Finch Q3 net loss $40.4M on $18.1M goodwill impairment; PRISM4 Phase 3 dosing ongoing

Finch Therapeutics Group, Inc.

2022-Q3 EPS reported -$1.84 revenue$853,000

Net loss $40.4M vs $10.0M in Q3 2021 due to $18.1M goodwill impairment and $11.2M revenue decline from Takeda termination.
Cash and equivalents $85.3M at Sept. 30, 2022; expected runway into Q2 2024, including sublease inflows.
Patient dosing underway in PRISM4 Phase 3 trial of CP101 for recurrent C. diff; topline data anticipated H1 2024.
Howard Franklin appointed Chief Medical Officer; ASD program (FIN-211) suspended; exploring partnerships for IBD candidates.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Finch Therapeutics Group, Inc. reported third quarter ended September 30, 2022 results: revenue $11.2 million, net income ($40.4 million).

Period: third quarter ended September 30, 2022
Revenue: $11.2 million
Net income: ($40.4 million)
Result: reported results

Exact text from the filing

net loss was driven by a charge of $18.1 million for the full impairment of the Company’s goodwill during the current quarter. Additionally, there was a decrease in revenue of $11.2 million due to changes under Finch’s collaboration agreement with Takeda, including Takeda’s election in August 2022 to terminate the agreement. Finch also reported an increase in

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Source: SEC EDGAR

accession 0000950170-22-024143

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