EMERYVILLE, CA - Gritstone bio, Inc., a biotechnology company specializing in biological products currently valued at $3.31 million, has filed its monthly operating report with the U.S. Bankruptcy Court for the District of Delaware, detailing financials for the period ending October 31, 2024. The report comes as part of the company's ongoing Chapter 11 bankruptcy proceedings, which were initiated on October 10, 2024.
The monthly operating report is a requirement of the bankruptcy process and is not intended for use in investment decision-making. Unaudited and not prepared in accordance with generally accepted accounting principles, the report is subject to adjustments and reconciliation. Gritstone bio has cautioned that the financial data should not be viewed as indicative of future results.
In other recent news, Gritstone bio's GRANITE cancer vaccine showed promising interim Phase 2 data, indicating a 21% relative risk reduction in disease progression or death in the overall treated population, and a 38% reduction in a subgroup with low circulating tumor DNA.
However, the company reported a second-quarter net loss of $23 million, with cash reserves of $62 million and $40 million in debt. To address these financial challenges, Gritstone bio engaged Raymond (NS:RYMD) James as a financial advisor to explore strategic options.
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