Akili Interactive, the creator of a therapeutic video game designed as a prescription treatment for children with ADHD, has disclosed its financial performance for the second quarter. This report follows the company's recent expansion into the adult ADHD market through the introduction of its non-prescription product, EndeavorOTC.
In this quarter, the Boston-headquartered company generated $114,000 in revenue, a slight increase from the $113,000 recorded in the initial quarter of 2023. Despite this revenue growth, Akili Interactive experienced a GAAP net loss of $11.8 million and a non-GAAP net loss of $12.6 million during Q2 of 2023.
A notable development was the surge in prescriptions for EndeavorRx during the second quarter of 2023, showcasing a 27% rise when compared to the first quarter of the same year.
By the conclusion of the second quarter, the company held $105.8 million in cash, cash equivalents, and short-term investments. It emphasised its financial stability by revealing that it possesses adequate funds to support its ongoing and projected activities until the initial quarter of 2025.
Turning to the expenditure side, Akili Interactive's total GAAP operating expenses for the second quarter of 2023 reached $15.3 million. This reflects a decrease from the $19.1 million expended in the first quarter of the year. The company attributed this cost reduction primarily to its workforce downsizing initiative in January and a decrease in stock-based compensation expenses. In parallel, non-GAAP total operating expenses amounted to $13.1 million in Q2 2023, a decline from the $14 million expended in the preceding quarter.
Click here to read the original news story.