Achieve Life Sciences, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 09:05 pm
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Achieve Life Sciences, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net loss was USD 13.08 million compared to USD 6.69 million a year ago. Basic loss per share from continuing operations was USD 1.35 compared to USD 0.71 a year ago. Diluted loss per share from continuing operations was USD 1.35 compared to USD 0.71 a year ago.
For the nine months, net loss was USD 31.12 million compared to USD 26 million a year ago. Basic loss per share from continuing operations was USD 3.24 compared to USD 3.39 a year ago. Diluted loss per share from continuing operations was USD 3.24 compared to USD 3.39 a year ago.
Achieve Life Sciences, Inc. is a late-stage clinical pharmaceutical company. The Company is engaged in development and commercialization of cytisinicline for smoking cessation and nicotine addiction. The Companyâs product candidate, cytisinicline, is a naturally occurring, plant-based alkaloid. Cytisinicline is structurally similar to nicotine and has a well-defined, dual-acting mechanism of action that is both agonistic and antagonistic. Cytisinicline is a partial agonist that binds with high affinity to the alpha-4 beta-2, nicotinic acetylcholine receptors in the brain. Through its dual-acting partial agonist/partial antagonist activity, cytisinicline helps reduce nicotine cravings, withdrawal symptoms and reward and satisfaction associated with smoking. It is developing cytisinicline as an aid to smoking cessation and treatment for nicotine addiction to address the limitations of both prescription drugs and of over the counter (OTC) products.