Niki BioSolutions, a U.S.-based biopharmaceutical developer, reported a widened net loss of $1.60 per share for the first half of the year, compared with a prior-year period loss that was not specified in the filing.
Operating expenses rose sharply during the six-month period, driven by increases in research and development outlays, general and administrative costs, and legal expenses. The company did not disclose the absolute figures for total expenses or revenue.
The company completed a merger and domestication process in recent months, which resulted in its rebranding as Niki BioSolutions. The transaction did not include financial terms in the available disclosure.
In its financial report, Niki BioSolutions stated that substantial doubt exists regarding its ability to continue as a going concern over the next 12 months. The assessment is based on recurring losses and negative cash flows from operating activities, as well as limited liquidity. The company did not indicate specific measures to address the going concern risks in the filing.
Niki BioSolutions did not provide updated guidance for the full year or revised financial targets in the statement.
