Graphite Bio, Inc. (NASDAQ:GRPH) shares fell more than 4% yesterday after the company announced recent business progress and Q4 earnings results.
By the end of December 31, 2022, the total amount of cash, cash equivalents, and investments in marketable securities amounted to $283.6 million. Research and development expenses incurred during Q4 amounted to $18.5 million. The net loss for the period was $24.6 million, which translates to a basic and diluted loss of $0.44 per share.
After a voluntary clinical pause in January, the company decided to discontinue the lead program for SCD in February and is seeking strategic alternatives. Recall, the company is also preserving capital by reducing headcount by 50%. With $283.6 million in cash, management indicated all potential options (including reverse merger) are on the table.