Biotech company Seneca Biopharma, Inc. reported its financial results for the year ended December 31, 2020.
The year saw the company entering into a definitive Merger Agreement with private company Leading BioSciences, Inc. , which specializes in developing novel therapeutics to improve human health through therapeutic protection of the gastrointestinal mucosal barrier.
Net loss for 2020 came in at -$16.3 million, or -$1.17 per share, compared to a loss of -$8.4 million, or -$3.80 per share on a post-reverse stock-split basis, for the year-ago period. The 2020 widening of net loss was largely attributed to an increase in G&A, and a non-cash expense of $5.6 million related to the January 2020 warrant inducement offering.
Seneca’s offerings resulted in net proceeds of over $14.7 million in the year.