- GeneTether Therapeutics (GTTX) has its interim condensed consolidated financial statements for the period ending June 30, 2022
- CEO Roland Boivin sat down with Sabrina Cuthbert to discuss the results
- The company’s total assets as of June 30, 2022, were approximately $2,701,000, including approximately $2,327,000 in cash.
- Net and comprehensive loss for the quarter ended June 30, 2022, were approximately $457,000 and $545,000, respectively
- GeneTether Therapeutics is an innovative genetic medicines company
- Shares of GeneTether Therapeutics Inc. (GTTX) opened trading at C$0.10
GeneTether Therapeutics (GTTX) has filed its interim condensed consolidated financial statements for the period ending June 30, 2022.
CEO Roland Boivin sat down with Sabrina Cuthbert to discuss the results.
“Market conditions at the time of our IPO resulted in lower proceeds than our originally anticipated raise of $10+ million dollars. With our currently available funds, we have pivoted our R&D efforts towards advancing our programs in-house versus outsourcing most activities.”
Mr. Boivin added,
“This allows us to preserve cash and exert greater control over experimental designs and development of protocols, which management believes will significantly de-risk any outsourced R&D activities. In connection with this focus on in-house R&D, we had been actively searching for additional lab space in the last few months, which would allow us to expand our scientific team and accelerate the work we are conducting with our proprietary platform on new disease indications and gene targets. In August, we secured space in the new Bay Area Disruptor and Startup Support Lab facility, which is very well equipped to support GeneTether R&D and is in close proximity to the local biotechnology community, UC Berkeley, and core scientific facilities.
Finally, it is important to note that more than half of the cash expenditures in this quarter were related to pre-IPO payables, IPO-related expenses, and other non-recurring items. We have built a very disciplined plan that reduces G&A expenses to a minimum and preserves cash for the next several quarters.”
GeneTether is focused on developing its disruptive proprietary platform technology to significantly increase the efficiency of DNA insertion into the genome for gene correction. The company is leveraging its platform technology to develop curative therapies to treat rare genetic diseases.
Shares of GeneTether Therapeutics Inc. (GTTX) opened trading at C$0.10.