Better Therapeutics reports Q3 EPS (15c), consensus (21c)

Net loss for the quarter ended September 30, 2023 was $5.9M, compared to $11.4M for the same period in 2022. On a per common share basis, net loss was 15 cand .48c for the quarter ended September 30, 2023 and 2022, respectively. The decline in loss per share is related to a decline in net loss in the second quarter of 2023 compared to the prior year as a result of savings from the restructuring in the first quarter of 2023 and the completion of the pivotal trial in the third quarter of 2022, and an increase in weighted average shares outstanding. Capital resources: Cash and cash equivalents were $6.6 million on September 30, 2023, compared to $15.7 million on December 31, 2022. In October 2023, the Company raised $2.9 M in net proceeds from the utilization of our ATM facility at an average price of $0.42 per share. The proceeds from the ATM and the lower operating expenses from the restructuring in the first quarter of 2023 will extend its runway into the first quarter of 2024. “We made tremendous progress in Q3, which included the FDA authorization of AspyreRx and the completion of the work required for a commercial launch in early October. AspyreRx offers healthcare providers a clinically proven, convenient, and cost-effective treatment option that aligns with current diabetes treatment guidelines and is suitable for a broad range of people with type 2 diabetes,” said Frank Karbe, Chief Executive Officer at Better Therapeutics. “Our current focus is on demonstrating commercial traction within our initial launch geographies. Securing payer coverage is a critical element for our success. We have advanced our discussions with multiple commercial payers, which gives us confidence that obtaining coverage for AspyreRx is achievable.”