Clene misses earnings by 75 cents per share, revenue beats forecasts
Biopharma firm Clene reported adjusted EPS of -$0.15 versus a -$0.90 estimate, while revenue reached $12.3 million, above the $11.8 million consensus.
Clene Inc. on Thursday posted a narrower-than-expected adjusted loss per share for the second quarter, though revenue still fell short of the company’s prior guidance.
The biopharmaceutical company reported adjusted earnings of -$0.15 per share, missing the -$0.90 per share estimate compiled by Refinitiv. Revenue totaled $12.3 million, topping the $11.8 million forecast.
Net loss for the period widened to $22.1 million from $18.7 million a year earlier, reflecting higher research and development spending. Clene attributed the improved financial performance to continued progress in its lead drug candidate, CNM-Au8, a nanocrystalline gold therapy for neurodegenerative diseases.
Shares of Clene were down 5% in after-hours trading following the release. The stock has declined approximately 30% over the past 12 months amid volatility in biotech valuations and delays in clinical trial milestones.
Management reiterated its full-year revenue guidance of $50 million to $60 million, though analysts noted the midpoint implies a significant ramp-up in the second half of 2024.
Clene’s pipeline includes additional indications for CNM-Au8, with late-stage trials ongoing in amyotrophic lateral sclerosis and multiple system atrophy.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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