Brief: Frequency Therapeutics Provides Business Updates And Fourth Quarter And Full Year 2022 Financial Results

Korro Bio

10/03/2023 12:33

March 10 (Reuters) - Frequency Therapeutics Inc
 FREQ.O :
    * FREQUENCY THERAPEUTICS PROVIDES BUSINESS UPDATES AND
FOURTH
QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS
    * FREQUENCY THERAPEUTICS - AS OF DEC 31, 2022, FREQUENCY HAD
CASH,
CASH EQUIVALENTS AND MARKETABLE SECURITIES OF $83.1 MILLION OR
$68.9 MILLION NET OF DEBT
    * BELIEVES RESTRUCTURING ACTIVITIES WILL GENERATE SUFFICIENT
COST
SAVINGS TO EXTEND ITS RUNWAY INTO 2025
    * BELIEVES THAT RESTRUCTURING ACTIVITIES WILL ENABLE IT TO
COMPLETE A FIRST CLINICAL TRIAL OF ITS MS PROGRAM IN 2H 2024
    * QTRLY LOSS PER SHARE $0.49
    * Q4 EARNINGS PER SHARE VIEW $-0.63 -- REFINITIV IBES DATA
    * FREQUENCY THERAPEUTICS - UNDERTAKEN ACTIONS TO REDUCE
EXPENSES &
HEADCOUNT AS PART OF OVERALL RESTRUCTURING, DOWNSIZING PERSONNEL
BY ABOUT 55%
    * RESTRUCTURING CUTS WILL BE COMPLETED BY END OF APRIL 2023

Source text for Eikon:  ID:nBw8L03tta 

 ((Reuters.Briefs@thomsonreuters.com;))