Israel-based company, Steakholder Foods, reported a narrower loss in the first half of the year, thanks to a 17% decrease in expenses.
Steakholder’s net loss from continuing operations for the six months ending June 30 amounted to $7 million, compared to a loss of $7.2 million during the same period in 2022.
The company specializes in technology for cultivated meat, utilizing printers and inks to produce beef, chicken, pork, and seafood items from animal cells. Their mission is to offer an eco-friendly alternative to traditional farming and fishing practices.
Expenses for Steakholder reached a total of $6.8 million. While marketing and general expenses decreased, research and development spending rose by 14%.
According to a recent securities filing, Steakholder had a pro forma cash position of $9.4 million as of June 30. The company is confident that its current working capital and cash flow from operations will be sufficient to cover operating expenses until at least the second quarter of 2024.
One of Steakholder’s notable achievements was the successful implementation of “Project Carpaccio” in 2020. More recently, a bio-printer upgrade has brought the company closer to achieving mass production capabilities.
Steakholder announced on Wednesday that it is expediting its transition from research and development to the commercialization phase.