Omega Therapeutics Q2 Loss Widens

(RTTNews) - Omega Therapeutics Inc. (OMGA) reported that its net loss for the second quarter of 2021 widened to $15.4 million or $3.36 per share, from last year's $6.3 million or $1.58 per share, primarily due to increased research and development and G&A expenses to support the company's growth.

As of June 30, 2021, the company had cash and cash equivalents totaling $122.4 million, which does not include the gross proceeds of $141.1 million from the Company's IPO.

Research and development (R&D) expenses for the second quarter of 2021 were $11.2 million, compared with $4.9 million for the second quarter of 2020.

The $6.3 million increase in R&D expenses was primarily due to an increase in discovery and preclinical development costs, related laboratory materials and supplies, and personnel and related expenses as the Company continues to advance its development pipeline.