Public biotech and flavor enhancer company Senomyx Inc. reported down revenue for the second quarter of this year.
The company brought in $4.9 million in Q2 of this year, compared with $6.6 million in the same quarter of 2016. Net loss for the quarter was $2.8 million compared with $2.2 million in Q2 2016.
Revenue was down primarily due to the end of an R&D contract with Firmenich, a Swiss company in the perfume and flavor business. Kent Snyder, Senomyx’s chairman, also noted in a statement that the company had engaged an advisor to “pursue strategic options related to certain flavor ingredient assets.”
Although development revenue was down due to the end of the Firmenich contract, the company’s commercial sales are up 24 percent over the same period last year. The company sells three flavor ingredients — Sweetmyx, Savorymyx, and Bittermyx — under the brand name Complimyx.
The company is also planning to put some resources into the development of siratose, a natural “high intensity” sweetener. Snyder said raising non-dilutive funding to support development of siratose and other new research targets is a priority for the company.