Thu, May 23, 8:43 PM (296 days ago)
Gamida Cell Ltd.'s Q1 2024 financial report highlights significant challenges and strategic shifts. The company's cash and cash equivalents declined sharply from $46.6 million in December 2023 to $24.8 million in March 2024, raising substantial doubt about its ability to continue as a going concern beyond Q2 2024. Revenues for Q1 2024 were $890,000, with an operating loss of $25.1 million, driven by high selling, general, and administrative expenses of $19.5 million. The company is undergoing a restructuring process, including a 25% workforce reduction and a voluntary restructuring proceeding in Israel, with plans to cancel existing shares and issue contingent value rights (CVRs) to shareholders. The restructuring aims to address $79.4 million in outstanding debt and involves significant costs and uncertainties. Gamida Cell's future operations hinge on successfully commercializing Omisirge and securing additional financing. The company has also been delisted from Nasdaq and now trades on the OTC Pink Marketplace.