Reports as of December 31 cash and cash equivalents totaled $17.1M, compared to cash, cash equivalents, and marketable securities of $55M as of December 31. As mentioned above, subsequent to the close of 2021, the Company received approximately $59M in gross proceeds from registered direct offerings of common stock. Based on the Company’s current financial resources and forecasted operating plan, the Company believes that it will be able to operate into the second quarter of 2023. "The year 2022 was one of significant achievement for Axcella Therapeutics that was highlighted by the results from the Phase 2a of AXA1125 in patients with fatigue related to Long COVID and positive data from a preplanned interim analysis from the trial of AXA1125 in NASH," said Bill Hinshaw, President and Chief Executive Officer of Axcella. "In addition, the Company raised around $60 million, allowing completion of the Long COVID trial and positioning for regulatory interactions. The Company cleared a path forward for a registration study in Long COVID fatigue and focused the company and resources to support this opportunity."
Published first on TheFly
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