– The 3-month and 6-month losses decline by 85.5% and 65.3%, respectively
– Operating cash outflows for the six months ended September 30, 2022 decreased $8.1 million or 37% compared to the same period last year
– Strong cash position of $49.86 million in cash and cash equivalents as of September 30, 2022, which is expected to provide liquidity into December 2023
NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) — Sio Gene Therapies Inc. SIOX today reported financial results for the second fiscal quarter ended September 30, 2022.
“Our financial results continue to demonstrate the positive impact on operating expenses and cash burn resulting from the termination of licenses for our three clinical-stage programs, the significant staff reductions initiated in April, and successful negotiations with vendors and landlords. We are continuing this research activity in conjunction with a pre-clinical program and also expect to provide an update on our strategic process by December 31, 2022,” said David Nassif, JD, Chief Executive Officer of Sio Gene Therapies.
Financial Summary for the Second Quarter of the Fiscal Year
Research and development expenses were $0.3 million for the three months ended September 30, 2022 and $11.4 million for the three months ended September 30, 2021.
(i) program-specific costs associated with our prior AXO-Lenti-PD and AXO-AAV-GM1 and AXO-AAV-GM2 programs, which decreased $8.6 million as we completed our clinical phase. ..
