07:58 AM EDT, 08/08/2024 (MT Newswires) -- HLS Therapeutics ( HLTRF ) on Thursday said its net loss narrowed in the second quarter while revenue fell.

The net loss narrowed to US$5.7 million, or US$0.18 per share from US$9.4 million, or US$0.29 per share, last year. A 13% drop in operating expenses helped reduce the loss while lower royalty revenue was a drag on the results.

Revenue declined to US$14.5 million compared with US$16.4 million in the prior year period.

The company reiterated its 2024 guidance, which was updated following the sale of the Xenpozyme royalty interest in July.

Consolidated revenue guidance is US$58.5 to US$59.7 million, comprising Vascepa revenue of US$17 million to US$18 million, Clozaril revenue of US$40 million and royalty portfolio revenue of US$1.5 to US$1.7 million. Vascepa is HLS' cardiovascular drug offering, while Clorazil is an antipsychotic medication for schizophrenia.