutical company that discovers and develops epigenetics-based therapies for patients with cancer and neurodegenerative disorders . Although the company was founded in 2000, it has been listed on the stock market since 2015. Its president and CEO since its founding is Carlos Buesa Arjol.
__
(Featured image by National Cancer Institute via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
-
Biotech1 week ago
Spanish Pharma Stocks Plummet 10% in November
-
Cannabis11 hours ago
Cannabis Legalization in Canada Is a Success, with 95% Cannabis Bought from Legal Sources
-
Biotech2 weeks ago
The PCTEX in Badajoz, Spain, Will Host the ‘Biotech Conecta’ Event on December 10th
-
Biotech6 days ago
Leitat Sets Course for 9.6 Million with Its Health Division by 2024