Executive Summary

Q1 2023 revenue was $0.393M, up sharply year over year, with net loss of $2.6M ($0.13 loss per share); cash, cash equivalents and restricted cash totaled $1.6M at quarter-end .
Operational progress: advanced collaboration with Regeneron, identified lead formulation for CLS-001 (SQ vedolizumab), and expanded the patent portfolio .
No formal financial guidance provided; management emphasized driving value through partnerships and proprietary pipeline execution .
Street consensus (S&P Global) for Q1 2023 EPS and revenue was unavailable due to missing CIQ mapping; comparisons to estimates could not be made (values from S&P Global were unavailable).

What Went Well and What Went Wrong

What Went Well

Revenue grew to $0.393M (+314% YoY), driven primarily by expansion of the Regeneron collaboration .
Pipeline execution: identification of a lead CLS-001 once‑monthly SQ vedolizumab formulation; CEO emphasized mission to transform delivery of biologics from IV to SQ for patient convenience and cost reduction .
Strengthened IP with new patent grants/notices in South Korea, the U.S., and Japan, broadening claims and geographic coverage of SQore technology .

What Went Wrong

Continued losses with net loss of $2.6M; operating cost structure remains heavy, including $2.4M G&A in the quarter .
Liquidity remained constrained at $1.6M cash, cash equivalents and restricted cash at 3/31/23, underscoring ongoing financing needs .
R&D constrained vs prior year (R&D $0.344M vs $0.487M in Q1 2022) due to lower lab supply expenses and greater allocation to cost of revenue, which may slow internal pipeline velocity .

Financial Results

P&L summary (oldest → newest):

Metric	Q3 2022	Q4 2022	Q1 2023
Revenue ($USD Thousands)	$234.9	$156.1	$393.0
Cost of Revenue ($USD Thousands)	$61.0	$50.4	$117.0
Gross Margin % (calc)	74.0%	67.7%	70.5%
Research & Development ($USD Thousands)	$394.8	$489.3	$344.0
General & Administrative ($USD Thousands)	$2,314.6	$2,655.6	$2,400.0
Net Loss ($USD Thousands)	$(3,076.8)	$(2,992.6)	$(2,600.0)
Diluted EPS ($USD)	$(0.20)	$(0.18)	$(0.13)

KPIs and cash (oldest → newest):

Metric	Q3 2022	Q4 2022	Q1 2023
Cash, Cash Equivalents & Restricted Cash ($USD Millions)	$2.72 (cash $2.67 + restricted $0.05)	$2.00 (cash $0.45 + restricted $1.56 incl. non‑current $0.05)	$1.60
Revenue YoY Growth %	+168% (vs $87.8k in Q3’21)	+113% (vs $73.3k in Q4’21)	+314% (vs $95k in Q1’22)

Notes: Gross margin is computed from revenue minus cost of revenue using reported data in cited documents.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q1 2023	None provided	None provided	N/A
Operating Expenses	FY/Q1 2023	None provided	None provided	N/A
EPS	FY/Q1 2023	None provided	None provided	N/A
Tax Rate	FY/Q1 2023	None provided	None provided	N/A
Segment-specific	FY/Q1 2023	None provided	None provided	N/A

No formal quantitative guidance was issued in Q1 2023; management commentary focused on strategic execution across partnerships, IP, and pipeline .

Earnings Call Themes & Trends

No Q1 2023 earnings call transcript was available in our document catalog; themes below draw from press releases.

Topic	Previous Mentions (Q3 2022)	Previous Mentions (Q4 2022)	Current Period (Q1 2023)	Trend
Partnerships (Regeneron)	Collaboration extended and broadened; right to negotiate a license after further technical evaluation	Collaboration continued as core highlight	Significant progress in ongoing research collaboration; continued advancement	Improving
Pipeline (CLS-001 SQ vedolizumab)	Introduced CLS-001 program	CLS-001 highlighted among business updates	Identified lead formulation for once‑monthly SQ dosing	Improving
IP/Patents	Facility expansion and platform progress; preclinical SEQURUS data	Continued business development momentum; finance and corporate updates	Expanded patent portfolio (Korea granted; notices in U.S., Japan)	Improving
Financing/Liquidity	Equity line up to $15M; progress building operations	Year-end cash ~$2.0M; losses persisted	January 2023 private placement raised ~$3.6M gross; quarter-end cash $1.6M	Mixed
R&D Execution	R&D up YoY with added activity	R&D steady (~$0.49M)	R&D $0.34M (resource allocation to cost of revenue)	Mixed

Management Commentary

“Comera continued to execute on its core value drivers, including significant advancement of its ongoing pharmaceutical partnerships, including our collaboration with Regeneron, and sustained progression of our proprietary programs, led by CLS-001…” — Jeffrey Hackman, Chairman & CEO .
“We remain focused on our mission to transform the patient experience by enabling the delivery of biologics from intravenous to subcutaneous form allowing patients to self-medicate at home and ultimately reduce healthcare costs, improving quality of life.” — Jeffrey Hackman .

Q&A Highlights

No Q1 2023 earnings call transcript was available; thus, no Q&A themes or clarifications could be extracted this quarter.

Estimates Context

S&P Global consensus estimates for Q1 2023 were unavailable due to missing CIQ mapping for CMRA, preventing comparisons of actual revenue and EPS to Street expectations. Values from S&P Global were unavailable.

Key Takeaways for Investors

Revenue inflected to $0.393M with strong YoY growth tied to the Regeneron collaboration, while loss per share improved to $(0.13); near‑term revenue visibility remains partnership‑dependent .
Liquidity at $1.6M (3/31/23) following a January private placement (~$3.6M gross) underscores ongoing need to secure capital to fund operations and pipeline milestones .
CLS‑001 advanced with a lead once‑monthly SQ formulation, a potential convenience and adherence advantage vs current vedolizumab IV/biweekly SQ options; de‑risking steps could be catalysts as development progresses .
IP position strengthened with new patents and notices of allowance across multiple geographies, supporting defensibility of the SQore excipient platform .
Operating expense discipline is key: G&A remains sizable at $2.4M; continued focus on cost structure will be important to extend runway while progressing collaborations .
Absent formal guidance and with consensus estimates unavailable, near‑term stock narrative likely centers on tangible milestones in partner technical evaluations and pipeline updates (e.g., CLS-001 formulation/PK data) .
Monitoring subsequent quarter results (Q2 2023) shows ongoing partnership/IP momentum; however, cash remained tight, making financing outcomes and Nasdaq compliance steps material to equity risk/reward .

Supporting documents:

Q1 2023 8‑K with press release and financial details .
Q4 2022 8‑K press release and full financial statements .
Q3 2022 8‑K press release and financial statements .

Comera Life Sciences Holdings, Inc. (CMRA)·Q1 2023 Earnings Summary