Statera Biopharma reports $101M loss for 2021 fiscal year

FORT COLLINS — Drug manufacturing company Statera Biopharma Inc. (Nasdaq: STAB) posted a $101.8 million loss for the 2021 fiscal year, the company reported Friday. 

This report was for the fiscal year that ended Dec. 31, 2021, and was filed late. The $101.8 million loss was up from the $12.09 million the company lost in the 2020 fiscal year.

The majority of the increase comes from a $67.7 million impairment loss stemming from Statera’s previous merger with Cleveland BioLabs and its acquisition of ImQuest.

Research and development expenses were also up 124.3%, to $11.8 million from $5.26 million.

Statera does not generate revenue and has just $1.8 million in cash and equivalents on hand. 

The annual report acknowledges the company’s position:

“We and our auditors have concluded that substantial doubt exists about our ability to continue as a going concern for the next 12 months from the date of the financial statements included in this annual report … We intend to fund future operations through additional private or public debt or equity offerings, and may seek additional capital through arrangements with strategic partners or from other sources. If we are unable to raise sufficient capital when needed, our business, financial condition and results of operations will be materially and adversely affected, and we will need to significantly modify our operational plans to continue as a going concern or even seek the protection of federal insolvency laws.”

Statera had struggled through 2022 so far. Multiple board members resigned, the company was dropped by its accounting firm, it faced delisting from the Nasdaq for violating the bid price rule, $4.8 million in cash was foreclosed by a creditor, and it was forced to sell its production rights for several drugs.

Numerous creditors, including contractors and former employees, have also filed a petition to force Statera into bankruptcy as they seek to recover nearly $8 million.

Source: BizWest

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