GRITSTONE BIO Reports Q2 Earnings Results with 85.5% Decrease in Revenue for FY2023
August 14, 2023
🌥️Earnings Overview
On June 30, 2023, GRITSTONE BIO ($NASDAQ:GRTS) announced their Q2 earnings results for the fiscal year 2023. Total revenue for the quarter was USD 0.4 million, a decline of 85.5% from the same quarter in the prior year. Additionally, net income for Q2 was reported at USD -35.3 million, versus -29.5 million in Q2 of the previous year.
Analysis
GoodWhale has conducted an analysis of GRITSTONE BIO‘s wellbeing and concluded that it is a medium risk investment in terms of financial and business aspects. Despite this, GoodWhale has detected two risk warnings in the balance sheet and cashflow statement of the company. To gain a deeper understanding of this assessment, one needs to become a registered user of the platform. Doing this will provide access to the underlying data as well as the expert opinions of GoodWhale’s team of analysts. The assessment of GRITSTONE BIO is based on a comprehensive analysis of the company’s financial statements, operations, and competitive environment. GoodWhale’s Risk Rating evaluates the company’s potential for financial distress and provides insight into how well it is positioned to navigate the current market dynamics. This evaluation is accompanied by an assessment of the company’s investment merits, which takes into account its financial performance, industry trends, and competitive landscape. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Gritstone Bio. More…
| Total Revenues | Net Income | Net Margin |
| 2.7 | -130.49 | -4826.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Gritstone Bio. More…
| Operations | Investing | Financing |
| -127.21 | 2.69 | 93.37 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Gritstone Bio. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 222.62 | 113.06 | 1.23 |
Key Ratios Snapshot
Some of the financial key ratios for Gritstone Bio are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -9.3% | – | -4712.7% |
| FCF Margin | ROE | ROA |
| -4922.6% | -63.6% | -35.8% |
Peers
The Company’s lead product candidate is ODYSSEY, which is designed to fight cancer by targeting tumor-specific mutations. The Company is developing a portfolio of next-generation, engineered oncolytic viruses (oVirus) designed to improve patient outcomes by directly targeting and killing cancer cells, while also stimulating the immune system to recognize and destroy cancer cells. The Company’s oViruses are based on its proprietary platform, which enables the design of oViruses with unique mechanisms of action. The Company’s product candidates are in various stages of development, including preclinical and clinical stages. Magenta Therapeutics Inc is a biotechnology company. The Company’s mission is to develop medicines that restore health by repairing the damage caused by disease. The Company’s product candidates are based on its technology platforms, which include small molecule therapeutics, immuno-modulatory antibodies and gene editing. Nuvation Bio Inc is a clinical-stage biotechnology company. The Company’s lead product candidate is NB-01, which is a novel monoclonal antibody that targets the CD79b protein. CD79b is a protein that is expressed on the surface of B cells and is required for B cell receptor signaling. The Company is developing NB-01 for the treatment of B cell malignancies, including non-Hodgkin’s lymphoma and chronic lymphocytic leukemia. Genenta Science SPA is a clinical-stage biotechnology company. The Company’s lead product candidate is GNT01, which is an autologous stem cell therapy for the treatment of acute myocardial infarction (AMI). GNT01 is a combination of two types of autologous stem cells, mesenchymal stem cells (MSCs) and CD34+ cells, which are injected into the myocardium during percutaneous coronary intervention (PCI). The Company is also developing GNT02, which is an autologous stem cell therapy for the treatment of stroke.
– Magenta Therapeutics Inc ($NASDAQ:MGTA)
Magenta Therapeutics Inc is a clinical-stage biopharmaceutical company. The company focuses on developing medicines to bring the curative power of bone marrow transplant to more patients with more diseases. Magenta’s product pipeline includes MGTA-456, a stem cell mobilizer, and MGTA-145, an immunomodulatory antibody. Magenta Therapeutics Inc has a market cap of 73.61M as of 2022, a Return on Equity of -47.19%.
– Nuvation Bio Inc ($NYSE:NUVB)
Nuvation Bio Inc is a clinical stage biopharmaceutical company. The company focuses on the development of novel therapeutics to treat serious and life-threatening diseases. Nuvation Bio Inc’s lead product candidate, NB-01, is a first-in-class monoclonal antibody that targets the neonatal Fc receptor (FcRn), which is being developed for the treatment of autoimmune diseases, inflammatory diseases and transplant rejection. The company’s second product candidate, NB-02, is a monoclonal antibody that targets the human TNF receptor 1 (TNFR1), which is being developed for the treatment of cancer.
Nuvation Bio Inc has a market cap of $484.5 million as of 2022. The company’s market cap is based on the current market value of its shares outstanding. Nuvation Bio Inc’s shares are traded on the Nasdaq Global Select Market under the ticker symbol “NBIO.”
– Genenta Science SPA ($NASDAQ:GNTA)
Genenta Science SPA is a pharmaceutical company that focuses on the development and commercialization of gene and cell therapies. The company has a market cap of 82.66M as of 2022 and a Return on Equity of -53.44%. Genenta Science is headquartered in Milan, Italy.
Summary
Gritstone Bio has seen a significant decline in revenue compared to the same quarter of the previous year, with total revenue for the quarter amounting to USD 0.4 million. This is accompanied by a decrease in net income from -29.5 million to -35.3 million. Although these results are concerning for investors, the company has laid out a clear growth plan for the remainder of FY2023 which could see Gritstone Bio recover and increase its financial stability in the long-term. Investors should keep an eye on the company’s progress and assess risks before making any decisions.
Related Posts
Recent Posts
