Biostage yearly losses hit $8M in 2021
Holliston biotechnology company Biostage Inc. saw its net losses for the year climb by $3.1 million to approximately $8 million as a result of ongoing wrongful death litigation.
The company's net loss for 2021 of approximately $8 million, or $0.79 per share, was up $3.1 million from approximately $4.9 million, or $0.55 per share, for 2020, according to a release from the company.
The increase was due primarily from approximately $3.3 million relating to ongoing litigation for a wrongful death complaint, according to the release, and a legal cost increase of $1.3 million for fees for filing claims against the company’s insurance carrier to seek continued insurance coverage for that litigation. The costs were offset by approximately $800,000 in lower expenses due to separations from former CEO and CFO in 2020.
As of Dec. 31, the company had $1.2 million in operating cash on hand, according to Biostage. This is a decrease of $200,000 from the previous year. The company estimates this is enough to fund operations into the third quarter.
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