Predictive Oncology Inc. (NASDAQ:POAI) reported its second-quarter financial results after the bell Thursday, including a significantly narrower loss than the same quarter of 2022.
The drug development company reported a loss of $0.98 per share, compared to $2.89 in the year-ago quarter. Net revenue in the period was $490,110, compared to $371,591 in 2022.
Sales of Streamway-related products and services by its Eagan operating segment were responsible for the bulk of that revenue, the company said.
Predictive Oncology ended the period with $14.8 million in cash and equivalents, compared to $22.1 million as of December 31, 2022.
During the quarter, the company began a collaboration with Cancer Research Horizons to analyze drug compounds with its PEDAL drug discovery platform.
“We are very pleased with the steady progress that we have made since our last quarterly update, both advancing current PEDAL relationships with CRH, Cvergenx and others, while in parallel building our pipeline as more drug developers – both biopharmaceutical companies as well as research institutions – see the value that only Predictive Oncology can bring to the early drug discovery process,” CEO Raymond Vennare said in a statement.
Predictive Oncology is on the cutting edge of the rapidly growing use of artificial intelligence (AI) and machine learning to expedite early drug discovery and enable drug development for the benefit of cancer patients worldwide.
Vennare continued: “With our unique set of assets and capabilities that clearly set us apart from other AI-focused drug discovery companies, including our extensive biobank of more than 150,000 tumor samples, combined with our CLIA lab, we can validate our predictions in wet lab experiments in a setting that introduces patient heterogeneity into the earliest phases of drug discovery. We are the only company capable of doing this, and the results of these experiments can significantly increase the chances of later-stage clinical success by our customers.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel