Senomyx Inc., a biotechnology company that makes flavor enhancers, reported a net loss of $2.7 million for the second quarter of 2015, up slightly from the $2.6 million net loss from the same period last year.
Revenue dropped to $6.2 million in the second quarter, down from $7.3 million for the same quarter last year.
Senomyx ended the second quarter with $24.8 million in cash and no debt, as well as $14 million in committed future development payments from its collaborators. In addition, Senomyx will receive commercial payments and it has significant development milestone payment opportunities under existing collaborations. Based on current Senomyx operating plan assumptions, the company expects to achieve initial profitability in the second half of 2016, according to financial statements.
From a research and development perspective, Senomyx is making advances in its natural, zero-calorie sweetener discovery program, according to a recent news release.