Medical biotech company TheraVet ended the first half of the year with cash and cash equivalents of 1.7 million euros, compared with 3.5 million euros a year earlier, enough to cover business financing until the end of the second quarter of 2024.

The net loss of the Walloon company - which specializes in the treatment of osteoarticular diseases in companion animals - narrowed to 905,000 euros in the first six months of the year, compared with a shortfall of 1.1 million euros a year earlier.

In a reaction note, analysts at Invest Securities point out that these half-year results were marked by a sharp reduction in capital expenditure (-45%).

"The reduction in Opex reflects the successful transition from the development phase, with a sharp drop in R&D costs (-40%), to the marketing phase", explains the research firm.

Invest Securities points out that half-year sales were up 29%, but at 55,000 euros are still 'very limited'.

Listed on the Paris Bourse, TheraVet shares were little changed (-0.4%) on Wednesday after the publication of these results.

Copyright (c) 2023 CercleFinance.com. All rights reserved.