By Josh Beckerman
Steakholder Foods posted a narrower loss in the first half as its expenses fell 17%.
The Israel-based company said its net loss from continuing operations was $7 million for the six months ended June 30, compared with a $7.2 million loss in the comparable 2022 period.
Steakholder focuses on technology for cultivated meat, with printers and inks for production of beef, chicken, pork, and seafood items from animal cells, intending to provide “an alternative to industrialized farming and fishing.”
Steakholder’s expenses totaled $6.8 million. Its marketing and general expenses fell, while its research and development spending rose 14%.
The company said in a securities filing that its pro forma cash position at June 30 was $9.4 million. The company believes its current working capital and cash flow from operations are sufficient to meet operating cash requirements at least until the second quarter of 2024.
The company’s achievements have included “Project Carpaccio” in 2020. In June, a bio-printer upgrade moved it closer to mass production.
Steakholder said Wednesday that it is accelerating its path from research and development to commercialization.
Write to Josh Beckerman at [email protected]
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