Better Therapeutics reports Q4 EPS (37c), consensus (51c)

Reports Q4 cash and cash equivalents were $15.7M on December 31 compared to $40.6M on December 31, 2021. As a result of the restructuring and other cost savings initiatives, we expect operating cash burn for 2023 to be lower than previously forecasted by approximately $10 million. The company is actively seeking additional sources of capital to extend its runway. ."Better Therapeutics made significant progress in 2022 highlighted by the successful completion of our pivotal clinical trial of BT-001 in type 2 diabetes, the submission of our de novo classification request to the FDA seeking marketing authorization for BT-001 and the positive topline results from our exploratory trial for fatty liver disease," stated Frank Karbe, President and CEO of Better Therapeutics. "Despite our recent restructuring, the long-term outlook for the potential of our digital therapeutics’ platform and our guidance for potential FDA authorization remains unchanged, and we continue to prepare for commercial launch."