Evelo Biosciences Q2 Loss Narrows; Announces CEO Transition

Evelo Biosciences, Inc. (EVLO) Thursday reported net loss of $30.56 million share in the second quarter, narrower than $31.6 million in the same quarter a year ago, on lower operating expenses.

Separately, Evelo announced its plan to replace its Chief Executive Officer and President Simba Gill, who will serve the company as Chair of the Board of Director. The company is on the look out for a new chief executive, it said in a statement.

Operating expenses were $29.6 million for the second quarter compared with $27.66 million last year.

Loss per share for the quarter was $0.40 compared with $0.59, that also reflects additional shares issued in the latest quarter.

As of June 30, 2022, the company had cash and cash equivalents of $92.0 million, compared with $68.4 million as of December 31, 2021.

Gill, who is leaving the company to join Flagship Pioneering, will continue to serve as Chief Executive Officer and President until his successor joins Evelo.

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