Biophytis (NASDAQ:BPTS) stock is rocketing higher on Tuesday after releasing its earnings results for the full year of 2023.
Biophytis is still a clinical-stage biotechnology, which means it had no revenue to report for 2023. However, its net loss for the quarter was 17.03 million euros. That’s an improvement over its net loss of 24.22 million euros in 2022.
Biophytis notes there were several factors that resulted in it reporting a lower net loss. That includes reduced research and development costs due to completed clinical trials for its COVA and SARA programs.
Biophytis also mentions that it has cash and cash equivalents of 5.6 million euros. The company says this is enough funds to continue operations into the first quarter of 2025 but not for the next 12 months.
Stanislas Veillet, CEO of Biophytis, said this in the earnings report:
“In 2023, despite a particularly difficult financial environment for the biotech sector, we succeeded in pursuing the development of our clinical programmes, while securing the company’s financing until early 2025.”
BPTS Stock Movement Today
Today’s earnings news brings with it heavy trading for BPTS stock. That has more than 6 million shares changing hands as of this writing. This is well above its daily average trading volume of about 82,000 shares.
BPTS stock is up 43.2% as of Tuesday morning.
Investors will find more of the most recent stock market news below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
